The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-31
FINANCIAL NEWS
AND COMMENT
Stocks Develop Irregularity
-RcactiOnary in the Late
Dealings.
NO SIGNS OF

stocks aoSed yesterday very much as
might have been expected in the seque
TO such n violent speculation for ths
rise MS was carried on most OF the week
In the rapidly growing list of war mu
milton shares. The fact that what ap-
peared to be uch a r~eactionary ten
dency as would normally be required to
show itself became manifest In ths
course OF the day was one OF the mar
kct's most r~cassuring signs. Total deal
ings were on a large scale, but the trad
ing ~slackencd in the afternoon when the
downward drift OF prices was more evil
dent and the feverish strength of The
forenoon gave way to "A more gratifying
orderliness. Net changes for the day
were irregular. with gains predominant
ing in general Importance. but the close
was Enthusiastically r~eactionary. although
no, weak.
While tho market started upward IN
tho early trading and strength FREEDOM
mated during the morning, the list lost
flrmnoss In the early afternoon. Re-
dictionary tendencies, resulting from
persistent profit taking ami some bearish
professional effort on the theory that the
market deserved "A setback, asserted
measurable control over the price move
mcnt. Observers regarded these de-
velopments as prope and timely after
the rising activity OF recent sessions and
thought that n market which engaged
in correcting a position brought about
by overtradlng without any external
rrovocatlon did not lack intrinsic sound
ness.
Whether or not the break in the late
dealings on Thursday represented an ef-
fort to call a halt on the runaway dis
position Of speculation. Il was rather o b
vious that the break had had this effect
After the forenoon rally In the val
stocks there were spurts Of strength In
rails and coppers, but they did not evoke
the Response OF outside purchases. Al
the same time there was no signiican,
weakness in the afternoon recession. Fol
the mos; part sales were in small lots
and suggested miscellaneous liquidation
Of widely scattered origin indicating tina
the market for the moment might he II
"A state of unstable psychological equi'
fbrium in consequence of the sensitive
ness displayed in the Monday and Thurs
day breaks. despite the ~recoveries which
ensued. Moreover. after such a pro
rounced advance as has taken place
some reversal might be expected to oc'
cur towaru the week end 0r account !
the uncertainties of the regular recess.
Tokens of the approaching fall OF
Warsaw were commented upo as hav-
ing some possible relation to the soften.
ing of quoted values, bu this seemed Il
be in the nature of an explanation after
the fact. TIL financial community az a
whole has made up its mind hat the
war is going to he prolonged and &C
far as Warsaw is concerned its prospec
tive capture is looked upon as a Ger
man victory designed for home con
sumption and of much less military and
political value han was calculated many
months ago when the first drive in the
! direction OF the old Polish capital was
made.
Further statements of railroad earn
| ings for June confirmed the idea that
railroad affairs were mending. The
$3.50. goo and a net increase of S376, 900
while the net earnings for the veal
gained almost 5000, 900.
There IL still nothing to show that
progress is being made in plans to adjus'
the foreign exchange situation. TIL,
feature of the International money mar
ket Yesterday was the weakness ot
French and Italian remittance. whicl
fell TO new low ,evels.
French exchange appears to hav.
suffered from the effect of premature
publicity given to the negotiations fol
the arrangement OF a French CONNER
cial credit here.