The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-12-20
VAIL STREET CONTINUES
UNSATISFACTORY MARKET
SUNS REVIEW AND FORECAST
Cautious Attitude Among Financial In.
terests Inspired by Possibility OF
Dif1iculty with Austria--Forelgn
Politics q Fnc40r.

| New YORK, Dec. 19.~-The SUMS
weekly review OF the fnancia, situa-
/ tion tomorrow will say:
! Business affairs In all other lines
have been moving satisfactorily. but,
true to December traditions, Wall
Street has continued to have what Is
called an unsatisfactory stock mar
ket. The description usually has only
ia speculative Significance. and this IL
the case today, when the share list per-
Sists In It's failure of recent weeks
to express it's constructive develop
ments. which are quite as persistently
characterizing trade and industry and
the investment market There has
been no slackening of the movement
OF general business. which iras come
! TO resemble a boom, and the money
market has been propitious for an ac-
tive reflection OF the optimistic pros
poets for values, but there has been
no resumption OF the forward swing
| of the stock market because various
dubious contingencies of foreign af-
fairs have been q potent factor OF
stock restraint, the chief cause OF
caution being provided by the State
OF uncertainty into which our rela-
lions to the European central powers
have been thrown by the fresh strain
which the sinking of the steamship
Ancona precipitated.
Ordinarily the so-called unsatisfac-
Itoriness of the December stock mar.
ket Is not hard to explain. IT is a
month OF evening UP of accounts. and
III the year has on the whole been a
profitable one for business. there is
apt to be a certain congestion of com
mitments throughout the share list,
which makes for irregularitv even IL
the outlook for the new year is bright.
Foreign Politics Is Factor.
After the great business and finan-
ciaI recovery Of the year. and after
the active speculative period through
which Wall Street has passed. the
stock market position is one in which
an extensive long account has been
built up. This position. however. Ia
strongly founded in the profita bic ex-
pansion of business enterprise and but
tressed by banking situation of
ENORMOUS strength. Proof of the un-
deriving facts OF the financial markets
lis furnished In the great absorptive
pacity displayed by the investment
demand, but the encoura gements and
Inducements which offer for renewal
of speculative enterprise have had to
contend lately against the posture of
our foreign relations This has been
an efffcient Substitute for the ordinary
tightening Of money and other sea-
sonai Influences as factor of re-
straint on aggressive action A rup-
ture of diplomatic relations with Aus
tria. involving perhaps further
breach and including. of course a
possibility of more adverse conse-
quences. could not fail to inspire a
cautious attitude among financial in
terests. But II should ne observed
that the outcome of the new diplo-
matte controversy. has been awaited
with good deal of eouaninity be-
cause of the confidence that has been
INSPIRED In our economic adequacy to
meet any event OF the European war
! While notice has been so much en-
gagged with the factor OF foreign poll
tics. business news has continued to
emphasize the strength of fundamen-
tai conditions. particular impor-
tant Item of last weeks news was the
summary OF the crop year. showing
both record breaking volume and
value. a desirable reminder OF the
fact that the momentum of business
improvement. which derived It's initial
impetus from the trade opportunities
of the war. ia supported by power de-
/ rived from domestic resources