Salt Lake Tribune | 1915-11-10 | Page 12 | Large Declines Recorded on the New York Market

lARGE DECLINES RECORDED ON THE NEW YORK MARKET General Cleaning Out of Weekly Margin Accounts and the Forced Selling Batter Prices Down. By BROAD AN WALL. ay international .News service. NEW YORK, Nov. 9. The cleaning out of weakly margined accounts and forced selling by speculators resulted in severe declines in the stock market today and the establish ment of new low prices for this reaction. Notwithstanding the sharp break and the apparent wiping out of weak holdings, the general market closed weak and found the low figures. Yesterday's sharp decline brought in many buying orders from commission houses at the open i tig today, with the result that the market displayed strength In the early trading, gains running from a fruction to 3 points, the maximum advance ad-vance being hi Baldwin Locomotive. Canadian Ca-nadian Pacific was the strongest of the rails. Copper shares were also in demand. Following the buving movement In the first hour of business, prices eased off and the professional traders resumed their attack on the list. This drive elicited heavy urgent selling, that became most pronounced in the afternoon, some of the between sales, owing to the execution of stop-loss orders. Studebaker was the weakest of the war issues and at one time showed a loss of about 22 points from yesterday's close. Most commission houses reported after the close that they had been sellers on balance. YVith the Improved technical position, due to the cleaning out of weak accounts, conservative conserva-tive brokers were Inclined to look for a rally. It developed' today that many commission commis-sion houses had sent out calls late Saturday Satur-day for additional margin from customers. custom-ers. Some clients who were unable to meet these calls were sold out yesterday, hut others who had made promises to have the necessary fmids on hand, but did not make good their promises yesterday, yes-terday, were sold out early today. Commission houses reported that the amount of stocks sold on '.'stop" orders was very heavy and attributed the sharp decline in prices largely because of these executions.