Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-04-08
WALL STREET MARKET
LOWER AND IRREGULAR
Bears Busy in Opening Hour of the
Short Session, Raiding
War Shares.
Last Hour Brings Firner Tone on
Covering by Shorts-Rails
Are Neglected.

Are Neglected.
| NEW YORK, April S.-1nlmediately
on the opening lower prices were es-
tablished and the pressure of bears was
exerted for further concessions by free
offerings of stock. Values yielded ma
terially here and there throughout the
list. the low prices being established in
the first hour of trading.
Spectators continue TO discuss the
undersea boat situation and the chances
of break in diplomatic relations be-
tween the United States and Germany,
the general opinion among room trad
ers being that the present situation
may develop more serious conditions
than have heretofore existed.
The large number of new war stocks
being launched in the street Is caus-
ing much adverse comment and may
have some effect on the stocks that are
listed on the big board.
Room Traders in Charge.
AS a real matter of fact, the market
is in the hands Of room traders and is
being played back and forth, scalping,
trading jackets between professions"
as one authority diagnosed 1t.
Declines became more or less serious
at the end of the first hour Of the short
session. United States Steel common
going off to S3A. or Y of point. while
the war specialties were to points
lower.
Coppers were an element Of f1rmness
in the first hours trading, although
they yielded later on. Indeed, metal
stocks were the only strong points in
the soft opening
Anaconda. chino. Utah and 1nspira-
ton were all firm.
Soft Spots in the List.
Westinghouse and International Nickel
were the particular soft spots of the
list.
In the final hour of the session the
covering of shorts, and nothing else,
checked the selling pressure and caused
q recovery in prices that wiped out a
large portion Of the earlier losses and
gave the list a much better closing.
Rails were inactive, but generally
held reasonably steady. although there
was some pressure directed against
New Haven and Canadian Pacific.
Weeks Trading Restricted.
Foreign developments, such as the
new British budget, the address of the
German chancellor. and finally the
status Of relations between Washington
and Berlin. engaged the attention of
the financial community during the
greater part of the week and accounted
for the heavy. irregular market
81
mon degree. daily dealings converging
largely around those speculative issues
which have had little or no public fol-
lowing.
Additional ground for disturbance
was found In the increased weakness of
French exchange. which continued to
move in favor of this country.
The Paris check fell to 6.01h, or
within 1 " points Of its low rate Of the
last year. when credits between this
center and Paris were in a state of
generalization.
Weak Technical Condition.
Internationab bankers have been I'M
able to offer any explanation for the
current decline in remittances to
France other than their belief that
another proposed loan to that country
is meeting with unexpected obstacles
The course Of prices yesterday, when
the market was most unsettled, offered
ample evidence in the judgment of OBJ
servers Of its weak technical condt-
ton.
War shares and other specialties
whose advances furnished the sole fea-
lures of the early week fell away
sharply. Their decline was not of such
urgent character as to indicate the
liquidation, but pointed to condition
of speculative congestion on the bull
side.
Reported Advance in Rails
In the industrial field the most sig
nificant development was the issuance
Of a statement intimating an early ad-
vance in the price of rails. the only
important product that has remained
unchanged in the various vicissitudes
of the steel trade for the past fifteen
years.
Sound investment conditions are de-
noted by the activity and strength OF
the new Canadian government bonds
and the Forthcoming offering by New
York city of s55, 0o0.0 900 corporate bond.
at Az per cent. a fraction under the
interest rate of the previous issue.