The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-20
FINANCIAL NEWS
And COMMENT
United states steel Leads a
q sharp Last Hour Rcac-
ton in Stocks.
MOST ACTIVE DAY YET


session yesterday the list for the first
time In weeks showed distinct signs of
general wavering and weakening at the
advance which had taken place and was
added to in the first four hours yester-
day. Immediately the character Of
orders which had been coming into the
market began to change and selling
pressure In every direction overcame
purchases. In the late dealings the
price movement developed into very
rather heavy. Some slight steadincss
was impaired in the Anal trading by the
covering OF short commitments, which
professional operators put out at the
higher levels before the downward turn
started or after 1t became manifest that
the tendency Of the market had altered,
at least for the time being.
There was nothing unwelcome to most
reflective observers in the appearance
of stock market weakness. The original
causes which promoted tho spring rise
that lately began to present features of
excessive gambling will survive any
setback made necessary by the recent
extravaganza of the advance in many
descriptions. Powerful forces seem to
be working to enhance values. but al
ways in such circumstances efforts are
made to anticipate their effects all at
once and the price structure of the
securities market becomes somewhat
shaky. Whenever reaction has run It's
course at such times and prices have
been reduced to firmer position IL ia
usually found that the market has pecn
put in shape for new upward move
ment The moro intelligent critics
which the speculation in stocks has had
In the last week or 40 have kept in mind
the fact that the foundations OF the
market were strong, however fimsy tho
scaffolding Of prices which was being
run up In some quarters
As IL happened the two sdedncss Of
the market was shown on the most ar-
tive day OF trading so far. Total trans
actions aggregated about a million and
a half shares, which brought the martc,
into close comparison with very few ses-
SONS since 1907 In the early dealings
a new lift was given to prices all around
by the aggressive strength which the
so-called standard issues continued 10
display. and United States Steel. Union
Pacific st. Paul. New York Central.
Reading, Amalgamated Copper and
American Smelling were swept up on a
rush OF public buying. Attention had
been diverted after the middle of last
week to the comparative backwarduess
OF standard rails and the more seasoned
industrials, and some operative initiative.
combined with reports about the prefer
ence Of money lenders for less OF the
new industfials and more OF the older
shares. served to advertise the attrac-
lions OF standard issues
II was noticed that all through the
most active strength of yesterdays SEES
sion some stocks kept slipping away, hut
this seemed to offer no obstacle to the
rise of the general market. Some rather
naive comment was made during the da Y
about the conflict between war business
factors and the peace gossip inspired
by the Dernburg letter, but persons in
close touch with Wall Street were aware
that the market was moving on tips
and on the impulses which its own fea.
lures afforded and not much on outside
matters.
Early in the afternoon the rise reached
an ecstatlc climax. which turned 10 a
decline somewhat sudden. As soon as
signs that quoted values were yielding
to pressure became manifest selling
orders poured In from ALI directions and
professional operators helped the declln-
ings There mad been much talk about
the market being honeycomhed with
stop loss orders on tho long side. hut II
did not look in the last hour. within
which the decline took place. az though
these were being caught IN any great
profuslon.
Selling seemed 70 he more for tho ac-
count of watchful traders who were de
sirous Of taking profits or what remained
81 sl.z... - =. .sts1E
taking losses later The absence OF
supporting orders disclosed that the
market had been relying for support on
public buying and Wall Street was
rather reluctant after the close to form
any conclusions as to whether or not
sufficient reaction had been witnessed.
The irregular array OF net changes In
prices did not show how extensive the
last hour decline was.
United States Steel was the leader in
the downward lurch. As nearly as could
he determined II was Judge Gary's re-
marks at the annual meeting OF the cor
poration which somewhat chilled the
overheated mood OF the stock market.
Among other things Judge Gary told the
stockholders that other causes than the
war were responsible for the unsatisfac-
| tory present conditions OF business,
| and while he expressed a thoroughly r"a-
soname long range optimism regarding
| the prospects for recovery of pros
perity, some OF the things that he had 20
say about the immediate situation were
OF sort 10 temper reckless expectations.
His statement that prices were not
good and profits small and his intima =
ton that It might not be possible after
all 10 maintain wage scales were notice
that everything IN the country was not
going to be doomed up in a hurry. The
Gary speech may turn out to be Just
such another factor al In the past has
sufiiced 10 administer n sober reminder
to speculative ardor and cause tenn
porary upset in a stock market that was
exhibiting runaway tendencies. The
fact that speculation rushed yesterday
into the so-called better class OF stocks
did not alter the fact that the demon
straton was more violent than any
which had been seen since the COM