The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-06
FINANCIAL NEWS
AND COMMENT
Another Extensive Decline in
the Stock Market, With
Active Selling.
TONE WEAK AT CLOSE

From q rather fsverish display Of
ket turned yesterday to pronounced
weakness In the last half Of the ses-
sion prices declined. with little inter-
ruption to the close. which was weak
and unsettled. Standard shares ex-
hibited for the most part q fair degree
OF stability, but many OF the recent
favorites Of bullish speculation went
into n fresh stage OF partial collapse.
An extensive array OF net declines
ranging from 2 to 8 points was ex-
hibited at the nnal figures Of tho day.
and the selling movement did not seem
TO have exhausted itself when business
was suspended. Total dealings aggre-
gated about 900. 900 shares. the prime pal
being made in the afternoon period Of
liquidation and bearish pressure.
Professional trading sentiment seemed
To have swung completely over to a
pessimlstic view OF the prospect for
quoted values, and this was perhaps not
the least favorable feature OF the wall
street day. The way in which long
stock was urged for sale by the more
volatile followers OF tho market was
another token that the process of read
Justiny the markets position and price
structure might ne approaching com
pietion.
There were manifestations OF q reap
pearance in the market OF substantial
buying for important interests, which
had been satisfied to tighten commit
ments anywhere from fortnight to
three weeks ago at the practical maxi
mum OF advance and had not viewed
with approval the excited gambling
recently conducted in certain directions.
The progress OF decline from the high
Level OF the spring rise has carried prices
down from TO 90 points throughout the
list. and this decline must have gone far
to correct the excessive ecstasy of the
frenz!ed public accumulation Of stocks
at top prices.
a break in the continuity OF bullish
thought and action has occurred. which
Is In proportion 10 the break in quoted
values, but there is no new and valid
reason for regarding the constructive
possibilities Of securities with an over
doubtful eye. There are certain critical
junctures In our International affairs
but II Is reasonable conjecture that
disastrous contingencies will be avoided
now and in the future as In the past
Meanwhile manifold forces are working
TO make this country richer and stronger
and the upset which the stock market
has suffered PROFESSIONALLY furnishes
buying opportunities which are much
more attractive than those presented at
the end OF last month.
Without seeking TO minimize the dis
turbing portents OF some or the new
phases If our international problems 1t
seems fair TO say that the Wall street
use which has been made OF them In
the last few days has been more an
excuse for selling stocks than cause
Of decline. II is obvious that the ra
pdity of the spring advance and the
excited character OF its movement In
its latest stages in the las, two weeks
impaired its position and price structure.
Naturally enough anything which pro-
vuked speculative uneasiness was
hound to start selling which had to run
It's normal course. The Gultiight episode
was such powerful provocative, and
Yesterday Wall street professed concern
over the gathering OF war clouds In the
Far East and the European reports OF
general German successes. In the mood
engendered IL was easy enough 10 con-
jure up other dismal spectres. such as the
chance OF very adverse decision in the
Steel suit and an unfavorabls ruling by
the Interstate Commerce Commission In
the matter OF anthracite freight rates.
Foreign liquidation, which was per
haps stimulated afresh among British
holders by the figures of the war budget
was in evidence. but II was not 80 much
OF factor as the rush OF domestic
spectators TO gather Whatever was left
- IN "A