Evening star., 1915-11-11
MARKET IS IRREGULAR;
|NDUSTR|ALS HIGHER
Motor Stocks Fluctuate, But Make
Good Recoveries in the Afternoon.
Smelling Is Strong.
Rails Show Only Fair Strength, Be-
ing Inactive-Underton Is
Somewhat Unsettled.

NEW YORK. November 11.-Senti-
ment among brokers is not favora-
BILE to continued show of strength In
the stock list at this time.
The enforced liquidation yesterday
was severe but the rally was too inn
portant, in the view of market judges,
to last
The general theory seems to be that
lower prices are desired by the large
interests that checked the rapid ad-
vance by Hquidating their securities
nd expect to return to the market at
lower levels, and that they have the
power to force further liquidation.
Certainly the support that developed
Yesterday afternoon after the smash
ing declines in specialt'es did not
come from traders, but rather from
the banking fraternity. and with aver
age recoveries of better than five
points on the leaders. the banks are
likely to distribute the stock quickly:
The Matter of Margins.
Margins are not excessive for the
rails, the real backbone of the stock
situation but they are for the So
called war stocks, motors and minor In
dustrials that are supposed to be en-
gagged in making parts of munitions,
fuses, locks, barrels, etc.
The action of the market in the early
hours was satisfactory to the bull ele-
ment, but at that the leaders were very
irregular and liable to break or ad-
vance with each alternate minute of
trading.
Maxwell Motor Corporation has fol-
lowed the example of Studebaker in
financing. The latter corporation is
sued a block of stock to meet maturing
notes. Maxwell policy is to issue a
matter of s15.O00.000 warrants converti-
BILE into first preferred stock. to take
up lax per cent back dividend on the
frst preferred. Another financing scheme
that doesn't sound like great earnings and
good policy, and that dividends must also
be earned on the big block Of new stock.
Modest Gains Up to Noon.
Up to noon, modest gains were held
in the specialties and some industrials.
while the rails. taken as group. did
not hold the earlier gains. although
there were some slight advances and
some equally modest declines in the
list.
The greatest strength in the morning
hours seemed to be with American
Smelling, which rose 2A on the report
manufacture of tin plate in a plant to
be erected for this purpose; in equip
ment shares generally, Lackawanna
Steel. Republic Iron and Steel. Inspira- :
ton Copper, and in Willys-Overland
and General Motors, though the latter
were somewhat irregular
Stronger After Midday.
In the first half hour of the after
uoon the specialties. motors and other
so-called war stocks were taken in
ho fnd nf
that makes for higher prices. and also
for further profit-taking.
willys-Overland led this rally with
an advance from the closing of We'd
nesday at 212 to a high at 234. al
though the low of the session to this
time had been 219.
General Motors also paced the ad-
vance with 25-point rise.
Maxwell Motors. after an erratic
three hours. between 69A and 67A,
turned the seventies to 1914
Studebaker Corporation likewise
gained strength from 14s. the low, &
points net loss, to 1929 at noon, and
in the next half hour to 157k. with
reaction to 1864
Baldwin Swings Back and Forward.
Baldwin Locomotive. which had been
off to Ill and back to 113h. made the
jump to 1lS and back to 116A.
Crucible Steel gained points and
held l; Bethlehem Steel lost 10 points.
smelter rose IN; Goodrich. /: Ameri-
can Can. 2%: Airbrake. 3h. and Lack
Iron Pipe. Butterick and Tennessee
Coal were all stronger.
In the rails Canadian Pacific held "
advance and Norfolk and Western Il.
these being about the only important
though Union Pacific was firmer.
Steel common ranged between S6A
and 87%, the latter fraction the net
gain.
Holding Reasonably Steady.
In the second hour of the afternoon
the market held reasonably steady
Smelling being about the strongest OF
the industrials, with a further advance
to 97h. while Can was also strong
Some declines were reported in the
war specialties. but they did not lose
all of their gains.
Rather. Quiet at Close.
The leading specialties held about 2
to points gain, the market in the last
hour being rather quiet, with the rails
moving slowly and losing most Of their
advances.
Little Steel was barely steady and the
stocks that showed the best strength fol-
lowing midday remained firm. with but
relatively small changes in prices, these
generally in partial loss Of their gains
Steel was practically steady at yester-
days close.
WiIlys-overland and General Motor.
remained strong.
Building Permits. 4