The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-09
FINANCIAL NEWS
AND COMMENT
Stocks Decline Sharply All
Around in the Last Hour
Of Trading.
WAR SHARES LEADERS

III Noihl'il SUI VIII thO "a Vi bNSViit
dealings. prices in tho stock market
yesterday fiuctuated over an extensive
range out OF all proportion to tbs vol
m OF trading. which aggregated only
for recent weeks. In the curse
OF tine day there were two distinct
nrice swings, an upward movement In
the fore part of the session and a rather
close Was weak and under heavy pres
sure, but the late pronounced slump had
peculiar aspects which did net indicate
30 mitch an outburst Of voluntary liqui-
datiou us the partial success Of bearlsh
cudcdVUls.
All the activity was concentrated In
tho slrly and the ate trading. The
period in between was one Of relative
dulucss at u level al material recovcry
from Saturday. depressed quotations.
This recovery was maIr on a show Of
strength which was surprising III the
iirst Instance. only to prove its decep-
tiNc character subsequently,. A good
deal Of expectation was entertained be-
fore the opening that selling would CON
tiUur the decline which was in prog
toward the end nf last week. but except
cor a little Initial DIP the market at
IT.. outset disclosed more demand fog
atughs Than desire to sell them.
This was probably OWNS to the publ
,Uiuu Of Washington's note of protest
Ia Great Britain against the blockade
treatment of neutral a docu-
mcnt which had been heralded in ad-
vance ~ calculated to disturb financial
sentiment. Quite apart from the more
agreeable construction placed upon the
note Itself the fact OF Its publication
was occasion enough 10 start the cover
ing Of shOr commitments.
some OF the war stocks responded
most cOn~spicuously to purchases for The
bear account. The general list OF stand
ard shares novel over only "A very mar
row range When IN the carly afternoon
the failure of buying activity to follow
prices up became manifest a temptation
to bearish experiment was held out and
what followed thereafter looked very
much like aggressive operations for the
fall. Active scll!ng started carly in
the last hour. beginning with the wal
| stocks and Extending to the general list
in the iiual dealings.
The sharIest depression occurred just
at The Close, which WAS less Il token oi
attempts 80 realize tor the long account
than OF attempts to put prices a. low as
possible In order TO stimulate real llqui'
dalton. Tho attempt WAS rewarded b!
a miscellaneous unloading Of commit
mcntS from commission houses. Th'
| conclusion drawn from the session Wal
that the REIMBURSEMENT OF the war stock
had not been completed last week. for /
was evident that an impaired position
SIN existed which lent itself to spccula
tive attack. Much the same ~p',enoneni
as were exhibited On the board apl-are,
III the outside market. Where MidNal'
Steel continued u leader In decline.
Various arguments were used To in
duco the liquidation OF margin contract
and deter buying. Thu WaShiugto'
note Of protest to Great Britain wa
not up to the pru-Ger.nan p~reliininar,
advertisement OF is unsrttling impli
cations and was eliminated from stocI
market reckoning carly in the day
However, when the late decline set II
pressure was aguncuted 10y the unclsi
ness which MAS aroused by the rCpOr
that the French Line steamship liu
chambeau WAS on fire. The indication
of disagreement between the majorit
leader of the House of Representa-
tivcs aud the Administration over q.
Presidents preparedness progranm
was one OF several matters which wer
used to excite speculative apprehei
sion.
Meanwhile Il is Obvious that coud!
tons determining NIlu = are stronger
not weaker, than they We're at "a
higher level of prices for the stock
most inflated recently by reckless gan
hliuc exploits. Tho November crop r.
port Is II reminder, for example, Of tn
agricultural foundation which has bee
placed under this years price struC
turc. The principal change IN the l.iow
ing from the October figures was "A