Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-10-06
MARKET IS OVERBOUCHT
AND SUFFERS REACTION
Break Runs From I to 10 Points,
Maximum Loss Being Suffered
by Baldwin Locomotive.
RAILROADS SHOW FIRMNESS
For First Time In History Of Ex-
change, Brokers Are Told They
Must Not Accept Accounts With
out Adequate Margin.
by BRoADAN WALL.

NEW YORK, october b.-OwlnS to the
p ovethorght condition OF the Industrial mar
kct. and tho closing out OF n weakly mar
E'ncd accounts; the stock n,orke: experienced
the break which ran from ! to nearly 10
points. the MAXIMUM loss being In BALDWIN
under,onc, illustrating the lack Of spccu-
lation in these sharcc.
lrrerulari'y prevailed at the opening with
American Car md Fountr% showing an
con. pany's statement relative 10 tho amount
Of war orders on hand and tho amount Of
grd"rs for cars on IFS hooks Following the
stimulated an Increased demand for stocks
resulting In substantial recovery. nut
when this wave Of buying exhausted Itself
there was vigorous bear raid which re-
snl;ed in the closing OIL; Of weakly marrined
orders, which. in turn caused declines
ranging from to more than II points
\ substantial recovery from this low level
was followed by another spell in the last
hour, closing prices being near the low.
Conservative brokers were inclined "a look
Tor continuation or tho dCclin, I'm the
'irst hour TO mnrro" from the compulsory
closing out OF accounts, tho owners of which
ere not expected to answer tho calls for
additional margin i'a' commissions houses
late to-day We're receiving orders "a buy ~
Whatever dip nirht occur tomorrow 50 that
thes" lnyinr orders ar" expected to have
freak in the indus;riai. but who lacked
sho: s; "S for SPS n. rs 3 p- n in n
Brokers were busy this evening sending
out calls for additional margin. Notices
first time in tho memory OF brokers' in
forming them that The acceptance OF an
adequate margin would bo considered an
act detrimental 10 the interest and welfare
The d-eet.on Of ss saI%.e1 To ne look at the
borrowing rates Of stocks would imagine
raiIs There is an unusual Borrowing de-
niand for rails at this time, no; because OF
because the banks arc insisting that more
rhis he used IS collateral in loans and tho
collateral, AS speculation is greatest in tho
indistrals there is an unusual borrowing
AS ar illustration Of the margins being
required on some industra!s. broker re-
Ce!vinE order for MAXWELL Motors second
preferred, today askd for 20 per cent margin.
NEW YORK. October 5-Reac,ionary ten
denotes we're uppcrmos, In the stock mar
ket today. despite new hish records in
war shares. It was this particular group,
ness. and then susceptibility TO adverse in
auenccs demonstrated anew the artificial
movements in this class of stocks.
Selling OF many OF these issues was re-
al the g, e si SHnS
The decline was soon checked mainly az a
ways, but second decline set In before
During The mid session. prices were again
lifted, In some instances rising over their
hrst recovery. but, all gains were wiped
later on the circulation of reports OF an
accident 10 American war vessel. such
issues as Baldwin Locomotive. Cructble
Steel, General Electric, Westinghouse, Beth
chem Steel. Continental Can and several OF
IN? motor shares broke D to 10 points from
thei' high quotations Of the previous hour
and brought the average level we'll below
Yesterdays final prices.
When II was learned that the accident was
merely minor explosion a torpedo boa:
In home waters prices Immediately retrieved
part o: their loss. only 10 go still lower
In tho final hour.
Liquidation was most extensive in tho
is'eF dealings and supper; lukewarm
1T best.
Alnorg the new records made while prices
were at their best were Bethlehem Steel
Up 5i2 10 4ooi2, General Motors. E TO So. and
Continental Can, II. to 10.
Bonds were irregular to heavy. with fresh
foreign selling, Total sales. par value AK
ErrEaied s%S2ooto. United states bonds were
unchanged on call
NEW YORK. Oc,oter i.-Mercantile pa rer.
$T3'7: sterling. siNty-day bills. 4.6.: demand
$40; cables 81 700 Bar silver ioss. Men
lean dollars. Ss'z. Government bonds. steady:
railroad bonds. irregular. Time loans n,.ir:
s!A,y DAYS. 2'@TcN ninety days and six
zen. .sH l4a ~