Evening star., 1917-10-10
UTILITY SHARES LEAD
IN DECLINING MARKET

were on top of the market from the tap
of the opening bell. In certain sectlons
of the list they made small progress
Steel common resisting their attacks
| tenaciously, but yielding slightly, while
the rails, as rule. were relatively
firmer than on previous days or the
week, although Union Pacific lost a point
Southern Pacific a point and others
slight fraction.
The exceptional weakness of the ses-
sion was in gas shares, The une1pecte.a
passing of the dividend by the People $
Gas Company Of Chicago, until recently
one of the high-grade utility corpora
tions of the country, and the cutting ot
the dividend by the directors OF the
Washington Gas Company caused con-
sternation among holders in gas securi-
ties, and very heavy losses were sus-
tained in these shares.
Peoples Gas led with a rs drop
Ohio Gas lost points, Brooklyn Union.
Consolidated, Laclede Gas and Column
bia Gas shares breaking to points
Texas Oil, by a drop points on top
of yesterdays point loss, also proved
decidedly discouraging.
It is evident that public utllltles need
help as badly as the railroads. as they
are meeting all sorts of added costs
and facing reductions in sale price
One good item of news or the morning
way Company. showing a surplus equal
to $3.50 a share for the common STOCK
Some of the most conservative inter
ests in the street are understood TO pe
buying U s. Steel near current levers
1t is reported that several weak &C.
counts have been forced out in the last
day or two during the secondary de-
cline" but that offerings went into the
hands of strong Morgan interests
A continuance of the tactics OF the
last day or two were expected in the
market today.
The labor situation is being more and
more referred to as furnishing dis
turbing prospect
The bear element is making use of
the British proposal to actually con-
script certain percentage OF capital
after the war to meet the burdens I'M
posed They also are dilating upon the
evidence from Washington that not
withstanding the war developments
demonstrating the folly of corporation
dissolutions. trust prosecutions are to
continue.
out conspcuously in times of depres-
sion, when securities are cheap-but
may be cheaper because of frightened
selling.
More liquidation is reported pending
in American Locomotive, American
Smelling. Anaconda. Colorado Fuel and
Iron and some other stocks.
smashing Declines Made.
Stated with success, the bears raided
throughout the entire list during the
early hours of the afternoon with re-
newed and careless vigor. They hit
stock after stock without rhyme or rea-
son. and feared long line of shorts no
more than they did when prices We're
a score or more of points higher. They
They gave Bethlehem B shares whal-
ing for a net loss of 5as points; tuned
up the Bethlehem preferred-both per
cent payers.-for a drop to 95is: knock
ed Republic Iron and Steel off points:
Midvale Steel gave way ls points In
dustrial Alcohol lost points. and the
gas shares extended their break of the
morning.
The sales to / o'clock were $4,000
shares. with prospects of the activity
continuing to the close.
Turning to the rails, the bears again
hammering the friendless. They broke
Reading from soA to rs. dropped New
York Central to IFS, Baltimore and
Ohio to 5ii2, loss of point. and
list. ~ ~ - y >''
Bears Continue Steady Pounding.
Bears maintained a steady pounding
of the lines right along. with no let-up.
against industrials, and steel shares
furnished very large part of the 7s3,-
600 shares sold up to 2 o'clock.
| Steel common was low at 101 Is, CRU
chile Steel at 63 q, Bethlehem B at II Il
Bethlehem preferred at a slight addi-
tional break: Midvale Steel was off to
42&.; Republic stopped at 74la: Mexi-
can Petroleum dropped back to $751;
! as compared with 90 yesterday; Read
ing. from s0h, yesterdays close. to
76A; Union Pacific to 124fs, and Balti-
more and Ohio to 81.
| The rails were not under the inten-
| sive pressure of the second hour of the
afternoon.