Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-08-21
SHORT Days CLOSING IS
FEVER|SH AND EXCITED
Lowest Prices of the Week Recorded
in Stock Market on Heavy
Offerings.
Entire List Weakens, Urgent
Liquidation Being Shown in the
Haste With Which Prices Drop.

NEW 1ohh, aug uSl ne pSSSA
bility. noted in high banking circles
that existing relations with Germany
may necessitate the fotation OF large
domestic loan to meet possible emer-
gencies caused further unsettlement In
the stock market today.
At the outset only the specialties
were materially affected. but later
when it became known that the ARABIC
had not been under convoy the entire
list began to weaken on heavy offerings
Of standard shares.
War stocks, which opened with mod
crate losses, soon receded to 6 points
urgent liquidation being shown In the
haste with which prices declined.
Lowest prices of the week were re-
corded during the short session.
Opening losses were soon increased
however. a selling movement in United
States steel. Reading and Union Pa
cihc provoking general weakness
throughout the list.
Steel fell to ION. loss of 3A; Read
ing lost points at 145h, and Union
Pacific at 127h was off 3.
Extreme Declines in War Stocks.
Extreme declines in war stocks were
IL for Bethlehem Steel, at 274: 61a for
New York Air Brake. at 1881. and 91a
for General Motors, at 200.
Bonds were weak on fair volume of
trading.
United States Steel showed underly
ing strength in the initial hours. al
though it declined on sales of $500
shares
In the railway list Union Pacific and
Pennsylvania were a point lower, the
decline in Pennsylvania being associ-
ated with the order Of the commerce
commission directing the company to
divorce its water lines.
Rock Island railway added IA to
yesterdays substantial advance.
Trading Is Very Active.
Trading was very active through
out the brief session, f1rst-hour sales
aggregating almost 100000 shares,
with a total OF about $4,000 shares
for the day.
Increased weakness was shown in
the later dealings, declines concurring
with advices from Washington that the
administration probably would make
representations regarding the Arabic
incident through its ambassador at
Berlin.
6ICCls OHIOu IdClAC duu ISduIu8 W0IC
among the many important shares
which fell to lowest prices of the week.
Steel losing 3h at 70A. while Union
Pacidc's loss at 18TH was points. and
Readings decline at 145h was points.
War Stocks Greatest Sufferers.
War stocks were the greatest suffer-
ers. with recessions Of to II points,
Bethlehem Steel losing the maximum
amount at 274.
General Motors fell 9s to 200, and
New York Air Brake 81 at 1854.
Minimum prices prevailed at the few
erish and excited close.
German Activities Depress.
Loss Of the British liner Arabic and
further activities by the German navy,
coupled with the successes of the Teu-
tonic armies in the eastern theater OF
the war. were mainly responsible for q
severe setback to quoted values this
week. Even before these events came
to pass the market manifested signs
Of unsettlement arising from renewed
generalization in the foreign exchange
market.
Sterling and francs as well a. lire.
tances broke to lower levels with
greater enhancement Of the American
dollars.
This latter condition gave rise to a
renewal of negotiations FOR the placing
Of additional British and French cred
it's In this market. The Importance OF
the situation may be gagged from the
fact that 1t Is proposed to send a dele
cation of prominent British bankers
to this country to consult with our
leading financial interests.
War shares were most affected by
the weeks reactionary trend, some
OF these issues declining as much as
10 to 20 points from recent figures.
Tremendous Steel Dealings.
Railways and some other hikhrgrade
stocks yielded more moderately, aver
age losses in these shares barely ex.
ceeding points. United States steel,
In which trading assumed tremendous
proportions. made q maximum decline
Of about 8 points from its high price
Of TIN.
Improvement in steel and kindred
issues came largely from the various
trade reports. all Of which denoted
increased demand for finished products
at higher prices. Metal shares also
improved in consequence of the PLACING
Of large orders for export.
Crop news confirmed recent favor
able government forecasts, and the
marked gains In bank clearing at ali
reserve centers suggested a gradual
increase OF general business.
NIf0n erAAH@