Evening star., 1916-01-06
JUDGE GARy'S TALK
HAS bEAR|SH EFFECT
Wall Street Traders Believe That
Dividend on Steel Common May
Be Further Delayed.
Industrials Are Generally More
Than a Point Lower-Rails Also
Easier-Some Larger Losses.

NEW YORK, January Judge
Gary's prepared Interview. given lib
eral publicity in the press of the coun-
try, is accredited today with the slump
that hit the stock market yesterday
afternoon. and for further price reces-
sions this morning.
The street was inclined to lake the
interview as a hint that in the wisdom
of Judge Gary it would not be ad-
visable to pay a dividend on the COM
mon stock with the present quarter
but that it might be deferred to the
next meeting.
While Judge Gary's prophecies have
not all materialized. what he says car
ries with it sufficient weight to make
his arguments a club for the stock
market and the bears welded 1t very
thoroughly, although it's effect seemed
to be less potent as the session wore
on.
IN steel circles Chairman Garys talk
was taken as plea for cooperation
on the part of manufacturers, bankers,
the administration and the public gen.
orally in adjusting matters to meet
changed conditions after the war. The
steel trade does not conside- the in
terview pessimistic. Perhaps the great
est effect on stocks was in the weak
closing Wednesday.
Declines in Industrial Group.
Declines in the Industrial group
ranged from a point to 2 points, and
in the rails about an average of u
point. United States Steel itself was
about the strongest of the group. losing
y point, the greater part of which was
recovered in the second hour Of the
session.
Coppers and oil shares came back in
the second hour also, and while the
tone seemed a little better, the market
was not strong. Stop loss orders are
beginning to appear in the market: and
the bears scenting an advantage have
been selling freely.
The liquidation of foreign holdings
continues and 1T may be that this sell
ing is having a depressing erect. II 1t
should develop that dividend on Steel
common is not declared for the current
Quarter, It is questionable If Steel can
be held around present levels where
TIE market has remained Tor weeks,
the while taking thousands Of shares
of forei gn selling.
Prices Steady in Afternoon.
During the early hours of the after
noon the market quieted down, very
materially, while prices were more
steady and without much change from
the noon quotations.
Car Foundry lost ~ points net,
Locomotive 11s, Anaconda ss. Baldwin
Locomotive Ia. Colorado Fuel
points, cruclble Steel TX. Lackawanna
Steel TX, General Motors 8 points and
minor industrials point to fractions.
Goodrich scored tx advance. Can u
point and Industrial Alcohol ",
with St Paul leading with y OF
point drop.
Canadian Pacific, Westinghouse. Stude-
baker and a few other stocks were prac-
tically at yesterdays level.
Closing Very Soft.
In the last hours the bears were very
busy, ana the market gave way all
along the line, the declines being
largely extended in the industrials and
shaded in the rails. There was some
little recovery. but just before the
close the market again weakened,
reaching low points on many stocks.
Mexican Petroleum became decidedly
soft on profit-taking and bear pressure.
declining a net 51s points; Studebaker
was under pressure for a loss OF )
points. losing all the firmness OF the
General Motors extended its loss to
44O a net drop of IS points for the ses-
Baldwin locomotive lost 3 points. and
declines of 2 to points were more or
less general
Texas Oil declined 3k.