The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-02-08
6EAu|AE FORWARD
MOVEMENT ON soon
HAS NOT VET STARTED, ACCORD
ING TO VIEWS OF WALL =.
STREET.
SUNS REVIEW OF WEEK
lew FINANCIAL POSITION As
SIMED BY UNITED STATES EN-
#s - -
ABLEs MARkET TO ABSORB
ISSUES FROM ABROAD.

New York, Feb THE sun, in It's
review of the financial situation to
morrow. will say.
Since last Wednesdays Stock Har~
ket session in Wall Street observers
of financial events, who prefer u
consult their judgment rather than
their emotions. have been INCLINED to
discount good deal Of the proiNse
output of optim site reports and IDEAS
about the Immediate prospect The
stock market gives no iafal1bie Signs,
but IL is SIN ono OF tine most sensi-
live OF economic instruments and its
eadingS have not been SO encuura&-
ing as eautjcnary. The processes by
which the share list measures or anti
espates changes for the better or
vors. in trade. industry. and the
money market. and gnages the pace
af business movements forward or
backward are seldom ehronologlcaiiy
remote from the matters cut In the
past fortnight. and notably in the last
few DAYS. IS tina; he new forward
economies saovenieut IN This country,
which is oalv to be expected. has nor
yet made Z genuine start
What Nall Street would call long
fanae bul shress. a belief that If the
country Is not drawn into the war The
ien3cneses IT volumes and values
In the United States Will be toward
expansion during the war ard after
ward Is justified.
NAV Have Been Premature.
Wall Street and particularly the
Wall Street stock market, deserves
to be carefully regarded fer the in
fer.+fefatiftn@ to which stock BiHfE et
phenomena lend themselves ut this
1sncture. If 1t f'}uuld turn out that
anticipation Of general business bet
terment were somewhat premature II
will not follow that Wall street was
wrong In It's December and January
notions about the ultimate outlook
for blues.
.Iusts as the so-calied January rise
ia stocks Is one Of the most depend
able of traditional market movement
iafst So are stocks rarely anything
but heavy, If not weak, in February
A dtrect stock market influence re-
sniting from the strain of the war
has been the persistent European
liquidation Of American stocks ana
bonds Selling has come not only
from Germany, but from England
and the individual sources OF sales
together with the high grade of Sc
enrities offered. show that ne@es-
sity is exerting compuIsion on foreign
investors.
Absorbing Foreign Issues
- Ifnauestionably the new financial
position. which we have begun 10
acquire In the war, enables our mar
ket to absorb stocks and bonds from
abroad but there IS reminder here
az the counterartiou Of forces emahat-
ing from The war All IF the econnmic
implications of the European conflict
are not summed up for tax In the war
business. which has been making such
great ex 3o~t trade balances, In inns
respect Also the violent strength ~
the grain auarket has directed AZ
tpntion to tne strain which will he
imposed on domestic pocketbooks ny
The inordlnate shipments of foodstuns
and staples out of the country, ~hiie
the higher foreign buyers have to
hid for the necessities of life tho
more certain it ia that we viii have
10 take payment In our returned Sc
stlritieS. az In goreign securities.
The fundamentals Vt oar situation,
making allowance for the favota olc
a. well as for The anfavorahl@ Gle
ments arr all propitious for an uiii-
mate recovery Of prosperity, no mat
der how, irregular and gradual Its re-
s4srus MAY he.