Evening star., 1915-11-10
MARKET CLOSES STRONG
AFTER SEVERE LOSSES
Specialties Break to New Low
Levels on Exhausted Margins and
Pressure, Then Recover in Part.
Rails Make Gains-Big Steel Ton
negotiating Very Heavy
Throughout the List.

| NEW YORK, November 10.-During
| the morning hours the stock market
showed very general irregularity in the
| specialties and some changes in many
of the standard rails and industrials.
Bears We're decidedly busy here and
| there and there were evidences in both
| the early and late trading of stop or
ders being reached and of the throw
| ing over, in specialties. of stock upon
which the margins were exhausted.
| For all these bearish symptoms, the
| market was really in better position
| than at any time for weeks past, and
| the chances are good for sharp re-
| coveries in many stocks before the end
| of the day.
Recent heavy liquidation has cleaned
out weak operators and the big men
| of the street have also unloaded. so
that the street. in the technical use Of
| the term. is short on stocks.
| 1t is but natural that recovery should
| follow such sharp breaks as have at
| tended the speculative favorites.
| Bethlehem Steel touched 400 this
morning. a drop of 1875 points from the
| high of a few weeks ago.
At 142 Studebaker Corporation Is
pra ctically SO points below a compari-
| lively recent high. and Baldwin. Max
we'll and Crucfble Steel also show serl-
Gus losses.
Real War Stocks Hold Firmly.
| On the curb. where the real war
stocks are traded in, the powder, arms,
explosives and other strictly war man
ufacturing concerns shares, there was
none of the forced liquidation shown in
IN q
regular exchange.
Every real cleanup of the market helps
its technical position, creates a short in
terest, brings in a bunch of traders who
have made profits and are waiting for
the opportunity and the temptation of low
er prices before taking hold again. Then.
too. the short interest waits to cover. and
generally runs with the first indication
of returning strength, and this force is
likely to be back of the buying any min
ute.
There was no real weakness in the
standard stocks also. They naturally
yielded a little when specialties were
being pounded, but they showed their
strength in quick recovery, and other
wise acted as if considerable buying
power had been shifted from the war
leaders to these standard securities.
Smashing Breaks.
The so-called war stocks suffered an
other smashing decline in the after
noon. during the second hour, rallying
just at the close, but not with the ex-
pected recoveries.
Studebaker was low at 145, the low
of the early trading, with recovery to
146A.
Maxwell Motors dropped to S2Az. g.
point break, while Baldwin Locomotive.
the weakling. found new low on this
break at 105 ". loss of nearly points.
Bethlehem Steel. which had recovered
from 405 to 420. dropped to 4o1.
Crucible Steel found it's low at 81. II
points decline, with a recovery to 70.
Industrial Alcohol. Allis Chalmers,
General Motors. Willys-Overland and
the list of specialties were weak
Steel Tonnage Report.
The report of untitled orders of the
Steel Corporation showed 6.402,0O0 tons
on the books, an increase since last
month of 1900 tons. This helped the
market. but fresh liquidation in the
specialties, through exhausted margins
and bear raids, checked any better
ment.
The rails held parts of their gains and
were comparatively steady, losing most
of t',eir earlier advances.
Further recoveries were made right
I'D TO the close, both in rails and in
dustrials, the former leading in the
activity.
How the Market Recovered.
The lowest prices of the day were
reached in the second hour of the aft
ernoon and wholly on the weakness in
the specialties which topped their
morning declines with further recess
sions, carrying Studebaker to 142. Max
well to 62Js Baldwin to 1861. crucible
steel to 81 and Westinghouse to 63A.
All other industrials weakened and
the rails lost most of their gains.
Then in the final hour the turn came
and with considerable energy. The COW
ering of the short sellers, gathering the
harvests for their daring, the buying
by sold -out bulls coming in again and
new buying orders from investors that
have been waiting for the third and
important slump. all helped to turn the
tide.
War Shares Less Prominent.
While the war specialties continued to
improve, they showed on the tape less
frequently than formerly, indicating a d.
vergence of trading from these stocks to
the more reliable standard shares. rails
and other industrials.
S.udebaker came back to 1481:. Max
well to 659s, Bethlehem Steel to 419k,
the feeling being that if the destruction
by fire of one unit of the plant was COM
plete the insurance would cover work and
plant Crucible to 70A and Westinghouse
| TO 6s24, the latter an actual gain of a
| point.
Steel commons range was from 83 y
I to S55s. the latter. u late quotation.
! showing 1@s net advance. Minor in
dustrials lost l to points.
Recoveries in the Rails.
| The recovery in the rails was de-
cidedly satisfactory, Union Pacific
/ gaining points. New Haven. 2: C. &
TO, /. b. & o.. 70; Norfolk Western,
2A net to 1l9A. and the shares of the
Canadian Pacific Company, 3a4.