The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-04
FINANCIAL NEWS
And COMMENT
Prices React Sharply Through
out List-Industrials De-
cline Most.
SALES ON ACTIVE SCALE

Points were rather sharply Topped OF
prices In an active stock market yester-
day in which the dealings we're on tho
million share scale that has now become
no familiar that Wall Street has Amos.
forgotten the comparatively recent con-
trasts Of utter stagnation. For most OF
the day, from the opening on, heavy
selling movement was conducted, inter-
rupted only by a vigorous but premature
rally toward the end of the first hour.
led by United States Steel. In the late
trading activity subsidized and there were
slight upturns all around. but nothing
like recovering tendencies were ex-
hibIted and the N 'kct was in a more
or less unsettled condition at the end
Of the session.
What are called the statistical, aver
ages. meaning the various sets OF quota
tons of representative standard stocks
which give a very fair indication OF the
position Of the general market, closed
at the lowest level since the middle OF
April and measured a reaction OF from
ga to points from the maximum OF
advance reached around that time.
Whether or not this comparison denoted
a sufficient reaction to meet the require
ments OF the stock market situation was
a debated question in Wall Street last
night. but despite the prevailing bearish-
rcse OF sentiment among professional!
traders there was no reason to suppose
that stocks had been doing anything
more than readjusting their position.
The uncertainties OF the times have
not been aggravated by anything which
has happened lately. Values are con-
fronted with no more adverse factors
than they have had to face In the
process Of Improvement this spring and
influences for sustained and increased
Improvement have been gathering. not
losing. force. 30 far - the share INST
itself 10 concerned there has been no
Intelligent adoption Of constructive At
titudes toward Il which has not reck-
oned with many uncertainties as we'll -
with the certainty that different stages
OF recovery must be characterized by in
tervaIs OF readjustment, called reaction
or decline, according to preference.
, Discerning observers have been aware
recently that there were features Of the
Stock Exchange dealings which por-
tended reaction X nothing more. Inter-
! ests which have held aloof In the last
fortnight or 30 OF halt m the general
market while excited speculation went on
In some industrial quarters OF the list
are quite likely to take advantage OF
the buying opportunity afforded by such
occasions OF weakness as yesterday.
Throughout the day IL was implicit in
the absorption OF stocks at concessions
that the quality OF the buying was SUI
perior to the selling. and such a session
| should go far toward correcting any top
, hesviness which has impaired the price
| structure OF the market.
Losses were heaviest in the industrial
| department, but extensive as the de-
| clines were in war stocks" and other
| issues which presumably had been over
, bought on the theory that speculation had
| arrived at n time OF easy money making.
they were far from being as severe
as might have been expected from the
most hostile criticism Of recent Wall
! street phenomena. In proportion 10 the
upswing Of prices In the last few weeSS
! the setback in industrial descriptions
was not much more marked than IN
some OF the rails. although II may be
| said that the so-called standard stocks
! displayed IN the main good deal OF
impressive underlying stability. This
was particularly true OF United states
Steel. which was target for bearish
attack and also underwent obvious
speculative liquidation. A number OF
the railroad stocks fell on very little.
Selling In all directions was % a
mixed character. Further liquidation
came from abroad and there was a
manifest application OF bearish pressure
which may have been somewhat over
confident. but on the whole the supply
! of stocks seemed TO come from over
| loaded commitments for the rise and
! stop loss orders on the long side wer.
! uncovered in great profusion. II goes
/ without saying that the markets posi-
! ton must he bettered 10y these proceed
! i1gs and 1t Is doubtful II any rational
( opt.mist on the prospect for values re-
. gLrded the readjustment OF prices with
I anything but satisfaction.
! II does not appear that the torpedoinr
Of the American oil ship Gulftght was
more than the excuse which r. always
provided for an upset In stocks wher
bullish speculation has overdone things
for the time being. There did not seem
20 be any genuine apprehension that The
incident would compel Washington Il
resort to other tactics or measures thar
those which have been Automatically
employed In dealing with the difficulties
I Of American neutrality in the Europe3r
war. Nevertheless the attack on th'
C;ufiight WAS enough OF a reminder OF
: the risks and contingencies OF the IN
torna,ional situation to induce 1t Wal
stree: mood which fitted with the imme
date requirements OF the stock marke
position
There was much talk about torpedoin:
OF the oil ship as well as o; the reportes
rsvcrseS OF the Allies especially Russia
and the general tenor OF Wall stree
comment on foreign events encourage
the selling movement. However, II va,
noted that the foreign exchange marke
did not In any OF the various forms o
remittance reflect untoYard opinions
about the occurrences abroad and for
egn exchange Is the most sensitive o
all the financial barometers in tho pres