New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-08
Market, Suspicious of Bear
Coup, Hesitates, Then
CollapSeS.
BANKING SUPPORT
SENDS PRICES UP
"War Stocks" Bethlehem and
Can, Lead Crash-Crop
Report Ignored.

Wall Street was lazily digesting its
luncheon and waiting for the govern
ment crop report TO give life TO mar
ket that seemingly would neither 90
up nor down when the first mixing Of
the Lusitania affair flashed over pri-
vate wires. For a time il sneered, GER
tain almost that the bears we're max
ing another coup.
Then it jumped 70 sell. and regard
less Of war orders, values, increased
earnings, melon cuttings or the dozen
and one reasons advanced for the rise
Of this o. that issue, stocks were
thrown on the market at whatever
they would bring.
IL was safety first with brokers car
rying margin accounts that threatened
TO show losses before the owners could
respond 10 the IS s. call for more
money. Spectators who had neglected
TO turn p8per profits into cash rushed
10 save what they might. The result
was the worst break in prices seen
since the few days before the eN-
change closed last July. and stocks
. threatened 20 break through 70 the
sub-cellar. .,
AS was 10 he expected, war stocks"
rs those bullish on such issues as
Bethlehem Steel and Can called their
favorites Others call them cats and
suffered most. In the crash
they apparently had no friends with
money and confidence.
Record Half Hours Trading.
Like a snowfall rolling downhill, the
yrpnf
until when il appeared that utter
generalization was in sight banking
support made its appearance. The eff
feet was like that of an injection OF
strvchnine upon an exhausted man.
The market swung upward almost as
crafty as il had gone down, so that az
the bell the close was weak instead OF
demoralized. with $4,000 shares, a rec
ord. dealt in during the last half hour,
and 1,1400O in the day.
Even then neither brokers nor Gus
TONERS knew where they stood. in the
widest trading that the exchange has
seen since the outbreak of war, II was
impossible 70 get reports on the exc
cution Of orders. The ticker was at one
time nearly half an hour behind, and
il was not until we'll after the close
that the interested ones had very
clear idea as 10 Wnere lNeN SlOou'
Some then found that stocks they
had held had been sold by them or by
their brokers at prices well below what
they thought they might get. Others
found that they paid more fer their
' stocks than they thought they had
Yet others found their losses less than
they had expected. so swift had been
the upturn. So, on the whole, the
thing balanced.
Aside from the effect upon prices as
indicated by the ticker, Wall Street
NAV truly be said 10 have been ap-
palled by the news. In the interna.
tional banking houses partners and
managers were eloquent in theiI
silence. while in the customers rooms
men less diplomatic openly denounced
Germany and all that pertained to It,
Not all in these customers rooms were
partisans Of the Allies, but those who
swear by the Kaiser prudently re-
Trained from argument.
Market Favored Smash.
From the point Of view of the bears
the news came at an ideal time. II
was this fact that led the Street TO take
the news skeptically at first and tell It
self that the shorts were attempting Il
Offset the effect of the crop report
which every one expected would be
good The technical condition Of the
market was also in favor of a smash II
prices. The bull account was large; in