The sun., 1916-10-10
STOCKS BREAK FAST
ON U BOAT ACTIVITY
Panicstricken Spectators Try
to Dump Their Holdings on
Market All at Once.
RALLY FOLLOWS DECLINE
Mercantile Marine Corporation
Shares Are Sold at Great
Sacrifices.

The widest day in stocks that VIII
Street has seen since the market was
was closed by the war followed yes-
terdsy the resumption Of the rigorous
campaign Of the L boats. Prices To-
ciined much more rapidly and twice as
far as on the day following the sinking
OF the L%usitania. Speculative accounts
IN the early trading were slaughtere,
as only on the morning when the street
woke up to ind that Roswell 7. Flower.
leader OF a bull market with an over
extended public interest. had died ovc-
r'sht.
selling orders came from all parts Of
the country. The experienced spceula.
tors In Wall Street were not so much
alarmed before the opening. !; was he
big outside public. which has octn car
rying more stocks than ever before. tina:
became panicstricken.
The trouble was that all wanted to sci.
a once, so hat sales at the very open.
Ing were made by these spectators
agains, one another. One Of the widest
breaks in opening prices In Wal Street
history resulted.
There was so much Steel common for
Stock Exchange reporters could do vas
TO bunch the opening transactions In one
lot at prices ranging be;wecn lie and
100, or at losses OF from As to 7is
.1l.,. froo, Cat,rda. ,'S cioso N,u, ~
the others were In worse plight.
For Republic steel. which has been
the medium OF frantic bullish specuii-
ton for a fortnight. the opening and
early trading was u catastrophe. The
stock had closed Saturday at ISIS. The
first sale yesterday was at 20. \ hun
bred shares then came out At 63i.. 1900
At IS. 1900 at so and 500 at 62. Then
the stock rallied to 10 In twenty minutes.
Big Loss In Republic steel.
At the low price Republic showed a
loss OF 1874 points in less than ten min
u.es trading. Professionals got prac-
ii ally all Of h eIcheap stock. Robert D.
Wrenn. former tennis champion and
Rough Rider. was credited with snatch
Ing up 1000 shares OF the so stock and,
selling at 10. raking In a proft OF $4,000
in less than a quarter of an hour.
Stop loss orders placed by spectators
who had pyramided accounts or who had
adopted the system Of placing selling or
ders under the market were caught In
profusion.
The rails were stcadier. for the argu-
men, that the success Of the German sub
marines meant n decrease In exports OF
munitions and supplies did not anec'
them so directly. II was early reported
though denied in the afternoon. that
some railroads had already placed EN-
bargoes on freight for export.
Trading went on al a furious pace
from the sound OF the gong. Before hVs
minutes had passed the market was quite
demoralized. The tDoks Of specialists
were swamped with orders, and many OF
them refused to accept any more pusi'
ness.
Sales were made In the same stocks n
widely different prices In different paris
OF the crowds around the posts. Repor'
tiers ~ sales could not begin TO keep uT
with the transactions. In the first houi
sig. 900 shares were reported on the tape
and the million share mark was reached
BY II 80.
The Mercantile Marina shares were
sold at great sacrifices. The knowledge
,ha, the company had suspended all III
saii,ngs Of ships under the British nag
which supply 75 per cent OF its tonnage
sent spectators vying with one another
20 get rid OF them. n II was also appre
hended that the British subsidiaries
would he inclined to keep their earning
In their treasures until the danger o.
loss OF ships from submarines passed
away.
The low prices OF the day were made II
The first half hour. 4 rally set In then
conservative men seeing rare chances u
take on cheap stocks, professionals ais
bought heavily and there were lnd!ca
tons OF powerful banking support.
1T was all a frenzy said one banker
"Rut the market was full OF slush an
the elimination Of weak accounts an
stop loss orders will do II no harm
The market was more orderly IN IN
afternoon. but there remained IN to IN
close brief periods in which II was AIM
cul, to sell stocks except at costly con
c~essions.
stocks That Broke Heavily.
The following table shows the 10y
prices OF the day. the last prices ana IN
gross and net losses as compared VII
Saturdays closing:
Gross Net
Stock Low. Last loss los