Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-10-05
MANY WARNINGS AGAINST
RECKLESS SPECULATION
Stock Market Suffers Reaction, but
Nearly 100000 Shares
Change Hands.
WAR STOCKS CONTINUE TO RISE
Reaction in lndustrials, Due to Profit
Taking, Sets In Before Noon-Wall
Street Prepares for Sudden Col
lapse in Present Speculative Wave.
BY BRoADAS WALL.

BY BROADAS WALL
NEW YORK october i.-Whether or not
II was tho many warnings asains; reckless
discriminating against .ndustriais In loans
10 commission houses. tho stock market
day. following the establishment OF several
new hish records by the war stocks. Nearly
Initial prices showed gains which We're
increased during the forenoon. bu, a re-
set in jus; before noon. At this po:n; tho
railroads were taken in hand and
Tniom Pncifc southern pn ",iiS Grc",
Northern and Northern Pacific. aui their
nr,nce the indus,rials which continued
TO rccede during the afternoon.
The reaction Was considered uy conserve
the seven sessions or continuous advancing
prices and 70 have left the market in a
Wall stree; with its usual foresight, is
making preparations against amy sudden col
took time b; tho ;orelock to-day and in
formed the commissions houses that more
War stocks were desired collateral IN
loans The commission houses, OF course.
Ccir, ~ th's notice commission h"ueo man
ayers began n"r>uadiuS customers tina; II
rais ,mo into thrir own .rhis ,i,ur mi We
suited in profit taking In the indusiri,ls and
reinNcstmcnt in the rails with the result
that the tndustrials were rsactionary. While
houses also insisted on the continuance Of
Their policy adopted weeks ago that mar
gins on purchases OF war stocks bc worry
large Win such safety cushions Wall
str, is n d.'ys r mnyh TO ininmiss III ol-
Publication ot letter written by Samuel
Intermyer decrying 'senseiess ana reckless
speo U!aton in the so-cnlicd stocks Mt
trtrtcG much attention. While traders were
reading Its contents. Bethlehem steel. com
mon. OF which Mr.. Cnterinycr Is n sub
sianiia! holder, touched the new high rec
ora Of @9i: an advance OF az points for
10 Gf nrlr
new tops notably Westinghouse Electric
Ais Chalmers. American Locomotive, Gen
erHl Electric. General Motors and United
States Industrial Alcohol.
For the first lime In the memory Of vet
accept stor-loss orders from customers This
resulted from the refusal OF some Of the
not Keep record OF tho stop orders and
partly to tho fact that the commissions
houses are swamped with work. before tho
crush became so great, some houses would.
upon receiving an order from customer.
execute II and subsequently, call him up and
give the figure AT which the transaction was
made but houses have no: been doing this
Low priced COPPER shares wcrc in good
S S;smR" d. oW!mE TO reports tina, large
tp.rs,ioH RAY c"ns"ida,eG and M HF%tS coi ls
with advances The latters strength. how.
ever. was largely attributed to "A raising in
me dividend from - cents to s. share
American Agricultural Chemical. common
ttoid At new hish price. Reports that
owing TO the Gripping OF the German com
panieS by The war are grossly exaggerated.
cong larger business than a wear ago
o og' r oM,nE To- the .nrtailmen, of supplies
.ttutes. which have far proved sue
the price OF Stock Exchange membership,
continue TO increase. Five seats have been
hands At SCI 200 an increase o, *acN0 over
the previous sale.
Mote
demand tor Maxwell Motrs issues Was slim"
giaisd by the reports that tho hack ,ivi.
funded with warrants convcrtihle into :ir~,
preferred stock, WHY'S. Overland rose
., NEW Ne: YORK. oo;ooher There vas an
Change S la sp Snt tho on lie @ x
ri the, market bore testimony to The in
, ,r.I selling Tramsactions hEaiu mounted
We, a. Ir!1na the million mark. aEcr"gntin,-
WIN MR. nes ShI hsn 5ssissrea aay.mce,
Molors % 500 wi|s ov SS IA ' to q:
lean Can. to sSi., in,ernntiomai Nirtcii' or,
70 -. unIcd states Industrial Alcohol i :
on thc "eclinins side werc Baldwin Loco
motive and United states steel. whi|h Was
That took Win St"oi ana cam Ugh, s%o"S ',
|8asoaIi sc '(n entGr. n" III, rGdi in, Win
:,n."r''hn l"ro'no'iv" and Copp"rs aud Mo ,
., ihe hish 'iae OF ttioyes, t,,lucs was reached
IL IN" car! .-rnt.r following ai.nounce- !
;!.ehl mat SHhse-3'ion..,o tho Nuglu-F French !
,"Hh "ouid close tomorrow. When ,rtcrrs.
~ spsG.ai'l"> began TO diminish, spc,uIa. &
, ,n ,h't 10 railways. som" "f which on.
!"Fra bret nGvance ~ 70 : points oniv ,
!" ,8i' ha'N l-i"r" tho end In fa,t Inc
..,.'o ~ I"' linsd '.trinnly from the h!rh !
r,'''S "f ~" mlts"as son with IN irroru.
"hN f"HnlrE bore tn. HrUut of m. I,,c rs
NNFNt' nm rims substantial not losses
L., H"'. 81 E'"''N i"r northern ra,sfic and
'o5 ."ui-FiI" ana Nashville
''gnnS move" III sympathy VITA stocks Ian,
-,,s "%Fr relatively more moderate
United states bonds ,cr" 4nchairaG ON oa
NhN NpEE October Mercantile -,
~ - Si"r.nu slNry-day bills st,s
1'a - .-. Tor cables S.v IA,
.E"i NcNlrr juIL,ss ~ Govern
IT. -'shHN Railroad bonds .,-cr-
r,rs - m"ntl> CnIl