Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-11-05
WALL STREET MARKET
SHOWS LESS ACTIVITY
Trading Is More Generally Distrib'
uted Through Rails and Indus
trials to Neglect of War Shares.
Higher Opening Prices Not Main
tained-Declines Not Important.
Minor Industria1s Firm.

|
itial trading the market acted very
much as it did yesterday morning, a
show of strength in which the metal
shares seemed to move forward lit
| tie better than the rest of the list
Following this the market generally
displayed a good tone, and then, after
half hour of trading, turned weak
for setbacks here and there and less
! ening activity.
| 1t was a two-sided trading session.
The action was not especially bearish
| following the turn to weakness, nor
was there life in the movement.
| Many operators considered the fact
that the big interests in the street
were not operating to any material
! extent as sign of weakness, and there
was considerable selling, as well as
profit-taking, on the part of traders
with profits in sight
Steel common was under pressure all
! morning, though just why no one
seemed able to tell. nor did the pressure
| result in any serious decline, about II
! point being the limit.
I With the strong anti-peace docum ents
1 reported as having been signed by al
| lied nations in the last few days, one
| would think that the talk of peace
| might be quieted, but the rumors were
! more persistent than ever and were ac-
Z
| market conditions.
Diversity Favorable Factor.
| A very favorable factor in the market
of today is the wide diversity of both
| investment and speculation.
No longer do the war shares monopo-
lie the market, and the threat Of great
danger which the wild speculation in
few issues kept hanging over the
market seems to have been largely re-
moved before much harm was done, or,
at least, greatly restricted.
] Now the stock list on each days clos
ing is larger than the previous day.
Old time rails and many good indus
| trials, with fair prospects. are being
taken in hand
| Wall street had really to thank the
bankers of New York city for putting
on brakes while yet the war stock
speculative boom remained unexploded.
Margin calls of 100 points and even
more did the work much more effectu-
ally than did the warnings of the pa
pers and the New York Stock Ex-
| change
While many of the manufacturing
| companies reported making millions
out of the war orders have shown good
earnings, the figures thus far made
public have been entirely below the
estimate of tipsters.
Action in these shares today showed
less cratic fluctuations, NStudebaker
showing but a two point range of
fluctuations; Bethlehem Steel a ten
point range and Crucible Steel but two
points, with Baldwin Locomotive a
! little more cratic.
Studebaker gained / Is, lost it and A
additional, and recovered a net i'm
provement in the noon hour to 1914.
Maxwell Motors lost Is; Crucible
Steel lost an advance, but remained
| steady.
Other 1ndustrials Active.
Smelling was active and Is better.
| Mexican Petroleum rose IL, Great
| Northern Ore y, lead was strong. West
! inghouse off over point: General Elec-
| trio, y higher, and Distillers u lower.
China Copper improved Y. Tennessee
coal off point, and Allis-Chalmers
common points lower.
Rails contested for the maintenance
of prices with considerable steadiness.
Fra ctional losses were sustained in a
profit-taking selling movement of ga
Y point on Reading. st. Paul. southern
Railway, Union Pacific and New York
Central
Chesapeake and Ohio rose 112, Norfolk
and Western remained firm at point
| advance, and Canadian Pacific dropped
| back points.
Market Slow and Steady.
down materially, exhibiting a lack OF
vim out of keeping with the recent
! activity.
| There were few important changes in
prices, in the first two hours of the
afternoon fluctuations being limited.
| Traders were idly waiting for an in
| dication Of the next action. and specu-
| lation was greatly restricted.
Pressure in Last Hour.
| In the last hour of the afternoon
/ Steel common, some of the leading
rails and minor industrials were under
considerable pressure and some new
/ lows were establisx ed
| Traders, finding the market lacking
support took the bear side, WestiES-
| house being one of the stocks under
special pressure. 1t declined to 69N
2h below yesterdays final figures
came back late liz the session TO 70h
and TO IL.
| Just before the close the market raj
lied under covering by short sellers TAX
| ing their profits.
| Steel common gave way a full point
to SEA and recovered u of the loss
| Reading was the weakest of the rails
other than Canadian Pacific, which was
under pressure all day long.
| Reading lost Is, ST. Paul y. Canadian
Pacific ) points with slight recovery.
| Union Pacific declined to 1919. as
compared with 1879. yesterdays close
| and came back a small fraction.
| Southern Railway lost a point. while
c. K o. y. & W. and New York Contra
| held frmer.
The war stocks were rather cratic
| Studebaker recovering to 1914 or ovei
points. turned and dropped to 1874.