The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-27
FINANCIAL NEWS
AND COMMENT
Stocks More Reactionary,
With Selling on the New
Peace Talk.
L. s. STEEL EARNINGS

In tho stock market which had for
days been in a position suggesting re-
dictionary sensitiveness to adverse IN
s%iderations. Among these were q state
Of speculative uncertainty about the ef-
feet Of the United States Steel Corpora
TONS report Of results for the third
quarter, the disturbed weakness Of the
foreign exchanges and the energetic ef-
forts of German agencies to gain Gre
dence for the notion that because Ger
must be disposed to entertain peace pro-
posals on Berlin's terms. Tho unstable
condition Of the recent market SUI
Hciently accounts for the course which
sis OF the different factors which at.
tracted Wall Street attention yields q
conclusion ~unfavorable 10 continued
working OF constructive forces in the
field of values. whatever intervals OF
temporary unsettlement N readjust-
ment there may be.
Dealings In stocks were still sustained
on a scale OF more than a million shares
and again the trading had an aspect
OF breadth. The progress Of the SEES.
sion. however. was from a great deal OF
irregular strength in the fore part OF
the day to heavincss and some weak
ness. with more pronounced reactionary
symptoms in the afternoon. Even Their
the list was not subjected to uniform
pressure and tho resisting qualities OF
many descriptions were prominent
There was i~rrcgularity at the CLOSE and
a sufficient degree Of confusion to imply
that the market had stil to find itseli
In its present situation.
Interest throughout the day centred
very largely on United States Steel
which was at first advanced aggressively
on the short interest. but the stock wa.
carried down rather sharply in the late
trading under heavy sales. COppers Ant
rails were conspicuously Arm to stronG
features, and there were numerous in
dustrial descriptions outside the larg,
group OF recent war stock favoritei
which exhibited a we'll supported posi-
ton.
With regard to the peace conjectures
which were an occasion OF speculative
concern in the afternoon. the best In
formed views on European affairs ar,
that the new a agitation corrobo
rates other indications that the Teutoni'
"a W NiV IN var n -
of extreme desperation. There 10 no sub
~stantial body OF intelligent opinion which
regards 1t as at all likely hat the latcs
German peace efforts will have any NOR,
success than their predecessors.
Nevertheless az bearing on the stool
market II has been manifest that al,
speculative congestion in certain quar-
tcrt Of the industrial list might develoI
a state Of reactionary vulnerability I,
superficial interpretations of the mill
tary situation abroad and observers wer,
hardly surprised at the selling which
was stimulated by the peace talk yes
terday. There were no signs that tn,
financial community as a whole was dis
posed TO alter its conviction that tn
Allies were only preparing to wage tn
war more energetically instead Of lend
ing themselves TO any projects for al
abortive outcome of all their tremendou
efforts.
The speculative unsettlement whicl
was precipitated might be momentaril,
aggravated by professed disappointment
over the Steel corporations report 70
the September quarter. II there Is an.
, disappointment on this score II will b
only because of exaggerated forecast
which circulated In the last few day,
about the corporations earnings, tn
~ 'AAi aPBdiNliliN put wi
for the express purpose of inducing
| feeling of discomfort with the actua
results These were satisfactory in al
aspects.
The total of net earnings, only a it'll
under 1000. 900. was In excess of tn
earnings In the corresponding quartz
of 1914, and were OF course much tn
largest of the year. Moreover, ther
was a progressive gain from month I
month, the September increase W. Au
gust being about twice the August gar
over July. The September earnings O
more than $14,500,00 0 were almost al
times the January earnings. Adequat
depreciation charges were made, an
after all deductions the surplus wa
equal to 3E per cent. on the commo
shares. and the showing for the year $
far would imply that the restoratio
of dividends might very reasonably b
expected next January.
Sterling exchange relapsed after
rally, and the latest foreign trade re
turns furnished all the necessary com
mentary. Last weeks exports. amount
ing to almost 100000. 900, yielded an ex
port balance of more than so, 200, o0(
bringing the total for the last fou
weeks up to s203, 900, 900. and the ag
gregate for the last four months {
$685.. 900. 900. There has never peer sue
an export movement as that In which tn
country Is engaged. Mondays shipment
from the port Of New York alone run
ming In excess of SCI 500, 900. All of thi
OF course only increases the oertaint,
that American finance will take tn
necessary steps TO establish our les
foreign customers in good credit.