The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-18
FINANCIAL NEWS
AND COMMENT
stock Market Declines Gcnpr-
ally-New Low Point
for the Reaction.
FOREIGN NEWS WATCHED

Various phases OF the situation abroad
continued to dominate Wall street con-
siderations yesterday. Dealings in
stocks increased slightly In volume
over the scale OF trading In the previous
sessions Of the week and the market
lacked steadiness. Indeed its tone was
almost nervous. as though 1t had an
apprehensive sense OF the impending
events abroad.
Washington's diplomatic controve rsies
with Great Britain and especially with
Germany over the treatment OF neutral
shipping were not wholly uppcrmost In
financial minds. The matter remained
= cause OF some anxiety pending a fur
ther disclosure OF the German position.
At the same time II Was obvious hat
the new phase into which the war is en-
tering was becoming "A more important
factor because Of the growing apprec'a-
ton OF the Increasingly desperate char
acter of the conflict.
To-day. being the conclusion of the
period OF warning given BY Germany
about It's proposed departures in war
fare, naturally denotes the opening OF
a fresh season OF more or less acute
uncertainty. with a possibility OF dis
tui'oing consequences Under the cdr
cumstances there Is ground for sat
isfaction In the evidence furnished by
tho financial recovery OF this country IN
the last six months that our business
and banking conditions are soundly
based. This. however. will not change
the disposition OF important interests
90 follow policies OF great caution in
the near future.
There was further foreign selling 81
o,,r en,,ritIoa 1lpplJaftpp hafng ,nnrA
pronounced in bonds. Tho bond mar
ket has generally los, Its snap In the
past week. and presumably this fact
has been one OF the Influences in the
reaction Of stocks. The average Of
closing prices for representative shares
was last night slightly lower than the
previous bottom since the elimination
Of the so-callcd January rise around
January 81. Quoted values held up
IA! rly well until the latter part OF the
afternoon. when there was an Increase
OF pressure all around.
Union Pacific and some OF the stand
ard shares displayed a fair degree or
underlying frmness, but Reading was
one OF the leaders IN weakness and the
copper metal group declined sharply
Tho most conspicuous weakness OF tbs
day was in ~spccialties, with Mexican
Petroleum the feature. No important
changes were made in minimum prices,
hui, Baltimore and Ohio, New Haven
and Southern Railway preferred sold
a. their minimums and a number OF
issues are within a point or so OF their
protective figures.
The general situation OF the stock
market is good and IL Is a reasonable
presumption that any marked FAN IN
quotations will attract buying which
has been withheld for favorable oppor-
tunitles 70 obtain stocks at subtantfai
concessions. Such n market could rally
rapidly on good news.
Some signs were visible o. the un-
settling trade effect OF the fall In the
foreign exchanges. This was mani
Tested in the movement OF the copper
metal shar re. and IN tho weakness OF
the cotton and grain markets. En-.
couraging trade views were presented
in authoritative weekly reports on the
steel industry. n Iron Age indicated
that forward business was being sus'
tanned and that there was warrant Tor
exuec,iuC prices 20 show GROWING
strangely wall Street attention, how
ever. was fixed almos, exclusively or
matters already noted and on the de
ranreuent Of the International ex'
changes, which testIfes equally to M
war strain abroad as 20 the nnanc'a
ascendancy 81 the United States.
After the chaotic state into which M
foreign exchange market fell on MONDAY
and in which q remained more or les'
throughout Tuesday II was not surpris'
lug that dealings In foreign bllls Ees'er
dav could hardly be conducted in orderly
fashion. Demand sterling opened a ittl'
below so. rallied a full cent and CLOSED
around 4.SOIb. but the market was al
most too eccentric TO be quoted. III
movements were affected more or les