The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-09
FINANCIAL NEWS
And COMMENT
Stock Market Stcadics Itself
and shows Much Less
Excitement.
BEST KIND OF BUYING

All tho worst fears which Wall Street
felt about the sinking OF the Lusi,ania
on Friday were borne out by the over
night cables telling OF the appalling
loss Of life At the same time a cooler
view OF the consequences had un-
doubtedly come TO prevail before the
opening Of the stock market. There is no
minimizing the gravity OF the interna-
tional situation. but. financially speak
ing. It was better appreciated yesterday
morning that the worst which could
happen would hnd this country well pre-
pared, and Wall Street was Ar from
believing that under the circumstances
war with Germany was the worst that
could happen.
There was not less. but more feeling
Of horror over the sinking of the Lusi-
tania but rising anger eupplanted much
OF the unrea soning fear which was mani
tested hate on Friday.
Total dealings in stocks exceeded 6oo.-
600 shares. but their volume FOR the
short Saturday session was smaller than
in the panicky trading In the last hour
on Friday. Business In the frst hour
was larger than in the second. and the
scale of transactions was sufficient In
d,cation that excitement and concern
were subsidng This was further con-
Armed by the signs that a more cour-
egeoue view was being taken OF Ameri-
can values, for beying orders poured
into the market from all quarters.
So far as regards prices the market
was weakest at the opening or In the
very early trading. II was TO be expected
that some such development would re-
suit in continuation OF the selling move
ment late on Friday. but the share list
was not at any time overborne by sales.
and in fact large orders to purchase
stocks at prices which would represent
extensive further declines failed OF exc
cution.
Throughout the session there were no
euch wide breaks as on Friday. and most
stocks did not get down to the low
figures reached in that period OF demora-
lzation. The range OF fluctuations was
altogether too limited for the efforts Of
many investors TO make an attractive
accumulation. and taking the list OF
stocks az whole there was little 10
choose between the course OF standard
shares. the newer industrials and the is
sues which are called specialties.
Selling was for the most part from
crippled accounts OF margin SPECTATORS
and the nervous holders Of securities who
always put In an appearance At a time
=
10 exchange their money for stocks.
There was some manifest hearish selling.
but the professional element was gener-
ally disposed TO cover up short contracts
and short covering contributed TO the
underlying frmness which prices dis
played.
Nothing like the extension OF support
by the concerted action OF the banking
community was needed. any more than
Of a nrpppsal n %
sort to extraordinary measures by the
Stock Exchange to protect the market.
That there was a vast aggregate OF
supporting orders In the market from
banking interests was evident. but this
support was something different from
the professional assistance which a time
Of financial unse,tlement calls for.
Bankers took stocks more than will
ingly because OF the profound conviction
IN financial circles that constructive fac
tors are at work In American trade and
industry and that the worst which can
occur in international affairs will not
impair the influence OF these factors.
Nor has the money market and the
banking position ever been more favor
able for the absorption Of stocks AZ such
time as this.
BUYING for the account OF the invest
ment public was heavy. People pos
scssed OF funds seemed 10 have made
up their minds during the night that
an excellent, opportunity was being pro-
vided for the shifting o. money into Sc
curities and they FASTENED to take ad-
vantage Of IL. As compared with the
eopheavy situation OF the market as re-
Gently as week ago quoted values are
now in a position OF great strength
There has been a tremendous cleanins
out of speculative commitments for ths
rise and considering the enormous i'm
provement in financial conditions gen
orally il is probable that the marke;
II in better shape than at any time
since the reopeninG OF the Stock FIX
change last December.