Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1915-10-06

MORE MARGIN ASKED
CAUSES SUDDEN DROP


A1GW YORK, oct J.-Membcrs OF
~ the New York stock exchange
took action today to curb the nation
wide speculation in so-called war
stocks, whose rapidly soaring values
have led a runaway market through
million and million and half share
days
Ranks, trust companies and finan-
ciaI houses Of NJ" FORK, alarmed at
the swiftly ascending tendency of the
market and fearful Of a sudden break
I'm values have set the financial
brakes and applied pressure on stock
exchange houses to diminish, If not
entirely end, the riot of speculation
Many stock exchange houses re-
spondcd to that pressure today by
notifying their clients that they would
have to double the amount OF their
margins i'm these spCciaitieS.
When the demand for more mar
Gin was made many buyers were un-
able to comply with it, and wave oil
selling orders swept over the eN-
change, carrying stocks down from
four to l5 points. The close was OH
from three to ten points from the
high level.
MI MtillDtIS NOIil'us
Official cognzance of the situation
WAS taken by the stock exchange at
a spcCia meeting Of the governing
committee The committee ordered
a warning notice sent to all members,
calling their attention to previous
resolutions of the governing board
which declare that the carrying of a
ypcCumtiyc account i'm which clerk
of the member of the exchange, or
i'm which n bank, banker, trust COM
many or insurance company is inter-
rsted, is an act detrimental TO the
interest of the exchange and Iurther,
that the acceptance of an account
without adequate margin may constl-
tutc an act detrimental to the eN-
change.
Todays action was neither hasty
no. aucuusidered. For more than a
week the banks have been somewhat
uneasy over the condition OF the mar
kcl Tales of fabulous riches to be
made i'm stock market gambling have
made the financial section the mecca
of a horde of spectators from coast
to coast
Many Get Rich Quick
TypicaI of hundred others is the
story of a man who came to wall
street four Of five months ago with
less than 1000 and today is worth
more than 100000. OF the man who
lost there is no story told, yet the
records of brokers officers show that
ne is i'm the great majority.
Speculation has been chiefly to the
stocks of certain companies which are
rcportcd to have received enormous
war orders In the large majority OF
cases the amount of war orders has
been greatly exaggerated NoiaDle III
This connection is the case or the
American Car 4 Foundry Co, whose
stocl, fell IA points overnight upon a
statement issued by its president
denying that its war orders totalled
between $5O.OOO,OOO and $75,OOO,OOO
and setting forth the true amount
Approximately $IO0O,OOO.
Bethlehem steel High
Bethlehem steel stands at the top
Of the speculative list. Last year II
sold as low as a fraction above 2b.
Today il touched 400. CruCible steel,
selling today at 1913, was sold for
about third of this five months ago
Wostiughousc was up to 81 today, a
tremendous advance over its selling
price of a few months ago. Incident
ally. dealings in Westinghouse, rela-
lively inconsiderable six months ago
today topped the amount Of United
states steel sold, the shares of the
former which changed today amount
ing to MS, 500
To discourage speculation many
financial houses within the past week
have cut in half the sums they had
advanced ON certain war specialties
md thrown out others altogether
For weeks past there have been fire.
uuent additions to the string of con-
servativc brokers who have refused
to buy war stocks for their clients. In
addition there are many more brokers
who will trade in such stocks only for
cash