New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-06
MARKET NEWS
AND COMMENT
War Favorites Break in
Bear Raids and Close
with Large Losses.
STOCK EXCHANGE
WARNS MEMBERS
Some Sense of Caution Comes 10
Check the Unrestrained
Advance in Prices.

The forces working toward reaction
had more influence In Yesterdays mar
ket. and issues that had been so recK-
lessly advanced closed with material
losses. So unrestrained has been the
rise that no shock from the OUTSIDE
was necessary to provide the needed
check. Refusal OF banking insutu-
lions 10 increase the amounts loaned
on unstable stocks in any proportion
10 their rise In the market add 20 the
burden OF commission houses and Gus
toners whep such advances are long
continued. Stock Exchange authorl-
ties are doing what they can 20 unit
reckless and dangerous speculation.
The short interest found war indus
trials vulnerable 70 attack. and IN the
middle Of the afternoon prices broke
in spectacular fashion.
There was still urgent buying that
would carry on the upward movement
but the familiar daily spectacle OF new
high records was unable 10 change the
trend OF the market More definite re-
rorts of approaching combination OF
Independent steel producers, such as
excited speculative interest week
ago. received little notice. The warn
inc given by the American Car and
Foundry's official announcement of war
orders az less than 100000 and that
foreign contracts had been wildly ex-
gggerated was taken more seriously
than previous attempts to substitute
fact for rumor.
To start the day, Car and Foundry.
Cruciblc. Locomotive and others In tho
group which has been put up on re-
ports OF immense business from bellig-
orent powers made considerable losses.
Profit taking was general. For some
time the more conservative houses have
been advising their customers that the
market was a dangerous one Stock
Exchange notices calling attention 70
rules requiring adequate margin and
care in accepting accounts made the
spirit of caution more general The
mower of the market TO take realizing
sales was still great, however. and be-
fore noon there was some recovery,
In the middle of 1.-THE afternoon short
selling In volume forced prices down
from and Z 70 s or points below
Mondays close. Buying on the break and
covering Icy the shorts started prices
back again for a considerable rally,
but this period Of strength was short.
In the final trading another bear attack
sent some issues TO new lows for the
day. and closing prices were not far
from the bottom. Car and Foundry,
Lackawsnna Steel. Crucible. Baldwin
Locomotive and Air Brake lost from
10 points or more on the day. West
inghouse. less active than on Monday
declined over 2 points. United States
Steel, after some recovery, ended point
down. The active list was not so
broad as on recent days, and the to-
tai. while above 100000, was the
smallest for a full session since Friday
of week before last.
Oversubscription 70 the Anglo
French loan underwriting was not
made public during market hours, and
for the present, il seems, this great
operation has ceased to influence the
course Of trading. The work of dis
tributing the noses. soon to be taken
Up. means a nationwide appeal to in
vestors. If this turns the interest Of
purchasers of securities into more con-
servative channels the result will be a
welcome one.
Success Of the undertaking formally
announced Yesterday has been antici-
pated, and our exports have been going
cut in large volume. Last week the
favorable trade balance from principal
customs districts was over s35.000000.
nearly 100000 better than that of
the week before. For the calendar
year up through last Saturday our ex-
cess of exports has been around ST.
$4,000 900. In the three remaining
months shipments last year were about
S265, 100000 more than imports. The
amount of ordnance that will be sent
TO Europe between now and the end Of
December is unknown; grain and cot
ton may 20 forward in greater guam
tity than Of late. and the $4,000 0000 900
bility.