New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-29
MARKET NEWS
And COMMENT
Furious Speculation on
Merger RumOrs-Late
Prices Lower.
PUBLIC STILL BUYS;
MUCH DISTRIBUTION
Nearly 100000 Shares Dealt
In BaldWin'S Erratic Course
DiSturbs List.

Speculation was even more furious
yesterday than on the day before, but
the pace set has been so rapid tina,
reaction IN yesterdays final trading
was more pronounced. The proposed
merger Of steel companies continues 70
excite cunidity; confident buying OF
stock OF companies that might be in
Guided seemed TO represent buying Tor
control and outsiders tried 20 get in
ON tho movement. War order indus
trials furnished the most active part Of
the trading, with concerns that might
be taken into tho new company 20 be
formed by interests which recently
purchased Midvale Steel particularly
favored
Business was on a tremendous scale
from the opening, the first half hour
being al the rate Of well above 2,000,-
OOO-share day. In all, almost 100000
shares were dealt in, surprising pre-
vious totals for years. The list was al
most as broad as on Monday, but
standard railroads were quieter at
prices triAe lower Public interest
in the market. excited by the remark
able advances presented of late,
showed little diminution. From the
start. however, conservative brokerage
houses detected signs Of distribution
that made them warn customers TO take
profits. as the market looked Preacher
Gus. Realizing was widespread and
short selling heavy.
Baldwin Locomotive again provided
the spectacular feature Of the trading
Its abnormal rise from around 80 last
week 10 over ia the day before was
carried further on excited buying
Around . o'clock il went from $50 TO
$50. jumping l and points between
sales. and then dropping back j. point.
more quickly than it had risen, and
falling later 10 1913. Apparently some
short interest in the stock had been
compelled TO cover at an expensive
price. At its highest Baldwin was up
more than SO points and at the close
maintained over II Of its gain.
This erratic performance by BALDWIN
unsettled the market for most other
favored industrials, and the close was
irregular. considerably below the best:
At the high prices of the day gains OF
q 4 and ; points or more were common
amopg the leaders Of the market.
These included not only steel and IRON
companies. but concerns which might
ioin in a dye making merger, lumor
having il that large interests were &C
cumulating stock for this purpose.
Il is. perhaps, unreasonable TO eN-
meet sane markets az this time. Our
country alone OF the great nations OF
tho world is at peace and making
profits from the other nations waste
on the battlefelds. The inevitable IN
fation that accompanies financial eX-
Incidents which governments engaged
in providing for immense expenditures
of war are compelled to adopt makes
itself felt in our market, where the
financial life Of our country centres.
Unusual profits and uncertainty as TO
their extent or distribution breed
speculation.
That such security markets are dan
qerous should be obvious. Few know
which stocks are being bought because
Of actual value and which to sell at
higher prices. Market gossip yest-r-
dav was free as to concerns which are
TO be Joined in the great munition com
pany planned. Its profits Will largely
depend on the duration Of the war
which no one can safely foretell. The
COMPANIES that are to be taken in are
being kept q closely guarded secret, bu'
il may be said that some OF those
which traders so confidently included
will not be found in the list.
In the excitement of yesterdays
merger market report that definite an
nounccment concerning the Anglo
French loan might soon be expected
received little attention. 1t is known
that replies from some of the sections
into which the country has been di-
vided for purposes of sounding out in
vestment possibilities Of Che new loan
we're not completely satisfactory. That
il will all be placed, however, and
taken 10 a moderate extent by investors
as we'll as banks seems assured. Ster-
ling rates went higher in the late after
noon. The local money market was
ouiet. call loans renewing lower at Ia
per cent. Little news came from the
scene Of the Allies recent victories IN
France. but war news was not needed.
anyway.