OCR Text |
Show WALL STREET SPECULATORS ON BEAR SIDE OF MARKET Prices Descend to the Lowest Levels of Recent Months During the Past Week. ' NEW YORK, Sept. 1. Tho enormous accretion of army supplies, the congressional congres-sional debates on war profits and taxea, t'rcnlden t Wilson's reply to the pope's pea-'e note and Indubitable situations that monetary conditions are likely to work hanlslupH on sorrowers were prln-'ipal fai'iors of ttitt wi:ek in the stock market. Sharea of the munitions and equipment equip-ment companies y.Mfiienced a setback of .") to Ii) points. Th h:ilnnf of the list siM'fe-red coiTi-apoii'linly and the average of prices fell to lowest levels of r e c n t months, while in some instances minimum mini-mum quotations of the year were reached. An ov'rrw:ifmln proportion of the s-'U-InK was professional, but the steady recession re-cession finally b fought out investment U'MlidHtlO.'l. I'nltt'l .States Steel's huce turnover for the week, which approximated M00, 000 shares, to the accompaniment of a net decline of S points, was the overwhelming feature. That stock not only failed to regain any of Us 4 per cent dividend, out closed virtually at the lowest level. The Kiime causes that prompted the outpouring of Steel presented themselves in otht-r Industrials. Bethlehem Steel's reversal became more severe after publication of the terms or the company's new financing, which bear significantly upon similar projects now under consideration. 1 irrespective of forthcoming requirements require-ments by the government, it is believed the money market will become a powerful power-ful lniluence in the month now begun. Time funds show steady withdrawals by financial institutions and call loans probably proba-bly will be made with greater regard for the collateral offered. Demoralization in exchange rates on PeLrograd, rubles falling to 17, and Russian government internal '- per cent bonds at a discount of almost 50 per cent from their price of a year ago, reflected recent military and political developments In that country. |