Evening star., 1916-10-09
WALL STREET MARKET
IS FEVER|SHLY EXCITED
U-Boat Developments on Top of an
Overdue Break Smashes Values
From 8 to 20 Points.
Many Recoveries, Partially Sus.
tained-Immense Trading, Heavy
Margin Calling Help
ing Decline.

NEW YORK. October 9.-Values of
stocks. industrial and railroad. melted
away in points, in 5, 10 and 20 point
declines. this morning Immediately fol-
lowing the opening. in a flood of sell
ing. the like of which Wall street has
not witnessed for many day-one of
end and desire of the speculative ele-
ment; and on this occasion of the pub
market, is to dump their holdings, to
stand from under, to get out regard
else
A decline was due, past due. and the
efforts of bankers, brokers and allied
interests to check the public specula-
tive fever We're but aided, and most
effectually. by the developments of
peaceful American Sunday on the quiet
Atlantic adjacent.to American shores.
The c. boat and its operations were
factor-probably a most important
one-but there were other influences.
Some Other Influences.
A study of the official quotations of
the high and low of the day will give
the interested reader the full extent of
the calamity, for such declines could
not occur without eating into the mar
gins of traders and wiping out many
accounts that looked strong and pros
porous no later than Saturday.
Everybody owning stock. and specu-
lators on the short side. wanted to sell
and they sold right and left. the first
hour bringing reports of 100000 shares
business, or on the basis of 4,500. 900
share session.
At the immediate opening, prices did
not seem to cut any figure with the
sellers. And when the big slump came,
as it did quickly, many margined ac-
counts were sold out, helping along the
weakness.
Nor was there any difference in in
dustrials and rails, save that the de-
clines in the former were much more Sc
we're, as there has been but compare
lively small interest in the group for
some time. while the bulk of public
speculation has been in the industrials.
Special Weakness Shown.
In the midst of so much weakness
Republic Iron and Steel stood out with
net drop of IS points, closing Satur-
day at 7sA, opening at 20. dropping to
60, recovering to II and going off to rs,
all before noon.
Steel common lost points, recover
ed As and lost by noon; Mexican
Petroleum dropped s points. recovering
points: Mercantile Marine preferred
found it's low at 1861, or IL points net,
with recovery to 112.
Crucible Steel at S3h compared with
Saturdays closing at 80, with a recov-
cry to $50. and back to sSSs.
Industrial Alcohol dropped from 1875 Y
to 1T, and recovered to l22, going back
to 11sk.
American Can lost ga, Baldwin Lo-
connective 10 points. American Locomo-
tive SIS. the motors to points, and
the rails to 34, with Texas Oil
points lower than Saturday.
Some idea of the immense selling and
buying movement may be found from
the fact that 1,552,6 shares of stock
changed hands, probably many times
over. in the first three hours of the ses-
sion.
AS the session wore on the market
became more quiet and the transactions
after / o'clock were on a much slower
scale. while the wild irregularity in
prices also ceased and values became
more steady.
Steel, near the close of the session.
was steady at 111A: Mexican Petro-
leum was soft at 107: Anaconda Cop
per held at 92A Mercantile preferred
was quoted around 109: Industrial AL
cohol. 120; Republic Steel and Iron,
1873, and Baldwin Locomotive at S3a.
Union Pacific was quoted at 146A,
and Reading at 108.