The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-10
FINANCIAL NEWS
AND COMMENT
Stocks Unsettled by Bryan's
D~eserti0n Of the Ad-
ministration.
BUYERS AWAIT DECLINES

Wan Street rejected yesterday in a
feverish. unsettled and declining stock
market the more immediate aspects Of
william J. Bryan's sudden desertion OF
his post in the national Administration
in a fashion calculated TO Increase the
difficulties OF the problem OF the coun-
try's relations to the war abroad which
President Wilson Is trying 10 solve.
Dealings were on a scale or Increased
activity, the expansion being chiefly
the result OF a mingling OF speculative
liquidation with short selling. and, al
though there were rallying movements.
recoveries did not hold. The close was
weak and prices In the final trading
were carried back to about the open
ing level. which represented practically
the lowest figures OF the day. II IL to
he noted, however, that the market
evinced nothing In the nature OF demora-
lied sentiment. The decline was or
derby and encountered good buying at
every stage OF recession.
By the last hour, when word was
received that the new note to GER
many was going forward and Bryan Is
sued his explanatory statement In de-
fence OF his resignation, Wall street
had arrived at certain conclusions. In
llN lonk III dSI''AE AfN t'A'''
OF Bryan from the Cabinet will he well
coined by practical men Of AFFAIRS. II
Is another token that the Administra-
ton Is coming down TO realities. THESE
and other considerations OF future APP
pllcation are encouraging. but for the
moment the financial community is more
engaged with the bearing or BRYAN
! course on the matter which mas been
uppermost lately In financial reckonings
the outcome OF the Westinghouse Berlin
controversy.
As an intimation OF the character OF
the new note to Germany and its prob
able consequences a disposition was
shown TO dismiss Bryan's opinion as
practically valueless. The Bryan state
| ment issued In the afternoon also sug-
| gested that his real reason FOR surren'
| dering Office was his inability 10 make
the Administration adopt his peculiar
line OF policy. to have his " way. In
! short. Al the same time II was fel'
! that Bryan's action was itself an add
| ,ional contribution OF difficulties to the
troubles OF the Administration and com
pl!cated the uncertainty OF foreign re-
lations with a prospective campaign OF
domestic disafection.
4. II was not doubted that the Bryan
| mistake would be proved by the loyalty
OF support which the country would give
, to the President. Neither was II
! doubted that the latest note TO Germany
when published would furnish occasion
for general satisfaction and diminished
apprehension. Nevertheless the specula'
tive inclination was TO discount stock
marke. nervousness in the interval be
! fore the publication of the note TO Ger
! many, although there were clear 'ndica'
tIons that the speculative long position
to be undone by uneasy traders was o
small proportion in comparison with tn
long account which was ready TO form
on declines.
All through the day there were sub
3 s'antial buying orders which prices die
no, reach or were reached only on offer
irgs materially less than the deman'
for stocks at limits. Whether or no
Wall street as a whole Is expecting frs
that there will be no breaking OF o
: relations with Germany and second tina
such a breach will not draw the coun
try Into the war abroad. the fact re
mains that there Is a vast balance o
substantial argument in behal OF pur
chases instead OF sales of securitle
now. Indeed. not all stocks lost groun'
Yesterday and It could be said o
the market generally that the buyini
was distinctly better than the selling
Aside from the dominant subject O
interest the budget of marketwlse new
was encouraging. Foreign exchang
was altogether dull and mad no re
sponse TO Washington development
which could be construed az a sign tina
the country's financial position woul
be shaken in any event. Announcemen
was made OF the arrival OF 100000
more gold from Ottawa. Weekly re-
views OF basic industry reported expan
sion OF new busiress In steel lines, Will
increasing output was obviously demon
strated by the growth of pig iron pro
duction last month. Wheat displaye
further weakness. with which othe
grains sympathized. All crop weathe
information was a gratifying supple
ment TO he Government return pub
lished on Tuesday.