Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-25
GREAT |RREGULAR|TY
SHOWN IN WAR STOCKS
Baldwin Locomotive, Studebaker,
Steel and Crucbile Are Leaders
in the Trading.
Independent Industrials Less Active.
Lower Prices Prevail-Rails De-
velop a Fairly Good Tone.

| Lower fr1ceS freVall-ha1lS De-
velop Fairly Good Tone.
NEW YORK, October 25-The stock
market during the morning hours was
cratic and subject to frequent price
changes. the trend of the session being
decidedly hard to judge from the initial
action.
| The war specialties were given a
strong opening. Baldwin Locomotive
setting a pace with APPOINT advance;
Crucible Steel, a point better; Maxwell
Motors. 5 points; Studebaker, y, and
General Electric. az. while small frac-
tional advances attended the opening
of Steel common.
| The indications at this time were for
a wild bull day. but they changed al
most before the early figures on the
tape were dry. and then fractions were
clipped off prices. followed by points,
the wiping out Of early advances and
then of additional gains besides.
Large Blocks Of Stock.
1t looked as if a number of important
traders had dumped large blocks of
stock on the immediate opening. check
| ing the advance before 1t was fairly
underway. so that the opening prices.
at least on mary of the specialties.
proved to be the high, at least of the
first three hours of the session, with
every indication that they would not
| be reached again in the last hour.
| Perhaps the statement that there was
some hitch in the negotiations between
Charles NJ. Schwab, head of the Bethle-
said to control an option on Pennsyl-
| vania Steel. may have had some effect
! in disturbing the situation. It was
| stated that Mr. Frick opposed the trans
! fer to the Bethlehem Steel Company
| Furthermore. there was denial that
| w. e. Corey, former head of the United
| States Steel Corporation had obtained
! or could obtain control of Baldwin Lo-
! connective. other than in the open mar
/ ket. and fights for control are not con-
| ducive to increased speculation by
stantly called for more margins with
every wild movement in this or that
stock.
Little Steel Action Easy.
| Steel common moved up slowly and
| down easily. 1t was under heavy SELL
| ing pressure the tape showing many
1000 1000 and more shares being
| thrown over for some time following
the opening and Indicating to the mar
ket observers foreign selling.
| Moreover. the enthusiastic estimates
| of $50. 900, 600 for earnings. net, for the
third quarter of the year are being re-
vised and the estimates made today
| were from s9o.oOV,ooo 70 sa:VVV:gVo'
! 100000 net might be readily expected
| for the fourth quarter.
In tbe aecond bour This no.rLst naajs
| - I'LL ao,,o,,oant ~ .,;na,io+ ~ ~ -
| thara 10 $4,000 $500 hoiS -, O.. g.
whether 1t is the long-predicted smash
raneu,n1 o,,a-stinns 'i' o''o'e
|
Some Active Leaders.
| The active leaders were: Baldwin Loco
motive opening at 49, or points ad-
r,,,vinp with MANY rccurreut fract;oua,
losses 10 143A To 14:. holding a uoint adj
/ nc. into the frs. hour of the afternoon.
(,,,,cib,e steeI oneninr a poiut higher at
i %, going 10 81. and back slowly tc SO;
| Maxwell Motors. opening at SO to soh.
gong 10 ~ ahc p ,s" 10 20 o'u 'ee
- 70 rs an,i IN ia ard Steel from,
S6A to ssh to S5A and back to 86h.
,xA r,,,.
|
In the last. half of the second hour of
the afternoon the market became more
active, but decidedly irregular. The
war stocks came ont unite freely. Bald
80 -.
fluctuations continued to be numerous.
tort ON no Inc irregIlaritv in the indus
trials developed, the Fries all showing
good strength at ial " advance: hard
coalers, Iaciiies anu ,,.., ma h IN,
. fr.;cIionaJ advance
Brokers are trying toy induce many
traders to forsake the erratic and wild
inaustrials for the more stately and
steady rails, where the advances have
been uncomfortable and the trading
slow az compared with the skyrocket-
ing of the war list
Minor 1ndustrials mostly Lower.