The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-15
FINANCIAL NEWS
AND COMMENT
Further Extensive Decline i'm
Stocks in q Very Or
derby Market.
BUYING ON SCALEDOWN

Substantial all around decline in the
stock market yesterday continued the
downward movement which has been In
progress since the sinking Of the Lusi-
tania and showed that Wall Street was
putting its speculative house In order
for eventualities In the international
crisie. Rumors Of more or less appre-
hensive sort were in circulation. but
they played no more than . small part
in the operations Of the stock market.
The governing influence was provided
by the considerations connected with
President Wilson's note to the German
Government and the probable nature Of
the reply either in words or deeds.
One OF the uncertainties with which
the financial community has had to
reckon in the last few days ended with
the publication Of the note to Berlin.
There had been no doubt about the gen.
eral position which Washington would
take, but there remained until yester-
day morning to learn both the specific
matter and the explicit manner OF the
American communication to Germany.
There was but one voice. OF approval and
hearty support for the Presidents dec
laration Of policy. but with so much
settled II was manifest that much more
was sti1 left. to he settled The wash
ington note made 1t clear that all the
while comment and conjecture were con-
cerned with the probabilities In this re-
spect the stock market vent on reflect
ing the major uncertainties OF the mo-
ment.
Dealings were on a fairly well sus-
tanned scale of moderate activity, only
occasionally becoming very active. Al
the close of the end of the day the aver
age of representative shares had beer
carried down to within about points
pf the level which proved to be founda'
ton bottoms for quoted values last Feb
ruarv and December. which were at the
same time the low levels of last Jul,
lust before the stock Exchange shut lie
dcors At no time did pressure threaten
to- overwhelm the market. but there was
steady, persistent liquidation from
spcculativ. sources which caused ma
ter.al net losses all around. ranging a!
hiGh a 9 and points for various spe
calties
standard stocks in the main displayes
mos; firmuess. and while It could be sal,
b
confidence that Germany would NEE
| tn, position taken by Washington. their
we're plenty OF tokens that confidence
! of another sort was felt in Discerning
/ and important quarters, confidence tina
: the enormous financial and business re
/ sources nj the country were adequate 4
! any contingency and that with uncer
/ tainty AT an end the Improvement o
volumes and values would be resumed
Il. 49, ,
stocks testified to the presence OF buy
ing orders on a scaledown for the &C
count of interests and individuals VIII
believed that most descriptions were al
ready selling we'll below their per
manent values and that while such op
portunity as might be afforded by
real break in prices should be Target
awaited Of there was wisdom In no
waiting for an opportunity which nigh
fail to present itself or last long To
ward the close OF the day stocks hard
ened little. apparently on short GOV
ering but the closing tone was veal
The new Pennsylvania A per cen
bonds sold as low as s6A, or ~ pc
cent below the subscription price.
Weakness was displayed in the ayr
cultural commodity markets whic
seemed to be more or less sympatheti
response to the action OF the stock maj
ket. An extraordinary and strikin
feature of the financial day was II
heaviness and weakness In variot
forms OF foreign exchange, There coul
be no better evidence OF the tremendol
ascendency which American finance ha
Gained than the course Of foreign -
change in the present internation
crisis The known movements Of none
pointed to a large cash gain by the II
cal banks during the week,