Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-01-10
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STOCK MARKET WEAK
AND UNDER PRESSURE
Wa: Shares, Affected by Peculiar
Conditions, Sustain Brunt Of
the Bears Activity.

NEW YORK, January 10.-Wall street
traders are anxious to be divorced from
war brides" even II they have to take
matters into their own hands and llqul-
date all stocks in this list.
New York has come to question profits
in war contracts. 1t is no longer claim
ed that they are enormous; it is even
admitted that the net gains cannot be
arrived at until the consignments are
delivered and paid for; that the &C
ceptance of goods delivered depends on
close inspection and that constgnments
refused will cut a material chunk out
Of the net profits.
1t is also the part Of wisdom. accord
ing to traders, to wait for information
| on actual earnings before resuming
speculation in these securities.
Bankers are discriminating. and have
been for some time, against these
shares, but they are using their enorts
to broaden trading In the rails by more
generous treatment.
Bears Early at Work on List.
The argument in encouraging trade
in rail shares is that the rails receive
the freight whether supplies for for
eign governments are accepted or re-
jected, and that rejection. unless direct
at the factory, would add to the rail-
road earnings.
market and found the industrials' plas-
tic and yielding to their efforts. They
kept pounding away, and then wheh
there was a slight recovery they re-
newed pressure and were successful IN
spots, war stocks being especially
weak.
Studebaker opened at 1881. was low
at 154H, loss Of over points, with
some slight recovery from low. Bald
win Locomotive lost ~: Air bra e. 9 -
a three-point break. and recovered to
e2z
Equipment shares dropped more than
a point. Bethlehem Steel lost 10 points
and the oil shares that have been to
the fore lately received material set
back.
Some Little Recovery.
There was some little recovery from
the low of the session. but the strength
was not sufficient to prevent another
successful attack by bears. and lower
prices were again established.
The pressure Of foreign liquidation
was also in evidence while the war
news, not Just to the liking of stock
traders. was not especially important
in affecting the market one way or the
other.
Steel common lost a full point. and
the publication Of the untitled tonnage
at the beginning of the calendar year
did not have any strengthening erect
New Haven was the strongest ran IN
the initial trading. going to TIA, the
traction an advance. but it lost the
gain and Q points additional later on
Union Pacific and st. Paul yielded
slowly. Half-point losses were sus-
tanned in Baltimore and Ohio. New
York Central, Great Northern. Chesa-
peak and Ohio and Southern Pacific.
During the early hours OF the after
noon the market was weak, setting
down toward the close of the second
hour to a very dull. slow market.
Closing Is Weak.
Declines were further extended dur
ing the last hour of the afternoon, the
industrials still suffering more severe
" than the rails: indeed. the latter
held comparatively steady throughout
the last hour or two.
Car Foundry was of 81. Locomotive
q, Smelling points. Baldwin 4,
Crucible 2h, steel common Y to SO
Industrial Alcohol dropped points
Air Brake 8, Studebaker 4, and the
same weakness, with less severe drop
in values, was in evidence elsewhere.