Evening star., 1915-10-16

these days Of great speculation.
At times the story of the ticker was
told slowly, and there were many who
looked upon this show of weakness as
something more than the usual Satur-
day evening-up process.
The first hour moved through an un-
even record. and at the beginning OF
the second and last hour OF the session
the selling became more marked, fol-
lowed by selling of Steel common,
which for the moment seemed to con-
troll the situation and led to depression
in war specialties, while some of the
railroads, stagnant in the early trad
ing, also sustained fractional losses.
Defense Plan a Factor.
There were many who considered the
American defense program a real bull
argument in favor of higher prices for
the specialties, while the war situa-
tion abroad was not exactly to the lik-
ing Of the bulls.
There was an entire absence of ac-
tual and important news to turn spec
ulatfon either bullish or bearish. The
list seemed unsettled and the market
confusing during the II o'clock to
1880 o'clock dealings; positively bear
with general recoveries.
This recovery continued almost to
the tap Of the bell. but like the day s
action 1t was irregular and spotty, the
Baldwin Locomotive Company and Cru
cible Steel leading the advance.
Bethlehem Steel A8s.
Bethlehem Steel made another new
high at 4ss, but IL points away from
the unbelievable limit of 500 set many
months ago as the probability of the
year and which now looks as If it
might be reached very easily.
by specialties. appeared to be move
ment to steady the list, with large bond
holdings to be marketed, especially Of
the Anglo-French loan, the powers
that-be were probably unwilling for
any uneasiness to develop. 50 BALDWIN
the low Of the day and points from
the high Of the first hour. and ad-
vanced to 1904 and carried, in the
last few minutes of the trading, to
1891, with a closing at 1921, a net
gain of 9 points.
In like manner Crucible Steel was
taken in hand and advanced from 91k
studebaker rose III points. while
Westinghouse, Steel Foundries and
tions to 2 points, Westinghouse max
ing the full gain.
Other industrials in the group practi-
cally recovered the greater part Of
made no important additional change.
Rails Not So Active.
Railways aid not show much action
New Haven sold of IN points. but re-
covered the greater part of the loss.
being still Y below yesterdays last
price at the close.
Slight gains were made In Pennsyl-
vania, and Atchison, Ontario and West
ern and Reading made slight gains
In. the curb list Midvale Steel rose s
posed to be some relation between this
rise and the late activity in Baldwin
Locomotive and the sensational
strength In Bethlehem Steel.
Speculative Situation Changes.
A marked change came over the
speculative situation this week, trad
ing in the four full days, interrupted
by a holiday, showing an almost steady
declension.- Yesterdays sales were the
first Of any full session in more than
three weeks wherein operations failed
to approach million shares and pub
Prices in general showed more or
less substantial losses compared with
their high of the preceding week, ex-
cept for u. s. Steel and few of the
war specialties, Bethlehem Steel being
especially conspicuous for Its new high
record OF AT. In the main, however,
heavy selling, partly of foreign origin,
was effective In reducing values.
Underlying Strength for Rails.
Rails manifested underlying strength.
but even in that division profit taking
was a potent force.
Among the factors contributing to
the reactionary trend was the latest
news from abroad touching upon the
war situation. Bulgaria's projection
into the conflict. Indications of tension
in the British and French ministries.
and more particularly the possibility of
withdrawal of the allied forces from
the Dardaneiles, were developments
which excited apprehension in high
financial circles.
Domestic Industrial conditions con-
tinued at high pressure. some steel
mills refusing further orders. except
for delivery in the distant future, while
prices of certain manufactured products
were subject to higher price revision.
Mercantile Lines Improve.
General betterment was reported in
mercantile lines and crops lost none of
their brilliant promises.
Railroad earnings showed improve
ment in gross, but some mixture in net
returns.
Investment inquiry made only mod
crate headway, due perhaps to renewal
of liquidations in our bonds for Euro
pean account.
Sales of the Anglo French notes were
made at a fraction under the subscrip-
tion price.
Sale Of Porto Rico Bonds.
The insular department Thursday of
this week sold 100000 Porto Rico
per cent improvement bonds. There
were quite a number OF bidders, includ-
Ing two Washington banks. the Riggs
National. for all or none, in behalf of
the National City Bank of New York,
and the Commercial Bank, for employ
ment Of its own funds
The successful bidders were Childs &
Co.. for $500, 900. and the Seaboard Ma
tional Bank, for 100000. The price at
which the issue sold was 98k, consid-
cred especially good, as the bonds are
in no way guaranteed by the United
States,
Financial Notes.
Consolidated Gas trustees Of New