The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-13
FINANCIAL NEWS
AND COMMENT
Last Hour Weakness in Stocks
After q General and Ac-
tive Rise.
WILSON NOTE

Wall Street had precisely such q
stock market yesterday as might have
been expected to follow the sessions Of
the last few days and to reflect the
current events and considerations Of
controlling Importance. on technical
grounds alone the alienation from de-
cided nrmness to pronounced strength
during the greater part Of the day and
then to . relapse into general weak
ness in the late dealings could have
been accounted for satisfactorily.
From the lowest levels Of acute a.
preston caused by the heavy liquidating
movement which began last Friday
afternoon there had been q substan-
tlal rally Of traditional proportions.
Such q recovery provided opportunity
for the return OF a good deal OF stock
which had been bought merely for sup
porting purposes. IL also afforded .
chance for realizing on impaired ac-
counts carried through the worst Of the
recent break. Much OF the short in-
terest was covered up on the rebound,
and at the extreme of advance yesterday
the list was likely to be found superb
cally vulnerable to pressure OF any
kind and sensitive TO rumor and con-
lecture bearing on tho dominant ques-
tons OF public interest
Intelligent observers who were thor
oughly convinced OF the fundamental
strength OF the ma rket's present position
and the stimulating influences OF the
constructive factors which began to
operate In the field OF volumes and values
this spring. could not persuade them
,ha, onnfai valnea would for q
while be anything but responsive to the
prevailing uncertainties OF the internal
tional situation. There was consequently
no occasion for surprise In the various
charges OF yesterdays market aspects.
Trading was on fairly active scale,
and the net result OF the day was an
average OF fractional decline. bur the
weakness at the close represented q
very extensive setback from the high
prices reached earlier.
Rallying tendencies were continued
over night on the lack OF any fresh news
OF unsettling import. while favorable
Inference was drawn from the German
statement OF intestions TO refrain from
unwarranted attacks on neutral snip
ming. a statement which was such a
modification OF the submarine warfare
proclaimed in February that II was
taken to suggest Berlin's appreciation
Of the worldwide hostility provoked by
the sinking of the Lusitania- Short
covering contributed substantially 10 q
persistent strengthening or prices
throughout the share list and quite a
little new buying of a miscellaneous
sor, was conducted for the long &C
count.
Toward the beginning OF the last
hour the market hesitated and thin.
ness developed. which gave way to all
around weakness under active safes
which showed clearly the nervousness
OF immediate speculative feeling. Wall
Street, which had been commenting
hopefully on the possibilities OF ltaly
early entrance into the war and or
other more commonplace matters OF d
| domestic nature, suddenly occupied IT,
self with the circulation OF uneasy
rumors and exhibited a rather belatet
I appreciation OF the critical character o'
| the contingencies involved in Washing
| tons pending communication TO the
! German Government OF this II ma.
| he said that in important financial
| quarters entire confidence was felt II
| the supreme ability OF the Administra
| ton to express the true opinion ana at
titude OF the American public and tina
Germany alone could force the country
| to abandon It's formal neutrality.
Included in the days budget o
| marketwise news were more or les
definite reports OF new contracts To-
! war supplies. which were at least al
| interesting sequel to recent episodes
The weekly reviews OF the iron an'
| steel trade noted no cancellations o
| similar features OF disturbance Gus
tomary In such a stage OF crisis as ha
| been upsetting Wall Street. An
nouncement was made OF the receipt o
$4,000 900 more OF the gold which Pari
has been sending here. More than four
fifths Of the $4,000. 900 OF Argentin
notes offered for public subscription
were reported taken before the close o
business. The Governments week.
summary OF weather conditions owe
the agricultural areas was encouraging
In all essential particulars.