The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-11
FINANCIAL NEWS
AND COMMENT
Another Day Of Test for the
Position Of the Stock
Market.
PRICES DECLINE FURTHER

How far me country has travelled
along the road Of nna nciai improvement
how enormously its financial strength
has been Increased since last August ana
September. IL more than indicated by
the way IN which the stock market has
withstood the test OF heavy Nquida-
ton and large decline In the las, few
days. Yesterdays session added to the
strain which had been thrown upon the
share list by the horror OF Fridays
displayed further weakness the market
was q, no time. even In the severe mid
day break. In such a state OF demoraIi,a-
ton a. In the last hour on Friday.
II says a great deal for the underlying
stability OF values. the position OF Sc
curtties and the soundness Of the IMAM
cial situation generally that tho fresh
aspects OF grave crisis with which Wall
Street Is confronted are being faced and
conditions are being dealt with accord
ing TO normal custom and regular prece-
dent. II seems almost 20 have been
forgotten that months ago tho sugges-
ton OF reopening the Stock Excha nge
was regarded with apprehension, and
that Il is only little more than a
month ago since the so-called protective
minimum prices were abolished Ye.
there II no one to-day who would dream
I or proposing resort to artificial meas
ures 70 cope with the latest emergency
that has developed from the European
war. Tho immediate circumstances OF
the stock market are trying. but the
evidence which could possibly Je afforded
OF the wide and secure basis which has
been laid for the support OF value. in
the events since the middle OF last
year
Trading Yesterday WAS on a scale OF
great activity. total transactions aggre-
eating Well In excess OF a million shares
Dealings were perhaps least active In
the last hour. when short covering i'm
parted some feversh frmness 10 prices,
hut the tone o. the market IN the late
trading was decidedly nervous and un-
settled and the close was while com
para'ively quiet. indicative OF uneaslne.s
respecting the probable character o,
overnight Information. There was
manfestly no feeling OF relief from un-
certainty
The wall Street day wa. from the
opening TO the close dominated nv the
momentous issues which he sinking ~
the Lusitanla had injected into our own
national affairs. II was unmlstakahle
! tina; the stock market reflected through
widely scattered and miscellaneous SELL
Ing, the gathering judgment Of the coun-
try az 20 what the rising tide OF popu-
! lar Indignation must portend In the way
OF Consequences
Some opening nrmnes. was quickly
succeeded by sharp fan In prices
! After an interval OF slight hardening
stocks gave way generally In mldsesslon
and losses Of 3 10 10 points from the
earlier high figures We're sustained
| Banking support was then literally on
/ tended and the list rallied with a fair
/ degree OF vigor. hut IL was lnferential
4 that supporting orders We're put into the
/ market only TO prevent anything Ike a
drm"raliz"d collapse and no, to promote
recovery AZ this time OF uncertainty
/ War stocks were again the weakest fea-
lures. but the drop in United States
steel was most influential IN causing
the general midday decline
Wild rumors accompanied the most
| acute weakness. a token perhaps OF dis
I tinctly III timed bearish Operations hut
/ the market was not governed much hv
rumor and surmise II responded chiefly
10 the prevailing current OF sentiment
and opinion as 10 the probable course OF
national policy. Even the fairly definite
reports 81 the late afternoon regarding
: the likelihood OF I'aly's early entrance
; Into the war on the side OF the Allies
. did not have much effect In strengthen.
I ing prices The report seemed 20 derive
some confirmation from the pronounced
weakness OF italian remittance in the
{ foreign exchange market, which wac
1 quoted not far from the recent extreme
I low level
Apart from the dominant subject NJ
| interest there was little that attracted
I marketwiss attention. The principal
Item OF routine news was the statemen,
OF the United States Steel Corporation
showing a decrease OF 93,505 tons In
forward orders during April, about the
same amount A. the contraction re-
| ported for March.