The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-13
FINANCIAL NEWS
AND COMMENT
stock Market Sells OFF Modcr-
atcly in Another Ac-
tive Session.
HEAVY FOREIGN SALES

Although total dealings In stocks yes
tcrday were measurably near the million
share scale set toward the end OF last
week. the market was not the scene OF
quite so much excited speculation for
the rise as had been expected TO con-
tinue over the turn OF the week. This
was one OF the aspects OF the trading
which observers found somewhat in It's
favor. The fact that the disposition to
buy corporate shares OF varying value
had not become altogether a mania or a
craze suggested that the recent perform
ance OF the list was somewhat more
merltorlous than would otherwise have
been the case.
Indeed the market In different respects
was not exactly what had been looked
for. There WAS no Wild Monday morn
ing opening combined with rush of
buying orders and heavy profit taking.
The early dealings were active, but at
the outset the session displayed irregular
tendencies and cross currents which
were continued throughout the day. In
the main tho drift OF prices was down
ward and recesslons were quite general
in the late trading. Moderate reaction
was in progress at the close, but the
undertone then ms In previous hours was
one OF rather stubborn frmness.
In the seesaw of quoted values II was
manifest that there had been sufficient
slackenlng of the buying movement to
permit foreign liquidation and domestic
realizing TO produce more impression.
Yet this may have only denoted that
there was an Increasing element In the
stock market community which had
taken profits or had missed the rise an l
was bent upon awaiting the material
fNo oh tsiNt ~h .oI
in the afternoon. The fact that tho
transactions had lately swelled out into
large volumes at new high price levels
was only one OF numerous arguments
put forth TO discourage purchases and
encourage sales
Tho quantity OF offerings which tn.
market has been called upon to ahsor,
was another reason urged for antlcipat
ing substantial reaction. and Il Is beyon,
question that the markets position coul,
be tested In no more satisfactory wa,
than by the selling 20 which II has beef
subjected. Also IL would be highl!
dangerous market II there had not beet
heavy selling at the advance, II nil tn
signs indicated that selling was onl.
being deferred
4 circumstance which presumably In
| nuenced the dealings was the voluml
.
Wall Street was greeted at the begin
ming Of the past week, and the profes
s!oual contingent was very much in
clined 20 take counsel OF the suggestion
/ that the pace OF stock market improve
ment was carrying Il ahead too fast.
rise Of one-half of l per cent. In tn
call money rate TO ga per cent. and O
one-Guarter Of per cent In time none
was construed by stock market reaction
aries as hint from banking quarter
that brakes could be applied 10 specula
ticn. but the slight hardening IN cred
/ accommodation could be more pre-
saically explained as a very natural re
sponse TO the better inquiry for fund
implied by the increased activity OF IN
stock market.
Railroad and other shares on the lr
terra,lonal Lat did not yield any NOR
consplcuously TO pressure than some
the industrials which have risen ex.er
sively in the last few weeks or month
but they might have declined nor
sharply without provoking astonishmen
Estimates OF the liquidation a:.racte
from Europe IN the last few dave place
the total at anywhere from n quarter {
milton shares up. Foreign exchans
was very heavy. almost nj tho low poir
previously reached, hut this did not no'
essa-ily contradict stock Exchange oplr
ION OF tho dimensions o: European sci
ing Of stocks. for the statement "a mac
that proceeds OF the stock sales are no
being rnm'tted but are held on depoS
here under instructions from abroad.
bethlehem Steel jumped violently
me late trading 70 a new high prI
and an explanation 81 It's course viii,
will satisfy Intelligent inquiry has -
10 he youchsafri The demonstration
lit dld not help the rest % tho list, y
81 q doubtful II - furnished anyth.'
more than a hearish excuse 20 aceelera
the sarGing movement toward the clos
The astonishing action Of the Germ;
Ambassador IN making what was
effect an appeal from President wis
to the country ~ criticism Of tho A
Manifestations maintenance OF the coul
trys neutrality was II nothing else
irritating factor in Wall street. sent
meut. To what extent Il led 70 NJ
r.durtion OF stock market positions
coaieciural but it was a reminder IN
domestic considerations are not the on
ones which have 10 be admitted 20 "
urescnt calculation Of values.
copper. cotton and grain prices ros
iuf there Uae some comment on u
relatively trihiug decrease tn the u
eurplus ~ Idle freight cars during Mart
and on the steel Corporations fallif
of In forward orders a. tokens OF Il
comparatively small change for the be
ter which Nns been actually wrought
general business conditions, althoue
he trend toward betterment is becomir