The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-06
FINANCIAL NEWS
AND COMMENT
Stocks Weaken With Sharp
Declines in Some Of War
Order Issues.
w DEALINGS ALSO

showed n contraction in the aggregate OF
some 400. 600 or 4OO.o 900 shares from the
average of recent volumes. this shrink
age was not accompanied by any diminu-
tion of violence In the price movement.
On the contrary. quoted values travelled
with great velocity over a n extensive
range. but their direction was generally
the reverse of that which they had been
pursuing. The market as a whole. some
what slowly at first and with a good
deal OF irregularity, but subsequently
~ down in more pronounced con-
tinuation OF the r~eactionary tendencies
which became manifest on Monday.
1t was not until the early afternoon
that the new buying failed to absorb
the selling and sustain prices. but then
there was a very swift and unsettllng
break In some of the most tcmpera-
mental recent leaders of the list. nota-
bly, Baldwin Locomotive and Crucible
steel. This decline had a disturbing ef-
feet all around and induced general
weakness. which was emphasized toward
tho close after the failure OF a rally to
attract further purchases. In addition
to the stock mentioned American Car
and Foundry n other equipment
shares. Westinghouse Electric and "A mis-
c%ellaneous assortment of war munition
stocks closed practically at the lowest,
and the closing @ OF the market vas
weak in the industrial department. Rails
made n highly favorable comparison
for steadiness and some OF tho industrial
descriptions. notably in the copper and
motor group, displayed n good deal OF
Independent frmness.
At the outset of the session specu-
lators for the rise had a new difficulty
to contend with in the statement OF the
president of the American Car and
Foundry Company respecting the very
modest total of the company's actual
and prospective war contracts. Utter
ances of n similar purport in past
months have had curious consequences
and in view of them the Car and Foun-
dry statement might have had little cf-
feet but for the uneasy mood induced
this week In the speculative community
by the severe criticism OF last weeks
gambling performances. Car and Foun-
dry shares opened at "A material loss.
but buying support was attended to
them and to the rest of the market. pre-
suinably from the fresh recruits In the
ranks sof the public followers of the
autumn movement; as well as from spec
ulative interest committed to the long
side.
In the end. however. the state OF sem
timent and the actual state of the mar
ket told heavily against support
ing efforts and prices gave way after
midday under the weight of selling pres
sure. B-arish operations undoubtedly
played a considerable part in the days
dealings. for they were facilitated by
the change OF psychological conditions
from one of reckless contd nee to un-
discriminating uneasiness. As pressure
carried prices down the execution Of
stop orders caught others. and the per-
sistent fall of prices induced spectators
whose accounts showed profits to cash
In their contracts for what was left.
Nor is he list of influences operatinc
In the market complete without reference
to the efforts which have been making
for many days past. by brokers as vel
, as bankers. to bring about "A less vul'
ncrable yosition. Wall Street has beer
witnessing something like "A process OF
putting on the brakes. the procedure
being partly arbitrary and partly auto
matte. II has been illustrated In various
ways. as by the exaction OF ample mar
gins and 10y the action of the dealers IN
Did lots in seeking to raise the cost
| level for purchases of an odd lot char
acter which ave formed an ~eNtraordi'
nary portion of the recent trading.
obviously TIC oul'oiIlf =" what hts
been going on Is that the market must be
in a stronger condition than at the be.
ginning of the week. and any further
corrections of speculative ovcreXtensior
can only make for further strengthen.
| ing of the price structure. This will b,
especially true If the instability OF IN.
war order indus,rials should advertis,
more f~avorably the attraction of rail
road shares and other standard indus
trial issues. for despite all that Ia,
been going on at the surface Of tn,
stock market the underlying factors oi
enhanced value have not changed.
An interesting circumstance was the
decline of sterling exchange below 4.7C
for demand on the day Of the closing
OF the books fer the underwriting OF
the Anglo-French loan with a very graft.
flying oversubscription. For the tim,
being the placing Of the loan has had
the effect of n practical suspension oi
normal business in the investment mar
ket, but in the end the activities in tho
investment quarter will be stimulate
by thu success OF this great inancia'
undertaking.
Other rrws during the day was OF
optimistic import. The announced set.
Element of the Arabic case was included
IN the budget, The country's trade bal
ance reported for last week was ahou
S3j.500. 900. Reports OF Bethlehem Stee
neRotiotiors for the purchase Of tn,
Pennsylvania Steel Company bore on in.
current notion that the times are pre-.
pltious for some rearrang"ments in the
field of corporate organization. Appli,
cation has been made for a charter fol-
the Midvale Steel M Ordnance Com
pany, with a stock capitalization OF
500, O00, 000, AZ against the capital.
ZatinD nf lnsg than SI0 noO nm for tha