New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-11
FINANCIAL RECORD
HERE And ABROAD
Flood of Liquidation, but
Strong Support Gains
Late Trading.

The securities market yesterday re-
fected the great tension over the Lust
tania crisis. Liquidation in the earlier
part OF the day was exceptionally
heavy. and standard issues at their
lowest were aad . points below the
close Of Saturday Wild runners ac-
ccntuatcd the break. but renewed sup
port lv banking interests On the noon
hour halted the decline. W TN con
siderable short covering, there was an
uaturn Of . points or so and ln the
late afternoon less fcvcrish trading.
OporIrC prices were lrrcEuiaIlN
higher than those made az the end OF
the week. but the strong buying or
doris that then had been so elective
were not in evidence and great over
IuCs turned prices downward. AROUND
noon q bascless rumor that the IresI-
dent had been assasslnated brought on
a rush Of excited selling that drove
investment stocks down points IN
from aftccn TO twenty minutes before
banking support and denial of the re
port checked the liquidation. FROM
- O'Clock 10 I more than 3oo'oOO shares
changed hands. with large propor-
ton of the business concentrated ln
the one period Of Wild selling.
Though the most OF the liquidation
had lis origin ON this side Of the
water. orders from abroad 90 dispose
Of American securities were heavy.
Holland. acting for German account,
was the principal source OF foreign
selling. The total turnover of more
than 100000 shares would have been
much larger had 1t not been for the
reduced scale Of dealings in the late
afternoon. IN bonds business was eX-
banded and prices. particularly IN
speculative and less seasoned issues,
were lower.
At the worst Of the days reaction.
United States Steel was well below
80. more than 3 points down Deal
irgs in this issue were very heavy.
particularlv in the noon break. Union
Pacific began the day over point
higher. but at its lowest was of nearly
4 points. Amalgamated Copper's maxi
mum decline reached almost Is points.
In the group 80 eagerly advanced a
week or TWO ago on reports Of foreign
contracts. losses were heavier. Bcthle-
hem Steel at its lowest was nearly IA
points below Saturdays close, and
breaks of up 20 6 and Z points were
made hy similar issues.
While there was no scarcity Of funds
for market purposes, rates we're
promptly advanced from a TO Z OF /
per cent on time loans, and mercantile
paper passed at higher rates. Call
money. however, was put out at about
the level of the week before, with :
rcr cent the renewal basis and . 2 the
highest.
The foreign exchange market was
rather quiet, with q little hrmness IN
cuilders as result of selling securities
mere on Dutch order Lire, as tia Us
entrance into the war seemed more
certain. were decidedly weak, and sold
down nearly to their lowest since the
war began.
throughout the day the news from
Washington was watched with the clos
est attention 20 see If some hint
might be gained as TO the course OF the
government in this great crisis. The
bulletin telling that the German gov
eminent had expressed its regret at
the loss Of life on the CunarGer aided
10 calm the market, but as this was
ACCOMPANIED by a rcitcratIOn of Ger
many's claim OF right to attack such
merchant vessels. the message seemed
important only as giving some reason
TO suppose that Germany might recede
from her position.
In quarters where such inquiries
would probably be made there was
nothing 10 show that the Treasury was
sounding this market in preparation
for Strengthening its depleted bal
ance through sale Of government secu-
rites. While money rates remain at
their present low levels. it would be
merely "a banking operation to dispose
of liberal quantity of 3 per cent
Treasury notes to furnish preliminary
resources.