New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-07
MARKET NEWS
AND COMMENT
Heavy Selling of the War
Stocks Breaks Prices
Rally at Close.
RAILROADS FIRM AS
INDUSTRIALS FALL
Speculative FavoriteS at Lowest,
g TO 20 Points Under High
of Day Before.

The war stocks fell further yester-
day. with a volume which corresponded
20 that Of the advance Of the week be
fore. In the middle Of the morning
in the noon hour and toward the end
Of the day these issues fell in spec
,acular fashion. reaching their lowest
levels S, 10 and 20 or more points un-
der the best Of the day before. Rallies
followed the reactions. ana after some
recovery at thc close net losses OF =
and points. with a few stocks down
6. 10 and IL. marked the extreme de-
cline Business expanded on the de-
cline 90 nearly 100000 shares For
ma. warning by the Stock Exchange au-
fhorlfies 20 its members alarmed weak
holders and pressure from leading IN
stitut!cns and calls from commission
houses for margin added 70 the selling
Professional operations for decline
had much assistance
While the industrial list was in such
state Of general disorder the cope.
stocks showed comparative trmness,
ard railroads went higher. Many OF
the active railroads 90 no time changed
hands below Tuesdays final prices and
closed with good gains. Yesterday 10
reactions ir part Of the list meant no
loss of faith in our business prospects
or lack Of recognition Of the progress
we have already made toward adjust
ing ourselves 20 the new conditions
caused by war. Extravagant hopes OF
abnormal profits had led to specula-
tive frenzy that was sure TO bring its
own undoing
The day began with some gains OF a
point or more, Offset by losses OF SINH
lar extent. Some advance followed,
with dealings on a large scale, but be
fore the first hour had ended the more
vulnerable issues were on their way
downward. Weak spots multiplied IN
each succeeding decline and IN the late
afternoon. in spite Of the tImness IN
the railroads, the market for a while
seemed out Of hand. Recovery around
the close, as shorts covered and r
chasers came in at low levels brought
prices back and net losses OF large
proportions were few, considering the
previous weakness.
Crucible. which had changed hands at
10 on Tuesday, got below so, but
closed a fraction above 81. with a loss
OF IL points. Air Brake ended 6 points
lower, and losses Of from to 4 points
or more were made by Westinghouse,
Can. Baldwin, Colorado Fuel, Pressed
Steel Car and Railway steel Spring.
United States Steel got down more
than 2 points TO under =, but closed
with only a fractional loss. New Haven
made a fve-p point gain, and Reading,
Union and Southern Pacific, st. Paul
and Chesapeake & Ohio ended point
or more higher.
Money rates on call loans were un-
changed and time accommodation on
mixed collateral was easier, If anything:
The bond market, outside Of industrial
issues. was quiet, with some Prices
higher. Purchase by local bankers OF
S2O.OOO,000 of six-year 3 per cent notes
Of the Brooklyn Rapid Transit Com
pany provided the first corporate hnanc-
ing here Of any size for some weeks.
Sterling exchange, In absence OF any
important Offering Of bills, rose a trihe-
That much Of the credit Great Britain
and France are to get here has been
discounted by the last four weeks
Withholding bills from the market is
uncertain. London on Tuesday received
news that 500 100000 Of Russian
treasury bills were 10 be taken there
TO aid Russian exchange. Yesterday
rubles I'm Russia sold lower.