The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-27
FINANCIAL NEWS
AND COMMENT
Stocks Show Last Hour Weak
ness After a General Dis
play Of Strength.
FOREIGN SALES A FACTOR


reached 40 far this year. Fluctuations
in prices both upward and downward
In sessions Of moro or less irregular
price movements have not been SUI
ficient TO change the level Of the aver
ages. and this circumstance lends prob
able significance to any unmis' akabls
trend which now develops. Professional
Wall Street suspects accomplished distri-
button, and has for several days favored
the selling side. and the traders swung
rapidly yesterday from purchases in
the morning to sales in tho afternoon
when softness appeared in the so-called
issues.
Quoted values slid away rather easily
In the last hour, although there was
no great access Of activity on the turn
downward. Thanks TO the brisk bust
ness done during the strong period up
to the early part Of tho afternoon trans
actions for the day were on a some-
what larger scale than In the latter
half OF last week. but there were still
lacking any indications either in prices
or dealings that the market was moving
ono way or tho other out Of the new
area in which II has been backing and
filling. or that II had lost any Of tho
underlying influences which had been
sustaining tho improvement so fur
achieved.
Superficial arguments which profess
sional Wall street found over tho week
end to urge on speculative attention
were Intended 10 discourage construc-
tive commitments. There has been a
considerable trading element Of reac-
oil. IS. ~ AA. a
for week or more to start selling
from long accounts. although all tho
proba hilities Of tho securities market
and Of the financial and business situa-
ton are that recovery to new high prices
will sooner or later follow any SELL
ing of the kind which may Ne In
duced
At the outset Of the session there was
a manifestation OF the strength which
appeared in tho late dealings on Satur-
day Reflection over tho turn OF the
week had very evidently failed to qualify
TIE hopcfulness OF the public, and until
well after midday the history OF the
market was record OF general hrmness,
with a good deal OF aggressive strength
in numerous directions. Tho copper
metal group responded TO the establish
ment of copper at ISL, cents a pound
and the oil stocks, equipment issues and
tire and motor shares wer~ conspicuous
in the advances which took place.
International rails and industrtals
held firmly until toward the last hour,
and it was their symptoms OF sagging
which first checked the upward couWs
Of general prices and then converted It
into all around recession. Representa-
tive avera ges at the close showed a
fractional decline. but the last hour
weakness was not fairly measured by
net changes. for the declines from the
top figures were more severe and ranged
from one to three points for most stocks
with drop OF seven points in Mexican
Petroleum. The closing tone was weak
In bonds there was a well sustained
demand over the counter. especially for
short stun.
1t would ne reasonable 20 suppose
that the persistence of foreign liquida-
ton of the same sort that has been
going on during the spring rise WAS re-
sponsible for the relapse in the internal
tional stocks. but Wall Street traders
preferred to attribute II to tire now
phase OF operations In the war and pro-
tossed 10 believe that German adver-
tisement OF victorious progress was re-
nected in the late aspects OF the share
list. There In no question that the on"
thing which the stock market Is most
likely 10 I've sensitive ~ IN s'Hl' lifNh
uncertainty IN tire posture ~ tho war.
although II is n little early In tho spring
campa 'gn to form new conclusions about
the result Of ".
Foreign exchange has been the most
sensitive Of AL the war markets, and
there was no such strength In German
remittance Yesterday as Ia suggest any
German gain Of increa sed aScenden'y
ON the other hand sterling was firm, al
though this fitted IN with reports OF
arrangements approaching completion
for a hundred million dollar loan here
TO the london money market
In the stock market unsettlernent 81
the late afternoon there was much tslR
about the steel business and to-day
quarterly report by tho United States
Steel Corporation. but there was M
novelty here Neither was there an,
fresh material IN conjecturea about the
affairs Of the Missouri Pacific and thu
Missouri. Kansas and Texas railroads
Competent financial opinion was rathel
to the effect that the Missouri Pacihc'i
troubles could be overcome without re
ceiyership and the Missouri. Kansas anC
Texas prn~perts for avoiding receivershiI
wcr, quite strongly inttmated In thu
announcement that nearly three-quarter'
of the notes due on Nav ! had assente,
to extension and that tho time for fur
ther deposits had been prolonged tn thu
end of this week.
Outside OF matters already referred Il
there was not much news which Wal
| street regarded except An optimistic In
tcrview in the West attributed to Mr.
Os,1,I