New-York tribune., 1915-11-09
Wide Break Toward Close
When Short Interest APP
plies Pressure.
EARLY RISE GAVE
WAY TO DULNESS
Opening Decline Soon Made Up
-Quietest Trading in Weeks
Precedes Late Decline.


yesterday 70 the smallest business in
some weeks. Encouraged by this fail
ure 70 carry on the advance, the short
interest raided the market in the last
hour. Prices gave way easily. and as
stop-loss orders were caught declines
reached considerable proportions. Some
Of the war stocks, which in the morn
ing had gone up from ? TO 4 points,
broke sharply from to 10 points from
their best. The close was at around
the lowest Of the day. The volume Of
trading was increased in the late de-
cline, but the days total was under
100000 shares.
As on former occasions OF pubica-
tion Of diplomatic correspondence with
the belligerents, traders miscalculated
the effect Of the note Of protest TO
Great Britain and sold at the opening,
but there was no general offering OF
stocks, and prices soon recovered. Some
Of the war contract group, such as Cru
chile Steel, Maxwell Motor, Baldwin
Locomotive and Studebaker, advanced
from to points. The railroads went
UP from a good fraction to point or
more. with Reading changing hands 2
points above the close Of Saturday. Inc
coppers were firm, American Smelling
and Refining in the lead.
After noon, as business died away,
prices held fairly steady. When sell
ing pressure was applied later there
was little interruption to the decline
until the close. The railroads ended
from a fraction to a point or more
lower. Southern Pacific went below
rar again. with fear that the Pennsyl-
vania might sell its holdings and IN
crease the floating supply Of the stock,
Reading lost ali its early gain and
closed a fraction down. Canadian Pa
cifc had advanced more than 5 points.
but ended q fraction down. Baldwin
Locomotive made a net loss Of more
than 6 points. United States Steel,
which had risen almost point, made
net loss of nearly 2.
The success that attended this late
bear raid indicated that readjustment
was still needed among the industrial
favorites and that apparently the mar
ket position of more stable issues was
Lone too secure. When the afternoon
break was well under way rumors were
started which, after all. followed rather
than caused the decline. Among these
were renewed talk OF dissension among
the Allies, that Russia might conclude
a separate peace and that the opposl-
ton TO the Presidents programme for
preparedness would or might reduce
probability of domestic war orders.
Our explanation to Great Britain as
10 why we considered her blockade Of
Germany, that failed to shut off the
Baltic coast, illegal was Of little or no
market influence after the opening.
While anything that threatened the
continuance of our friendly relations
with the Allies, with whom we are do
ing such an immense trade, might well
be considered Of serious moment, our
note was generally regarded as the for
nal statement Of our position neces-
sary for any future claim, but not at,
all likely 70 cause serious friction. The
unparalleled conflict raging abroad has
broken down rules Of conduct which
it has taken centuries to form. We
cannot allow such changes TO affect our
interest without making some objec-
tion, but where money lost rather than
national dignity is concerned our pro-
tests, it is thought, may be allowed 10
run the usual course Of diplomats con-
troversy.
Monetary conditions here at the be
ginning Of the week were marked by
even greater ease. Mercantile paper
was so scarce that there was some talk
of further concessions by lending in
stitutions. Call loans renewed At the
rate now customary of IA. per cent,
while time accommodation was in album
dant supply on terms unchanged from
those Of the week before. Sterling ex-
change was steadier, ending little be-
low Saturdays close. The first install
ment of our banking credit to London
will, it is ndeistood, amount to $780,
100000 and be in the form of accept
snce and direct loan.