Evening star., 1917-11-05
SMASHING BREAK SHOWN.
IN WALL STREET LIST

NEW YORK, November 6.-oldtimers
who have been students Of the tape and
Of the blackboards for half century
are becoming nervous these days over
the pronounced weakness in stocks.
They feel that the time is near at hand
when the bottom must be reached, and
yet they know that never before have
conditions been Just as they are today
and that while values are very low
these figures may look high q week
hence.
It depends on the news that develops
from day to day. It depends sa also on on
its course: on the development OF new
liquidation for the account OF scared
investors, tired with tho worry OF IN
creasing paper losses.
Like conditions have never pelore e1.
listed. This Is the first great world war,
the first time that the United states
has been a contender In many-sioed
European war. and all movements OF
the markets lack precedent
Under other conditions the very large
dividend returns on investments at mark
ct values today would in themselves bring
about a change for the better.
No Support for Rails.
Prophets. and there have been many
devoting their time to market conditions
Of late. who have been reasonably cor
rect, seem to think that We are now
midway in the third period, when sales
should be made on all rallies, which might
indicate but little actual selling. as raj
lies are not extended sufficiently to per.
NIT. to be followed by a fourth period OF
buying for a long pull
The fact that the Interstate Commerce
Commission this morning Is hearing the
plea Of railroads for higher freight rates.
ing granted. failed to give the rails any
support; the trainmen, switchmen and
other labor on the roads will have the
excess absorbed before 1t Is granted.
Pressure at the Opening.
Immediately on the opening Of the
market the selling pressure began to
show itself. rules or no rules. report
ing of shorts or giving them free
hand.
first hour, with very general conces-
sions. 1t was augmented in the noon
hour after the receipt of news to the
erect that the German forces, refus-
ing to be bafiled by the raging Taglia-
mento, had crossed the river and taken
a block of prisoners. with the threat
that this fact contained.
The tape was far behind the market
and the smashing OF prices established
the lowest figures OF tho year. with
small chance for even partial recuper-
alton.
Some Of the Low Records.
It mattered not whether a security
was an Industrial or a rail- One was
as good as another, and not whit
better.
Steel common, with its big earnings
and wonderful reinvestment of millions
in the business since its formation.
closing figure on Saturday. and 94N,
the opening this morning; Bethlehem
B, stock that people were fighting
for few weeks ago. dropped to 73&
from an opening Of 78k: General Mo-
tors was of points. Baldwin Locomo-
tive 8, Smelter s, General Motors 8,
coppers, shippings and specia1ties broke
to points. and the decline promised
to continue, as shorts were apparently
satisfied with their position and
profits.
st. Paul Lowest in Twenty Years.
Turning to tho rails, ST. Paul. the
gilt edge of the years gone by. the
great Armour road, made its lowest
record. at SO, for the last twenty years.
Reading. mighty coaler that it is. had
lew AI1oHuS, O1Cdh1A6 " W hS SOHl-
pared with 66, Saturdays closing; New
York Central, at 66, was not much bet
ter of, and B. and O.. Washington IA
vorite, sold to so, and Southern Railway
common. also a favorite in the south
east. dropped to 23x.
Union Pacific dropped to 110X, as
compared with ia, Saturdays closing.
Stock Dealings Dwindle.
There were rallies of 1 to 2 points
net during the early afternoon, after
United States Steel and other leaders
had added to their losses of the morn
ing.
Dealings dwindled on the slight i'm
provement.
The covering movement reached such
proportions that General Motors, Union
Pacific and number of stocks made the
best prices of>the day, while recoveries Of
to 3 points were not exceptional
Atlantic, Gulf and West Indies also
made q new high.
The late recovery extended to COM
parative1y few stocks. other than Read
ing. Union Pacific. Steel. Atlantic Gulf
and West Indies and a comparatively
few other stocks.
Most Of the rails remained near tho
low at the close.