The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-11
FINANCIAL NEWS
AND COMMENT
Stock Market Turns Heavy
After a Further Display
Of Strength.
FOREIGN K HERE

An array Of substantial declines was
exhibited at the close of a rather Pc
culiar stock market session yesterday.
strength which had increasingly char
acterized the list during the week came
to a sudden end. During the afternoon
there was a more or less aggressive ap-
plication OF pressure, apparently from
speculative quarters Judging from the
PRONUNCIATION Of a rumor about the sink
ing of another passenger ship by a Cor
man submarine. II happened that there
was enough international news OF some
what disturbing portent to conduce TO
trading uneasiness. and speculative ef-
forts for the decline appeared to sumu-
late some scattered commission house
liquidation.
The market showed steadiness on the
decline in the late dealings, but II was
Enthusiastically heavy. Transactions wero
or about the maximum scale Of activity
attained this week. but the session as
a whole did not give the impression OF
more than superficial unsettlement. AL
lowing for perturbation on international
political account II has to be remembered
that quoted values have been tempered
by months OF disquieting occasions and
that the oountrys financial and business
status has been thoroughly adjusted to
war time conditions.
There was no impressive indication Of
any desire to sell in the early dealings.
The overnight news regarding the de-
mand OF Washington for the recall Of
Ambassador Dumba and the text Of
Germany's note on the sinking of the
Arabic did not provoke any pressure
which called for supporting efforts to the
structure Of stock market prices. Early
In the first hour h broad. active. rising
tendencies OF the session Immediately
preceding were resumed. The exhibi-
ton did not last long. however. sug-
costing perhaps that while It was all
right for stocks TO refuse to display
weakness In the face OF the overnight
advices there was no particular reason
why they should celebrate the inter-
national developments by demonstration
OF strength.
When The movement halted Il was
easy enough for the traders to make use
OF the professed disappointment over the
United States Steel tonnage statement
and subsequently to employ a slight
advantage of price recessions to argue
pessimistically from the Dumba episode
and the Arabic note. So far as con-
cerned the Steel Corporations report Of
a decrease of about 10000 tons In I'M
filled orders last month. II sufices to
say that productive capacity has been
engaged at the steel mills in making a
record output n hat II requires only
a little greater volume Of the general
business movement this autumn to fill
manufacturers books with a rush Of
forward buying.
With regard to the dismissal OF Am
bassador Dumba there Is no question
that Washington's resort to action after
a long series of events which might
well have led to action before this
evoked the same response OF satisfaction
in the financial community as through
out the country. Nevertheless the sug-
gestion that Washington might rave the
dismissal of other diplomatic represen-
tatives in mind for kindred offences,
together with the statement from Wash
ington that the Arabic note from Ber-
lin was unsatisfactory and tended to
revive the whole submarine controversy.
could hardly fail TO make some specu-
lative impression.
AT bottom. however. the feeling IN
the financial district Is that the as
poets OF the Dumba episode and the Ara
bic affair are to be interpreted In the
light of the conviction that German pol
icy Is controlled by a desire TO prevent
a complete breach of relations with
this country, involving the risk Of en-
listing the grinding pressure of Ameri-
can economic power in behalf OF the
Allies. Particularly IL this thought 70
be the dominant consideration at Ber-
lin, where any misstep might facilitate
enormously the solution of our foreign
exchange problem by the extension of a
vast provision OF American credit
abroad.
Otherwise, the really important event
of the day WAS the arrival OF the Brit
ish n French inanc commissioner
who hav com here TO negotiate with
our bankers for a correction of the for
eign exchanges. The course of sterling
exchange, which rose strongly to and
above 4.69. could be taken TO reflect
the further preliminary di%scounting OF a
| successful outcome of these negotiations.
All the indications ave been furnished
that the cooperation OF the country's
entire banking community will be en-
gagged in undertakings which will finance
the maintenance OF our present foreign
trade in expanded volume. assuming
tina the visiting commissioners can prof
fer or suggest terms satisfactory to our
bankers.