Evening star., 1917-09-12
BEARS CONTROL MARKET,
PRICES BREAK BADLY

the first half hour of the session COM
paratively few stocks showed on the
tape, with the market somewhat ner-
vous but with a gradual leSseninS OF
the pressure on the rails as the liqui-
dation ran its course, while investors
are being tempted by the low prices
away in strong boxes.
Early prices on the stocks moving
were relatively firm, and for period
fractional gains were in order, weak
ness in motors offsetting strength in
the steels, and as the session wore on
a fierce attack on Delaware and Hudson
Louisville and Nashville gas shares and
international Nickel giving the bears
ing displays of strength. With the
present Russian situation it would
seem almost impossible to bring about
bull market. a fact recognized by the
bulls as well as by the bears, the latter
being active here and there, while the
former awaited a change in conditions.
Delaware and Hudson. which opened
at 100, a high grade per cent rail.
dropped like a dead weight to 95 II, and
recovered before noon to 96l2 Louis
vile and Nashville, another high-grade
Morgan stock. closed yesterday at 119 "
and dropped to 116A. Reading was
somewhat erratic in its movement.
dropping back to 81 from a closing
last night at S2A, but it came back
to 50. Southern railway preferred was
firmcr on the resumption of dividends
New Haven found many friends at 22l2
and rose to 2Sl2, while b. & o. and New
York Central were relatively steady.
In the industrial list Bethlehem Il
shares We're relatively firm between
103 and 104is, as compared with 1027s,
Tuesdays close. Steel common f1uctu-
ally holding around yesterdays final
figures, about 10S1a. Crucible Steel
gained about point; other steels slow.
Chalmers Motor sold from IS to -;
General Motors furnished a consider
able share of the trading between 80 Is
and 81. in the first hour, then breaking
to SCI. and recovering to S11s Vest
inghouse off a point and slow.
Shipping shares were more or less
neglected.
Serious Losses Everywhere.
The success of the bears in specialties
gave them new courage and they be-
came much more aggressive in the first
hour of the afternoon, hitting the in
dustrial list from start to finish with a
hard rush and picking out soft spots in
the rails for further recession easily
accomplished.
Bethlehem Il shares broke to 1924
; losing all advance and IS net; Steel
common dropped to 1o1h, point net
loss: Crucible Lost all gain; WeSting-
house broke to 43s, point decline;
Texas Oil lost 8 points; shipping shares
weakened. as did practically everything
on the list.
The smash in the rails was even more
severe than in the industrials, ST. Paul
dropping points; Canadian Pacific
from 1856 to 153; Louisville and Nash
VILE did not stop until it had lost 6
points; Reading, points. and other
stocks fractions to points. with small
change in New Haven or Delaware and
Hudson.
The ease with which the rails melted
away in the raids of the bears caused
much comment, but they made further
bargain counter offerings of good divi-
dend payers.
Steel common touched it's low near
the opening of the second hour of the
afternoon, at 1864. or 21s net loss;
Bethlehem Steel was low at 102A
Texas Oil lost 3 points net: Reading
dropped to 73A.
Pounding the industrials list during
the second hour was common amuse-
ment for the bears, and profitable at
that They brought Steel common down
to 105A. 3-point loss: Bethlehem B
shares to 1o012, and kept up the ham,
merins throughout the group.
Reading led the decline in the rails
In the afternoon with loss of points
fiat. Other rails were relatively steady
at the earlier losses.
Some short covering in the final half
hour of the session. shorts trying to
cash in on their big profits, caused about
a point to a little better recovery.