The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-11
WILD RUMORS SEND
STOCK PRICES DOWN
Basclcss Report Of Death Of
President DpmOralizcs
Market.
FALSE TALE OF FLEET

Decentralization In the stock market
swept everything before Il for hfteen
minutes yesterday. II eoualled IN IN
tensity the wildness Of Friday. when
the news Of the Lusitania shook wall
street. The break came around
o'clock when the report went through
the financial district like wildhre that
President Wilson had been assass'nated
Then. late in the afternoon. after the
market was closed. another unfounded
report again created great excitement In
Wall street. this time among bankers
The stock market community mad IeIt
the district when one OF the news tlcNe
bureaus printed a statement that Presi-
dent Wilson had ended the naval demon
s,ra,ion in the harbor and sent the ships
back to their stations. II was also
said that the President had summoned
Gen. Leonard Wood to Washington
Roth rumors were wholly unfounded.
They were almost Immediately denled
from authoritative sources. But oo'h
shook wall street profoundly for 'he
wild few minutes OF their life and gave
evidence OF the tremendous strain tha'
the financial community is under In the
uncertainty OF awaiting washinstons
decision on the note to Germany.
Atmosphere of Tension.
Wall street had been under an atmos-
phere OF nervous tension from early
morning yesterday, with its ear attuheu
TO the slightest rumor or possible
,rouble over Sunday consideration oil
tho destruction OF the Dusitania, the ire
mendous wave OF feeling throughout the
country IL had aroused and the cohslu'
Grafton by big spectators ana the pup
Lie generally Of the serious consequences
that might result from President VII
sons decision. brought Hood OF sell
ing on the exchange almost from IN.
opening. Wall Street was In MOOD
to listen 10 every wild story ana 10 ac'
ON IL. false or not. 1t had been re-
fused for an hour on Friday to believe
that the Iusitania had been sunk. II
was ready TO believe anything yester'
day.
shortly before | o'clock, after morn
ing of steady bu, orderly selling. I'M
nervousness telt throughout the distric
was suddenly concentrated In "A vile
wave of frenzy on the stock Exchange
when brokers on the floor ran 10 thu
trading posts from telephones with nh
rumor that President Wilson had beer
assassinated. The report seemed q
come from every side and spread Will
lightning speed-over the floor and on
INTO the brokerage Offices and bankini
houses
stocks were thrown on the market II
masses. Steel broke through 80, nuctu
ated wildly below so and In one salt
OF 500 shares fell a full point from
49i, 10 ASH. The rest OF the marke
,umbled with Il. prices falling from
five to ten points from the high Of ,h'
day.
Prompt denial from Washingto'
within nfteen minutes after the storm
broke on the exchange changed TN
tide ~ selling The big banking house,
sent I'm heavy supporting orders I'm
mediate,y. Brokerage offices, Rettlni
the telegrains from Washington in dental
flashed word 10 the floor OF the eN
change and the hcad!ong dowuwart
movement was checked as quickly a
Il had started Prices immediatel'
showed recovery and the sweep OF buy
ing carried the whole market up tw
90 Ave points before closing. The supper
was directly visible In steel and tnioi
Pacific.