Evening star., 1915-12-18
WALL STREET MARKET
LACKS DEFINITE TREND
Trading Is Greatly Restricted and
Price Changes Are Not Important
Either Way.
Spectators Holding Aloof for More
Positive Action-Austrian Diplo-
matte Stress a Factor.

NEW YORK, December 1S.- The
stock market continues to move with
unsteady and uncertain trend. One
minute 1t looks weak, and the. next
strong; and Just when it begins to look
strong it turns weak, and at It's weak
est 1t assumes a stronger tone. 1t Is q
hard market to judge. creeping mar
ket, apparently undecided which way
to 60, and Influenced by the action of
Steel common perhaps as much as by
anything else.
The Austrian diplomatic situation
was perhaps a more dominant factor
than any one other influence during
the two hours session. The dissolution
of the Anglo-French bond syndicate
was another, although fully expected
and discounted very largely.
Initial trading generally showed small
advances, but these were no sooner
registered than the list turned the
other way, finally showing few impor-
tant net changes either way for the
day, some small gains here and there,
and few losses, also inconsequentlai.
Near Neutral Session.
1t was as near neutral session as
the stock market has seen Tor many
days.
Baldwin Locomotive and Studeoaker
were the early strong spots, the Tor
mer advancing from 117i4 to l1sA ana
going back to 116h a net loss OF q
|l69a. from a closing last evening OF
1888, dropped back to 16s " and re-
covered to 1851.
Crucibie Steel did not move much
either way, holding around 73. Maxwell
Motors barely held their own. WHY'S.
Overland rose 2h points, while General
Motors lost 10 points. .
At ore time. Steel common was
high at S5A, dropped back to SoA ana
recovered a small fraction.
Oil shares were firm, Texas OIL gain
ing III, Mexican Petroleum u. Cali
fornia Oil a fraction. The coppers were
also strong.
In the rails early gains were general
~ lost. Southern Pacific holding Y, st.
Paul u, Reading ", and Northern
Pacific y net gains.
The market closed very duh.
Foreign Situation Weeks Feature.
Expiration of the s5O0.ooo.ooo Anglo
French war loan. syndicate, creating a
free market for that security. the plan
of the British chancellor to centralize
American securities. the strain in rela-
tions between this country and Austria.
and a decline in exchange on Germany
to lowest rates ever recorded. indlcate
to what extent the foreign situation
figured in this weeks market.
There were numerous domestic DE-
yelopments of a favorable character,
including the statement that steel mills
already have orders. running into the
third quarter of the coming year, but
these were more than neutraized by
the steady liquidation of stocks ana
bonds. a. considerable part OF Which
emanated from abroad. -t
General business conditions lost none
~rryfh
holiday demand gave decided impetus
to retail trade The government crop
reports confirmed recent tements OF
bumper yields for almost all classes OF
grains and at prices -1nd1catiVe OF
handsome returns.
More Even Balance Reflected.
The course: Of quoted price reflected
a more even balance between buyers
and sellers. That Is to say. the market
was less susceptible to mere rumors or
renorts dealing with special stocks. al
though some of these evinced renewed
strength.
Oil shares were a feature, rejecting
the increasing demand for the raw ana
refined product at steadily advancing
nrices November railroad earnings
will be Forthcoming next week. state
ments of gross receipts already at
hand point to gains over the. phenomi-
nal returns of october.
Bankers report a steady absorption OF
high-grade issues by conservative IN
vestors.