Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-05-09
MARKET UNSHAKEN
BY SEA DISASTER
Prices Break in the Early
Trading, But Soon Recover
Their Equilibrium.
HEAVY BUYING ORDERS
ARE MET ON THE DECLINE
Coming Week Is Looked Forward to
With Some Trepidation by the
Professional Traders.

Professional Traders.
NEW YORK May s.--The net result
Of todays stock market session is calcu-
lated to dispel all doubt Of this country s
ability to ma ihlain its financial eauilib-
rum in the face of very trying circum-
stances Overnight adviceS in connec-
ton with the sinking of the Lusitania
carrying political implications of grave
import. We're expected to find direct re-
Election in values of securities.
AS a matter of fact the market broke
severely in the first fifteen minutes.
stocks throughout the list declining from
3 TO 10 points. From that time, almost
to the end. heavy buying orders brought a
restoration Of normal conditions, many
important issues closing with nominal
losses, while a few showed small gains.
War Specialties Decline.
Some of the war specialties like Beth
lehem Steel and Westinghouse closed the
day with losses of l to points. while
seasoned stocks in the ra ilway list plain
~ showed the effect of what is technical
ly called good buying. Much of the
early selling was traceable TO the short
interest. while foreign offerings also add
ed to the decline On the whole however,
London, where the feeling was one Of
acute depression took no considerable
part in the preliminary liquidation. There
was further wedding out OF marslned
accounts and conservative brokers ad-
viSed their customers to refrain from
making new commitments over the week
end. Total sales of stocks amounted TO
$4,000 shares.
Precautions for Market.
Bankers and representatives of the
stock exchange conferred before the
opening Of the market and every precau-
ton was taken to keep speculation with
n bounds. The money market was not
factor. all loans made yesterday holding
over until next Monday.
Little attention was paid to the bank
statement. which repaired an actual
cash loss of S6.500,0uv and contrac-
ton of S1.7s6.000 in the reserves.
Exchange on London was higher at
the opening, but reacted later. To
what extent the Lusitania disaster may
bear upon the exchange markets re-
mains a matter of conjecture.
Bonds were heavy and active Total
sales tpar value). aggregated $3.e7 900
United States bonds were unchanged
On call during the week.
Overshadowed by Lusitania.
including the complicated situation in
the far east, were swept aside yester-
day and today while the financial
markets of two hemispheres paused to
ponder the result of Germany's latest
exploit. The sinking of the Lusitania
under circumstances which would seem
to come within the purview of our gov
eminent was everywhere recognized as
an event of worldwide Importance and
do ha az
servative quarters to minimize its pos
sfble results.
In point of fact the local stock
market gave the strongest proof of it's
ability to Withstand the shock. Values
fell precipitately yesterday afternoon,
but soon made material recoveries.
Today another selling wave threatened
for a time TO effect severe declines, but
again the list made prompt response.
prices readjusting themselves until
little remained of the early losses.
Look to Coming Week.
In the opinion of dispassionate OBJ
servers. events of the coming week will
bear more directly upon the torpedoing
Of the British liner, the Gulfiight in
cident. ltaly's attitude and the outcome
of Japan's ultimatum to China. AS
for the stock market itself, it will be
interesting to observe the effect of re-
cent happenings upon stocks which
have received their greatest momentum
from war orders
Meantime, the domestic crop outlook
offers the greatest encouragement I,
yesterdays government report on win
ter wheat conditions exceeding all ex-
pectations- Money continues easy for
legitimate purposes and mercantile
business gives increasing evidence of
steady Improvement.
Bankers show their confidence in do
nestle conditions by engaging in fur
ther large negotiations. including the
huge Pennsylvania railroad bond Of
ton in a s50.000.000 loan to the gov
eminent of Argentina, British capital
taking the other half.
Railroad Orders Are Slow.
The promise of domestic railroad
equipment orders in April were not
fulfilled and thus far May has been
unsatisfactory from the steel mills
standpoint Tho Pennsylvania Railroad
Pennsylvania for 10000 tons of steel
plates and shapes to cover car con-
struction. will buy 5000 tons more to
build nifty locomotives and is on the
point of distributing its 1915 rail ton
mage = $4,000 tons Merchant car
builders. too. have placed orders for
200 tons of steel shapes with eastern
mills.
this week were 800 tons for the Pitts
burgh and Lake Erie and 10000 tons
for the Rock Island. The Atlantic
Coast Line ordered 400 tons more In
the south. and Havana Central bough,
1000 tons from the Sparrows Poin,
mill The Chicago and Northwestern
ordered 1000 cars in the west and or
ders for 10000 more cars are pending
outside OF the Pennsylvania railroad
prospective purchases.
Domestic manufacturers are still verJ
conservative In buying steel, but for
eign orders. outside of war munitions
are encouraging. including billets
blooms. bar, shapes. skelp, wire, platet
and railroad material. The Buffalo
mill will furnish $4,000 tons of rail,
for Russia as well az 5000 tons OF
track accessories. Export orders tina,
have come to the surface since May
] amount to 100000 tons. The Rus,
sian car order also will call for 100. 00t
tons Of steel France wants I25 loco.
motives and 5000 tons rails.
Structural Steel Orders.
Structural mills and fabricatfng shop.
were more fortunate in securing order,
for buildings and manufacturing plan