The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-28
FINANCIAL NEWS
AND COMMENT
War Munition Shares Decline
Rails and Coppers Re-
sist Pressure.
LIST FIGHTING ITSELF

PROCESSES were more obviously at
work in stocks yesterday to restore the
list to a condition of better balance.
Thc most conspicuous movement Of the
session was the renewed decline of the
industrial group which weelp ago be
came manifestly congestcd with specu-
latfon for The rise in anticipation Of
the profits accruing from war contracts.
The fall Of prices here wal orderly and
suggested q miscellaneous retirement of
~over-extended long commitments a. the
result Of a sensible recognition Of an
o~vercrowded situation. rather than a
stampede. because OF apprehension of
possible difficulties.
While quoted values were contracting
in a portion Of one department Vt ths
market other quarters displayed impress
sive underlying frmness or aggressive
strength, although irregular aspects of
the list were rather more emphasized
by the features Of weakness than by
the more important indications Of In
fiuential stability. The rails and the
copper Shares were but little affected
by tho unsettleinent of the war stocks
and quite clearly tended to move in
an independent direction. Trading was
sustained on the scale Of receut activity.
AT the outset the session furnished
a surprise to The average Of trading az.
pectaton1. Instead Of an active and
weak decline In tho early dealings IN
continuation Of Tuesdays trend and IN
reflection Of volubly professed tradfns
disappointment over tho United States
Steel Statement for the September
quarter stocks Displayed . fair degree
OF active strength. Careful observers,
however. were somewhat surprised at
the uniformity Of this performance and
their scepccdsm was justified before the
end Of the morning when heavinees be-
gan to appear in tho war munition
shares.
From thcn on throughout the after.
noon decline was in order. the wal
stocks being the heaviest in the las,
our with only moderate rallies in the
late dealings. A good deal Of indis.
criminate commission house liquidation
was obvious. but there was also q
very substantial amount Of bearish
pressure and operations for the shor,
account were a material factor In the
days activity.
Crucible Steel and Baldwin Locomo.
tive were leaders In the Industrial un
settlement Studebaker also reacted
sharply after the announcement Of a
limited stock offering with rights O,
value to shareholders. Anaconda was
the leader OF the copper stocks In
strength and throughout the market
the action OF numerous descriptions
was evidence that q condition Of tech
meal un~soundness was limited to one
section OF the list and that Impairment
of the ~focbnfral vS,c;%S0- 49, -
probably more responsible than n
thing else for the recent phase Of mar.
ket confusion.
United States Steel was under heavy
pressure all day, but 1t was apparent
that the corporations statement foI
the third quarter was being absurdly
misinterpreted to furnish an argumen
IN support of bearish efforts. Not only
was the statement gratifying, but the
outlook for basic industry is tolerably
well illustrated by authoritative weekly
reviews which point out Increasing sign.
OF a runaway market In steel. with con.
sumers more concerned about deliveries
than prices.
Superficially at least, the interpreta.
ton placed on European advices in the
h OF endeavors by German agencie.
10 promote a peace propaganda provided
some stock market influence. Every
instinct OF humanity appeals for n peace
In Europe. which would really settle the
ssues OF tho war by preserving the
liberties OF the world from the menace
which Germany has become. but no such
peace Is In sight. Still. from the Wall
street standpoint. peace talk. while not
to he taken seriously at this time, may
be serving a useful purpose, II Il has
been taken as a hint by reckless public
gamblers In war stocks, who have beer
obdurate to all other warnings that there
could be such a thing as too much com
pany in the speculative purchase Of wal
munition shares.
The market has for some time beer
In need OF a REIMBURSEMENT Of commit.
ments In these descriptions and what
has been going on lately should have the
effect OF putting the list In better shape
Particularly is this true II more atten-
ton is paid to the contrasting strength
of the technical position in rails, copper
and other standard issues which Offer
the attractions of greater safety for in.
vestment and speculation. even IL they
offer cor~respondingly smaller posi-.
bili,ies Of profit.
With respect to the general prospec,
for securities. there ia no OCCASION fol
change In constructive attitudes based
on the country's foreign trade. the grow.
ing strength of an extraordinarily strong
banking position. h abundant outturT
OF the crop season, the progress OF
general business betterment and thu
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