New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-08
FINANCIAL RECORD
HERE And ABROAD
Wild Break In Stocks on
News of the LuSitania-
Good Recovery.

Horrorstrieken at the wsnton sink
ing Of the Lusitania and remembering
that our government had promised 20
hold Germany TO strict accountability
for any loss OF American lives and
property through the submarine block
sde, speculative holders for q time yes
terdsy poured their stocks upon the
market regardless Of prices. Before
the close repurehases by the short In
terest and some accumulation at the
low level 70 which stocks had fallen
steadied the trading and produced re-
marksbls recovery. At their lowest
losses IN standard issues reached more
than 6 points and some Of the speculS-
tive industrials broke more than 20
points from their best Of the day.
The news came upon a quiet market
In the early hours there had been some
irregular gains from the weakness that
previous international complications
had occAs!oned in the first half Of the
week. In the noon hour less than
10000 shares changed hands, with In
vestment issues rather heavy and spec
ulstive advances in the war stocks
scattered through the list Shortly
after o'clock came the rumor of dam
age to the Cunarder. This was re-
ceived with incredulity, ss have been
all suggestions of possible danger for
the great liners that carry our citizens
across the Atlantic. There was con-
siderable increase Of activity, but
prices gave way slowly and before the
end Of tho hour we're coming back.
Soon after o'clock definite confirm
alton Of the disaster was received. The
selling that followed, In Its panic
stricken disregard for prices received,
was compared to that which closed the
exchange OF the outbreak of war. Yes
terday's break, however, crowded into
about thirty minutes what was then
distributed through g full session. The
last hours trading Of more than 100000
shares made up over half Of the days
total.
Some Of the recent speculative favor
ties practically collapsed. Bethlehem
Steel, which had Just reached new
high record Of i59, broke 20 $780,
Westinghouse fell 81 points from us
best. Maximum losses OF from TO 10
points or more were common through
The industrial list. United States Steel
was heavily sold, breaking more than 8
points, and Amalgamated Copper lost
more than II. In the railroad list Ca
madam Pacific went down more than 6
points and Union Pacific showed q loss
of about the same extent, while de-
clines of ., 3 and points were COM
mon.
Shortly after the beginning OF the
last half hour the break was checked,
dispatches from the other side bring
ing hope that the passengers had been
rescued and loss Of life averted encour-
aging the movement toward relative
frmness. The upturn was irregular,
but at the end of the day recoveres
Of 10 points were made by Bethlehem
Steel and l3 by Westinghouse, while
less unstable issues were from q sub
stantial fraction 70 4 or points above
their lowest.
The violent action Of yesterdays
market may be considered almost
wholly the effect OF the shocking &C.
currence in British waters on the spec
ulative position. So far as was known
a. the close Of business, this reckless
attack may not involve our govern
ment more seriously than did the tor
pcdoing of the Gulfight. Some reali-
Zation Of this was apparent in the later
trading. To-day will better reflect the
sentiment Of that great outside public
which really owns the securities dealt
in on our exchange.
Other news that on ordinary days
would have been Of market moment was
completely lost sight Of. The proba
biIty Of peaceful settlement of the
troubles between Japan and China and
the tortuous course Of Italian diplo-
macy were disregarded. The govern
ment's crop report, made public during
the worst Of the outpour Of securities,
may well contain more OF Importance
for our financial future than the news
that so disordered trading. A remark
ably small reduction in the acres de-
voted 10 winter wheat and a wonderful
improvement in condition gave promise
of a harvest even surprising last years
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