Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-09-04
STOCKS BREAK BADLY
AFTER Strong OPENING

NEW YORK. September AFTER
three days Of holiday and with Russian
news of a most discouraging character
as the chief development over the ad-
journment. the stock market presented
an unexpectedly firm front. and showed
more positive strength in the two hours
Of the morning trading than for some
time past.
of the shorts had covered their con-
tracts although from the action of the
market covering was indicated.
Sold-Out bulls were in evidence TAX
cradle freedom. their purchases fur
nishing an excellent support, that put a
quietus to any bear efforts.
The advance was very gradual at the
tional in the upward trend, but with
very few exceptions the gains were
gradual and well maintained. the reac-
tons being comparatively of short du-
ration.
The special weakness of the first two
hours of the session developed in New
Haven and New York Central. both
making new lows in short order in the
second hour when New s York centrai:
close. to 81, turned and dropped TO
TIA. New Haven at once followed
suit. breaking from 81 to 29k
The rails generally attracted small
attention. but there were comparatively
few changes in the line of weakness.
Reading advancing Y and other rails
slightly.
In the Industrial list shipping. steel
and coppers. with Industrial Aicohol
shares were to the fore.
Atlantic. Gulf and Western gained 3
points. Mercantile Marine advanced
"&. Industrial Alcohol moved UP .
points. Mexican Petroleum. a point;
Steel common was a point higher early
and made another point gain: Bethle-
hem Steel B was high for the morning
at 1881; Crucible Steel. 70. with an
average improvement of about point
elsewhere in the list.
Radical Change Develops.
And then developed as complete and
radical a change as Wall street has
known for many days.
The bears came from retirement.
suppoTsns orders were 1asded and the
rightabout started in the noon hour.
Before the end Of that hour all gains
had been practically wiped out and
recoveries from the new lows in the
first half of the second hour OF the
United States Steel dropped from
shares. from 1854 to 1o5; Industrial Al
cohol. from 100 to 1857: shipping
shares lost all gains: Texas Oil lost
most of it's advance; Crucib1e Steel fell
points. with >ery general losses
throughout the list.
All gains and some additional de-
clines were sustained.
New Haven made another new low.
this time at 2sA. and New York Cen
trail dropped to 75A. or more than 5
points for the session. Union Pacific
was off points: Reading slumped. Nip
per lost points and Canadian Pacific, 3
points.
Just what the influence causing the
raid and change of front was not indi-
Gated. save in the Russian situation,
which was fully indicated in the morn
ing news, although 1t is probable that
the weakness in the rails had much ~
do with the slump in industrials.
Decline Continues.
The declining trend continued right
up to the tap Of the closing bell. Stocks
did not possess power to rally. so per-
sisteHt was the selling pressure. and
it was well distributed throughout the
entire list.
The weakness in the rails was espe-
cially discouraging. and the late news
from Riga made the Russian situation
appear even more gloomy than the
earlier reports.
New lows were made in the final hour
on all the leaders, Steel common going
to 104A or nearly points for the day;
Bethlehem Steel stock sold to 103A .
Central Leather was off points, I4acka-
wanna Steel = points net, Anaconda
lost 2ss. shipping shares about 1 point
off. plus the loss of all early gains.
The rails slumped heavily. Reading
points to 127; New Haven was low at
2SA; New York Central at 75A, s.
point net decline: Southern Railway off
to 25si and others in proportion.