Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-06
odd-Lot Trade Enormous.

The odd-lot business has apparently
been increasing to such an extent that
it has become a real burden. and per-
haps has cost many brokers severe
losses. Margins on odd lots have been
large. and the buying so large that the
keeping of records has demanded more
force. and been days behind the trades
Frequently brokers report execution Of
orders for odd lots, and take chances
on buying stocks on these commissions
later on, and have been losers thereby.
The commission of selling odd lots Is
but " and on buying orders Y. show
ing how the brakes are being applied
to this business.
Delays In Reporting.
Brokers are advising their customers
that it is impossible to make prompt
reports on small orders. which should
discourage the business in them. More
over, brokers are asking that all orders.
either to buy or sell, when far from
current prices. be cancelled. This is
another indication that the labor Of
keeping the records has become bur-
densome. proba bly, for the first time in
Exchange. Never has odd-lot trading
reached such proportions.
Working to Steady List.
1t looked at the immediate opening
of the market today that the powers
that usually supposedsto control
were, making strenuous efforts to check
any declining tendency, and for this
purpose they took hold of the high
grade rails following the opening and
advanced them about point, and in
the case of Union Pacific moved the
price up two points.
This had the effect of steadying the
list and giving it a good opening, even
in the war stocks which closed the
weakest Tuesday.
In the first hour the trend was to-
ward better prices. weakening toward
the end Of the hour. then turning de-
cidedly weak, under the lead of Cruc-
latter. after advancing from ia to
116A, turned for seven-point decline
Car and Foundry broke from SAY to
SOY. Studebaker. which had risen 2
points. went back to the low again.
Steel common declined fractionally
from high. Westinghouse dropped ~.
and other stocks sustained Lesser re-
actions.
steadier Tone.
During the noon hour great irregu-
and partial recoveries, but not all OF
The rails held well. gains of a point
being made in Lehigh Valley, Reading.
New Haven, Union Pacific. and points
in Southern Pacific, while one-half-
point advances showed elsewhere.
Crucible Steel was the bad actor Of
the whole list. breaking points, or
from 95A to s8lk. in addition to its loss
Of ~ points yesterday.
ernoon the list was Comparatively
steady for the first time.
Wave Of Industrial Liquidation.
Crucible Steel and all war stocks
were decidedly weak In the latter part
of the second hour of the afternoon,
although the rails maintained fairly
even level, losing but part of the ad-
vance.
Crucible Steel broke to s4Ez. making
"a net loss of over 10 points on very
heavy selling. while other declines Of
to 10 points were in evidence in this
advanced to 11lk. turned weak and
slumped to 1854, while Car Foundry
was of from 84k to 70.
Steel &c, common was very active and
realalizing sales. many lots of 1000 to
$500 shares being recorded as sold.
The rapidity Of the dealings seemed
to indicate that the wave of lfQuida-
ton had not subsidized. Total sales will
be very heavy, estimated at over 1.200.-
600 shares.
Liquidation increased with the pass
Ing Of the noon hour, selling assum-
ing wider proportions.
Bear drives accelerated the decline,
in which railways shared to the extent
of losing early gains.
. Severe liquidation attended the mar
ket between 80 and 2:15 pm. in the
industrials with reactionary tendency
elsewhere. but just tefore the close
the liquidation seemed to have run its
course and fractional recoveries were
made In war stocks and other industri-
ais that had borne the brunt of the
days liquidation.