The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-08
FINANCIAL NEWS
AND COMMENT
Wall Street Considers Presi.
dents Message and German
Imbroglio.
DOWN AT CLOSE

from yesterdays stock market was that
Wall Street was still in . state Of an
certainty about the immediate reflection
OF facts ana events bearing on quoted
values. Among the subjects urged on
financial attention were the Presidents
annual message in the form Of a direct
address to Congress and the new gug-
sestion Of international strain involved
In the demand upon Germany 10 recall
her army and navy attaches from WASH
ington. All the business and banking
elements in the situation continued TO
offer support for optimistic attitude. but
the share list rave no sign that stock
market conditions Of recent weeks had
a. yet definitely altered.
A substantial increase occurred In the
volume of dealings compared with the
average Of volumes lately. but the price
movement suggested thai this expansion
was owing chiefly to advantage taken Of
strong trading intervals to tighten bullish
ventures. At any rate after about four
hours Of general advancing irmness
there was a marked increase OF selling
pressure under which stocks fell back
rather sharply in every quarter. The
close was distinctly heavy and net losses
were less extensive than recessions from
the best figures OF the day.
Throughout the session there were
features indicative of optimistic effort
and they had the effect Of eliciting a re-
sponse Of moderate commission house
purchases. Professional traders Joined
the movement for q while. but turned to
the other side Of 1he account on signs
that tho advances we're meeting stock.
In the last hour the market very evil
IDENTIFY felt the weight Of realising sales,
and when United States Steel failed 10
hold a rise 10 the previous high level OF
the yea professional operations against
prices were prosecuted more confidently.
At the same time there were no tokens
that the market Mas doing anything
more than continuing Its swing within
the limits OF professional activity. which
has been its prevailing character since
early last month.
To what extent the Presidents mes
sage was a Wall Street influence would
he difficult to say In the morning be-
fore the publication OF the message trad
ing was on a rising scale OF prices. After
the message had appeared there was a
dull period. which issued in a further
display of active strength before the lasi
hour decline. 1t was an obvious deduc-
ton hat In Its favorable aspects the
Administrations declaration OF policy
had been more or less discounted be
cause Of the widely circulated reports
OF the last few days which had outlined
the Presidents attitude n limited a,
the essential points Of his programme
on tho other hand. the business AND
banking community OF the country had
had no opportunity 10 digest the mes
sage and express In marketwise action
a conclusion In respect to IL.
The Presidents statements and recom'
mendations seemed on the whole to b,
regarded b. Wall Street as expressive 81
a constructive purpose. The Govern
| ment merchant marine scheme Is no les
Objectionable in its new form than !
was last winter and the suggestions TO
taxation met with a good deal OF criti
cism, The proposal for an iron apd stee
tax was altogether confusing, b0t bust
| ness interests found much in the NEE
sage in the way OF tendency which called
for approval, and although the recon
mendatioD in respect to n commission
for the investigation OF the status OF thu
railroads does not commit the Admins
tration to anything In particular II per
mits the hope that processes are shapini
for n more intelligent treatment of rail
way enterprise.
Advices from abroad giving a chron
icle Of reverses for the Allies seemed e
he noted n little more uneaslly than hat
been the care OF late. possibly because
Wall Street had been anticipating som'
reflection OF a disappointing outcome O
the Anglo-French a syndicate. ]
there was anything. however. In thu
days news which seemed clearly to In
iuence Wall Street sentiment II wa
the entrance OF the country's relations
with Germany into Il fresh phase q
strain as a sequel To the Industrial al,
political warfare which has been carrie,
on here by alien agents under officia
direction. On his matter Wall Stree
was dec0 edly not disposed to form an.
snap judgment.
That a new stimulus to British liaui
dation OF our securities has been tn
effect Of the plan to mobilize foreigl
investments for national use would seen
to be inferential from the action Of tn,
foreign exchange market. This liquida
ton is welcomed by our finance, whicl
for months past regretted the scant.
ate OF return of our securities from
abroad when we are 80 well eguippe'
10 absorb Them and when this return
would help steady the foreign exhanges
Many factors are entering into tn
relative degree Of firmness which ster
ling has recovered. but II Is probabl
that one of the most important is
larger shipment of our bonds and stock
from British strong boxes. We are nov
in the heaviest export trade movement
Of the year. The export balance for las
week was abou $780, 900, 900. and Their
are more surface reasons for weak
ness In sterling exchange than tn
contrary. yet demand sterling close,