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Show SHARP BREAK IN THE STOCK MARKET LATE IN THE DAT Conservative Brokers Consider the Standard Shares a Good Buy tor an Advance. By BKOADAN WALL. By International News Service. NEW YORK, Nov. S. The sharp break that occurred in the stock market late tody reflected an interruption In the continuity con-tinuity ol" bull thought tliat had its inception in-ception when the disappointing quarterly earnings of the United States Steel corporation cor-poration were announced on October 26. Many stop-loss orders, especially in the war stocks, were reachod and closing prices were around the lowest of tho season. sea-son. Opening prices displayed irregularity, with most issues showing fractional losses, much Importance being placed in the tone of the government's note to England. Following the first fifteen minutes' buying buy-ing orders came in that wiped out the over-night losses and replaced them with gains that were enlarged later In the forenoon. Rumors that the king of Kng-land Kng-land was dead; that J. P. Morgan was dead, and that Russia was suing for a separate that Russia was suing for a separate peace excited selling in the afternoon, offerings of-ferings becoming most pronounced In the last hour. Gains ranging from two to five points in (he war shares were quickly quick-ly wiped out and replaced with substantial substan-tial losses. Tlie weakness of Steel common com-mon and its decline of nearly two points in a few minutes attracted attention and inspired selling of other standard industrials indus-trials and rails. Standard Shares Strong. At the close conservative brokers were of the opinion that standard1 issues were selling at above quotations and advised their customers to make purchases for a rally. . It developed today that under cover of the recent firmness of tlie general market mar-ket some daring operators have gone short of the war stocks, particularly Baldwin Locomotive, Crucible Steel and Stndc-baker. Stndc-baker. They have maintained their position posi-tion for weeks, notwithstanding that the short snles. when these stock were around their high prices, showed large losses. Tho steadv decline in the war issues has improved their confidence in the belief of lower prices for those shares. I he so-called "Waldorf crowd" of market speculators are also reported to ho heavily short of the market. They were also reported re-ported to have been on tho selling side today. War Issues Lower. Holders of war slocks were piqued with tlie dispatches from Washington stating that Representative Kitchin was opposed to President Wilson's naval programme and would make a speech opposing It. Those speculators who purchased the war shares believing that the administration's campaign to increase our army and navy strength would supply American companies compa-nies with war business even after the European war were particularly disappointed. disap-pointed. Much of this disappointment found Its reflection in sales of the war issues. Southern Pacific was in good demand, owing to reports that the Pennsylvania railroad was negotiating to sell its holdings hold-ings of approximately $31,000,000 par of Southern Pacific. An authority declared todav that quite a few bids have been made for these stocks within tlin last six months, but the price offered has novel-been novel-been sufficiently attractive to the Pennsylvania Penn-sylvania to be accepted. "United Fruit stock was active on the stock exchange today for the first time in about eleven vears. This is the Boston Bos-ton stock in which the writer slated an effort would be made today to create an active market. At one time it showed a gain of five points over tlie closing price in Boston on Saturday. Railroad convertible bonds were inclined in-clined to sell ofr In the late afternoon, owing to the break in the stock market, but the bond market as a whole displayed a good tone, |
