The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-15
FINANCIAL NEWS
AND COMMENT
Stocks React, but in an Order
ly Fashion-Dealings
OFF q Little.
SOME SHARES STRONG

Although the share list showed q good
deal Of underlying steadiness In the
main the stock market yesterday was
~reactionary. In proportion to the ad-
vance which has taken place the setback
was nothing more than might have been
accounted for on what Wall Street calls
technical grounds. A large lumber OF
issues showed at the end of the day q
considerable decline for the week be-
cause the general droop increased de-
clines which had been going on irreg-
ularly for several sessions. Dealings
were we'll in excess Of q million shares.
thus maintaining q scale Of material &C.
tivity. but they represented q further
contraction from the average OF recent
volumes. II was q significant circum-
stance in his respect that during the
most pronounced selling period Of the
day the sales. although covering a wide
range of stocks. were in small units.
There was a show Of aggressive
strength at the opening. succeeded dur
ing the forenoon by spasmodic displays
of vigor. but rallies only attracted SELL
ing, and in the afternoon the market
declined more or less uniformly. al
though In a very orderly fashion. The
close could be described as heavy. but
a number of descriptions showed spe-
ciai strength or firmness, including
III on cPl,
Avenue. Consolidated Gas, which had
been strong all day. and American
Smelling. which gave indications that
its present position was not dependent
on developments affecting the Mexican
properties Of the company. d Lo-
connective had the most extensive relapse.
but there vas nothing to show that the
marke, was doing anything more thar
passing through a period Of adjustment
N ,hA Laval xvhtch ~ had attained and
accommodating itself to the new factors
seasonal or abnormal which are In sight
That bearish trading efforts were re-
sponsible for some OF the pressure put
on quoted values was suggested by the
use made OF arguments calculated to de-
ter the expansion of speculative COM
mitments for the rise n induce tho
liquidation Of long contracts. The very
proper and timely advice addressed to
bankers by Gov Hamlin Of the Federal
Reserve Board against facilitating the
expression of excessive speculative ten
denotes undoubtedly encouraged really
ing sales, particularly As II happened
that Wall Streets mood was one OF a
little speculative timidity because Of the
sharp rise which followed last weeks
demonstration Of the markets capacity
for breaking badly.
To the professional trading element
there seemed to be signs that the market
had grown somewhat tired and opera
lions for the decline had a leverage to
work upon In the substantial aggregate
of scattering liquidation from commits
sion houses and from the continuation
of the new selling movement from Eu-
rope. Speculative gossip concerned It.
self with various rumors o the dam
age done by the latest Zeppelin raid
in London, about British political dissat-
isfaction and about disturbances in our
diplomatic relations with the ALLIES, but
had stocks not been in a reactionary
position 1t Is hardly likely that these
conjectures Or considerations would have
attracted much attention
So far as the wal news was concerned
there seemed to be q balance between
favorable and u~nfavorable developments.
One matter which was at least moder
ately disconcerting was the revelation In
Mr.. McAdoo's personally conducted Gov
merchant marine propaganda
that fantastic and impractical projects
had not been entirely abandoned by the
Administration.
There were M signs that the money
market would be at all unsettled by the
heavy payments due to-day on the
Anglo-French loan. and even were the
banking situation less comfortable the
arrangements made TO guard agains,
a severe dislocation OF funds would
doubtless prove effective. Sterling ex.
change was steady around 4.6s for de.
msnd, but apparently this was chief,
the result Of the increased sale of Amer.
lean securities from London.