Evening star., 1917-09-16
SUPPORT IS LACKING
IN THE STOCK MARKET
Prices Slump Under Speculative Sell
ing, But Losses Are
Not Serious.
By the Associated Press.

NEW YORK, September 15-A di
mtnished demand for stocks today let
60 resumption of speculative selling
and prices were again depressed, al
though losses in most instances were
small Trading was light and the dis
appearance of the strength which
characterized yesterdays market wa:
due less to aggressive bearish tactic:
than to absence of support. Total sale:
were 1900 shares.
At the opening price changes were
nman and irregular, with ma appear
ance of initiative on either side of the
market. The bears moved with caution
in view OF yesterdays display o1
strength, and made little effort to in
duence the course of prices until it be-
came apparent that few buying orders
were on hand. Stocks then came on
the market in greater supply, and the
list eased off. Quotations stiffened
temporarily in the second hour, but the
heavy.
Days News Depressing.
The renewed heaviness of the market
apparently was due principally to pro-
3essional selling although the days
news contributed TO this end. Petro-
grad dispatches indicating that new
complications had arisen in the Rus
sian political situation. reports of the
presence of hostile submarine in the
western Atlantic and reports that in
dustrial taxation would be largely in
creased tended to depress the market.
The chief weakness appeared in the
coppers. steels and a few other indus
trials. The motors We're relatively
strong. In the railroad section opera
tions were light and movements small
Reading, Louisville and Chesapeake
and Ohio showed strength.
Rates on some foreign centers fuc-
fuated to a degree which is unusual
Tor halliday session of the exchange
market. Rubles continued to reflect
Q good inquiry. rising to Il. The quo
tation for lire jumped Is points to
S.6o on Washington reports of further
important successes for the Italian
arms. The bank statement showed a
S2600ooo0. rejecting the weeks liqui-
dation in stocks. Surplus reserves de-
creased 11.413,o0o.
Bonds were irregular. Total sales
tpar valuel: s1,235.ooo. Liberty bonds
sold at 1896 to 100 United States
bonds were unchanged on call on the
week.
Trend to Lower Level.
The general trend of the stock mar
ket in the last week was toward a
lower level, although there were oc-
casional rallies. which in one instance
amounted to vigorous recovery. A
noticeable feature of the trading was
tHo dpSeHce Oh sustained demand on
the rise, and even substantially lower
quotations for standard stocks failed
to attract an inquiry large enough to
give the market 4 material accession Of
strength.
Liqudtion was carried further re-
sulting in falling away of prices to
points which in some instances were
the lowest in years. notwithstanding
the rapidity of the decline at times,
however. the market was held in hand
and good support was offered when
needed to prevent too great extension
OF losses among established invest
ment issues.
The downward movement was fur
thered by free speculative selling. and
traders found no difficulty in uncover
ing weak points. Some of the war
stocks and other speculative favorites
proved extremely vulnerable to such
pressure. and gave way rapidly until
the decline was checked by overselling