Evening star., 1915-10-23
BALDWIN LOCOMOTIVE
IS UNDER PRESSURE
Net Decline From the High Of the
Session Il Twelve Points.
Few Weak Spots.
Minor Industrials Act Well in Face
Of Saturday Lquidation-Equip-
ment Shares Show Strength.

NEW YORK. October 2s.-with the
start Of the short session. the market
commenced to gain speed and higher
records were made here and there
throughout the list. Baldwin Locomo-
tive setting the pace.
1t continued to lead throughout the
session, but after making rather sem
sational squirt Of 81 points. very mod
est for a war leader. it turned the
other way. and, when the decline was
checked. 1t had touched 142. points
below yesterdays closing and IL points
from the high of the day, with but
little rallyinE power back Of 1t.
Naturally the whole list sustained. In
measure. the effect Of the severe
break in the leader, but there were
many strong spots. many places in the
industrials and the rails rs we'll where
prices were on level with the final
figures of Friday. or but slightly lower.
trials and some Of the war stocks made
satisfactory gains.
Saturdays. as a rule, mark the even
ing up processes over Sunday. Many
traders make a habit of getting out
over Sunday, not caring to risk the
news over the adjournment
Profits, too. have reached tho point
where many traders cannot resist tax
Ing them. and this is helped along by
the constant and steady stream of con-
servative advice. urging against over
trading, but not near as much as are
the demands for large margins in ac-
cepting orders.
Studebaker Is Erratic.
Studebaker was another erratic stock,
but 1t had more resiliency back of 1t
and the recovery brought 1t to within
III points Of Fridays final figure.
The weakness came in the second
hour. It was accelerated by the weak
ness In sterling exchange.
Tho drop in Studebaker came shortly
after the middle of the second hour,
when it fell from 100. the high, to 1s3
in few minutes and recovered al
1851.
Few Weak Spots Elsewhere.
There were comparatively few weak
spots elsewhere in the list than the
leaders.
Sugar was OF point. New Haven lost
a like amount. Union Pacific half and
some of the rails fraction.
As rule. the industrials showed a
better degree of strength than might
be imagined from the action of the
leading shares.
Nearly everything In the industria!s
were lost they were not accompanied
by further declines, while a number
held good advances.
Trading in Little Steel was very ac
from its high. s7h, back to yesterdays
close, s6K, and a small fraction lower,
but coming back strong, easily recov-
ering every recession.
Motors Decidedly Firm.
Maxwell Motor stock was decidedly
hrm, adding 6 points net advance, prob
ably because 1t is the only one of the
automobile stocks that is under par.
the closing price being around rs.
General Motors held points advance,
being at one time II points better than
last evening.
Car Foundry was one Of the strongest
industrials at az points advanNes
American Linseed OIL added III to its
gain, Goodrich Rubber about a point,
wanna Steel. as well as Railway
Springs.
Equipment buying by the railroads
seems to have started these stocks to
Con nsolidated Gas made a good i'm
provement carly. but held only small
fraction.
National Enameling moved up 3H,
showing considerable activity in the
last few moments of the session.
Rail List Not Active.
Action in the rail list was not active.
Brokers are talking of the next move
ment being in the rails. although the
wish may be sponsor for the idea. Ger
tainly they are showing no better earning
power and have made no improvement in
comparison with the industrials. for the
reason that they have not increased in
like extent There are many. however.
who seriously question whether earn
ing power in many Of the industrials
was not discounted long ago.
Some Of the rails were fractionally
higher early, but they lost the gains
and about kaA point additional.
Facts and Rumors.
There is no truth in the rumor that
w. E. Corey has secured or is trying
to secure control of Baldwin Locomo-
tive.
Southern Pacifc's gross increase for
September was $1,340.71e.
Demand sterling Is weak. Quoted
rates vary widely. but 4.63 seemed
about the most commonly quoted-low-
est point touched since September s.
The Midvale Steel Company controls
the Eddystone plants OF the Baldwin
Locomotive Company.
II 10 ofacially announced by Louis W.
Hill that Great Northern Ore will pay
dividend in the near future.
Specialties Monopolize Market.
War specialties and similar issues
again claimed more than their share of