New-York tribune., 1915-11-10
MARKET NEWS
AND COMMENT
Prices to Lower Levels,
with Heavy Losses in
the War Stocks.
TRADING AGAIN OVER
THE MILLION MARK
Early Pressure Met with Resist
Close Near Lowest
of the Day.

With the trading public nervous and
unsettled, prices went TO lower levels
yesterday. Important losses were prin-
cipally among industrial specialties
which have been falling back from the
heights reached on the crest OF the
war contracts wave Railroads and
other more substantial issues were
steadier than in Mondays late decline.
but few active stocks were able to
show gains on the day. and those were
Of fractions. In the morning the list
showed considerable resistance 90 sell
inc pressure. and at one time gains
Of some extent were general After a
hull in the noon hour selling pressure
was resumed. and. in spite OF some
recoveries or repurchases bv traders
who had sold short. prices went lower
ir the late trading. Early and late
business was on a large scale. and INC
DAYS turnover increased some 3OO.OOO
shares to around 100000
Traders at the outset covered their
late short commitments OF the after
noon before. and prices moved upward
with some considerable advances IN
the war group. This show Of firmness
soon disappeared but the market turn.
cd upward again around the mlddle OF
the forenoon and absorbed rather
heavy selling for The short account
without much difficulty After inc
midday lull, bear pressure had more
influence on prices. An abrupt breaS
BY Studebaker that sent II 23 points
below Mondays close had dlscouraGinG e
influence on other speculative favor
;tce The close was not much above
fba lowest in most active stocks.
Among losses on the day were Stude-
baker. over -; General Motors, ~ on
small business. 8 or more by BALDWIN
Ioconotivc. Tennessee Copper, Ne"
York Air Brake and Allls-Chalmers'
and 20 . by Maxwell Motors, GOOD
rich. Pressed steel Car and Nestihg-
house Railroads were off from a irac,,
lion IA a point or so. Steel withstood
n GOOD deal Of selling and ended WIN
a small fractional gain .ho
A confident party committed 10 Ine
short side applied pressure WIN cor
siderable success from time to time
during the day. The failure OF the
outside public to be lured to buy war
stocks at further high prices has en-
couraged the short interest kalIroaus
i'm their rise last week approached lev
ole sot months before by shrewd op-
orators as their limits if liquidation Dy
investors was not TO be invited. i ne
uncertain state of European warfare
acts 10 deter large interests from mar
let campaigns toward higher levels
The aspect Of our domestic anairs
continues favorable. There arrived
from France a commission which IS 10
sncnd more millions in this country
Our exports Of last week and the re
hitting favorable trade balance, whl.e
NOT mn TO those OF October. are stlll
large when lack Of ocean carriers IS
considered. The country's business
nresents continued evidence OF growth;
StiFening prices for bituminous coal
tell of growing demand from industrlai
plants, and the general expectation ls
for q notable increase IN unn niled OF,
ders 10 be made public by the steer
Corporation to-day.
Abroad. however, the pressure OF war
upon the present eXtravagant scare i
beginning to make itself felt. IRON
Germany, since means of communlca-
tion are so limited, we learn compare
lively little OF the state OF puDllc opih-
ion. Private advices from London IN
dicate that the British people consider
the present outlook for the Alled
forces a serious one. The report pub
lished Yesterday that Lord Kitchener {;
absence from London was TO guard
aoainst possible insurrection in lndla!
and Egypt was ono definite symptom OF
the unrest that has followed the GeI-
man drive through the Balkans.