The Washington herald., 1916-01-11
MARKET IS Weak
ON HEAVY SALES
Unloading of War Stocks De-
spite Favorable Diplo-
matte News.
SLUMP IN STEEL COMMON
Studebaker Also Takes Drop of More
Than -Four Points with Other Kin
dred Issues Declining.

New York. Jan. 1o.-The stock market
was strong early today but on scattered
liquidation and offerings by room traders
turned heavy during the afternoon, CLOS
Ing around the low prices This not"lth-
standing Germany's acceptance OF tne
United States contentious relative 70 SUD
marine warfare and an increase OF olo'-
900 tons in the unified tonnage OF the
United States Steel corporation for De-
cember War shares continued heaVy as
were the motor stocks.
The over-Sunday accumulation Of buy
fnx orders BY commission houses resulted
in a strong opening, but most OF the
gains were quickly wiped out upon ex-
haustion of the buying power and the
appearance of Western houses as sellers
The general list displayed heavy tone
throughout the afternoon with only slight
rallies from time to time that were
followed by further depression.
Steel Common Is Weak.
weakness losing l IL points and failing
to show any resiliency even at the close.
Its heayiness in the face Of a favorable
tonnage statement for December excited
comment In some quarters 1t was said
that this issue was steadily being suppned
by foreigners. particularly the English.
According to one Wall Street news
ticker foreign holdings Of steel common
at the end of last year were Sss,S1 shares,
a decrease Of 13o,3e shares or about
Is IL per cent compared with the hold
inEs on September 30, 1Ol5. On March
81, 1914, which was prior to the begin
ming Of the war, Europeans held l,2sS' $50
shares Of common so that the total
shares held abroad at the end OF last
year were 5Se,O COS shares smaller, or a
decrease OF about 46 per cent. This would
show that U. 5. investors have taken
nearly 10000 shares Of Steel common
from the foreigners in rising market
War stocks Heavily Sold.
Selling of the war stocks continued.
Studebsker dropped more than four
points, cTucible Steel. two, Lackawanns
nearly two and Westinghouse one. What
little buying was reported in these Is
sues was said to represent short cover
ing.
Much talk is being heard about Lack.
awanna being taken into the new stee
merger on the basis of llO.
Car and Foundry Declines.
American Car and Foundry was the
weakest of the war stocks and at IS
showed a decline of 31-4 points from
Saturdays close. but a drop of 80
points from the high level of sS re-
corded in October.
New York Central stock acted in
sympathy with the general downward
trend and lost nearly a point, but the
convertible debentures skies touched a
new high price of III 1-2. This COM
pares with 80 1-2, the low point touch
ed early last year shortly after $780,
OOO, 900 Of the bonds were sold.
Oil shares continued heavy. The
conference Of bankers and oil interest
scheduled for today was postponed by
the delayed arrival Of the conferees.
Inspiration led the coppers and sold
at AZ 3-S or within is OF its previous
high record. Buying of the shares
was said to be greatest from Philadel-
phia-
Heayiness and decline Of World Film
stock on the curb is said to foreshadow
a probable house-cleaning in the com
pany.
Those bonds which have been most
active in stock exchange continued to
absorb attention