Evening star., 1915-12-14
STOCKS MOVE SLOWLY.
WITH PRICES F|RMER

NEW YORK. December 14-Interrup-
tion with the wire service had much
to do with the slowness of the market
at the immediate opening, but con-
nections were soon established.
The waiting attitude, however, SO
noticeable during the last few days, is
still feature of the session. Traders
are waiting. with but an occasional
scalping order, while there is much
speculation as to the outcome and
whether or not there will be a rise
befere the end of the year.
The mobilization of the American Sc
curities by Great Britain is not a bull
argument. Indeed, the bears are de-
claring that the very fact that these
securities will be put up as collateral
to equalize sterling exchange is more
or less of temptation to the big in
terests that will hold them to sell short
against these very holdings. 1t is also
claimed that the price for advances on
the securities will be another argu-
ment in which interests on this side
will be interested.
Rails Show Some Strength.
While there was no special activity
in the entire list, the morning prices
were in nearly every instance higher
than the closings of Monday, indicat-
ing, perhaps, some covering on the
part of yesterdays short sellers.
One of the features that was en-
couraging was the fact that the rails
actually gave indications of positive
strength under the leadership Of the
old favorite-Norfolk and Western.
This latter stock advanced from a
close at 1908 yesterday to 122A, and
Its great business and earnings re-
sulting therefrom make the stock a
great favorite with investors.
Union Pacific gained y. Reading q.
Chesapeake and Ohio better tina n
point. Canadian Pacific nearly points.
and New York Central u
Pennsylvania and ST. Paul did not
share in the display Of strength made
by the other rails. the latter actually
losing Y of a point.
In the industriais the action was
about the same as in the rails, prices
being generally higher. but with no
activity.
Fluctuations Are Marrow.
Beet Sugar gained 1k. Fractional
gains were made in Car Foundry, Loco
motive, Anaconda Copper. American
Can, Maxwell Motors, and many other
stocks.
Baldwin Locomotive was a point
higher on the initial trading, rose to
1139s. or nearly 2 points, and eased to
113: Studebaker opened 167, Is ad-
vance, sold to 168 and off to 116%
United States Steel common fluctuated
between s511 and s6h. the latter a Il
point advance. Industrial Alcohol
gained 2 points. Mercantile Marine 1.
Peoples Gas was again lower by a
point, while Tobacco was weak.
Throughout the noon hour the ticker
told story of intense dullness and
fluctuations in prices Of an eighth to a
quarter of point.
New Low Record Established.
Regular sales of Anglo-French per
cent bonds were made on the stock
exchange today at 95H, establishing d
new low record for this security on
diIect or immediate sale and forcing
the price 7s of a point under the figure
paid by members of the syndicate.
The syndicate expires by agreement
after the close of the stock exchange
today. and it's members viii then Be
free. to offer the bonds under the fixed
price of 96A. Today's decline probably
was In anticipation of that fact.
II Is understood that not over two
has been marketed. In that event the
underwriters. embracing hundreds of
financial institutions and banking
houses in all parts Of the country, will
have to take over the unsold balance.
Dividends Declared.
Union Savings Bank directors have
declared the regular IL per cent divi-
dends for the quarter, books closing
December "a. and the dividend paw
able December 81.
The shareholders of the Real Estate
Title Insurance Company will receive
the regular semi-annual dividend of
3 per cent, December 81. A like amount
will be paid the shareholders Of the
Columbia Title Company, payable on
the same date.
Market Gathers Strength.
After o'clock the market began to
gather more strength in the industrials
especially, and the shorts becoming very
nervous over their position covered rather
freely with additional sharp advances in
prices.
The rails participated, but only to very
moderate extent.
The gains ranged from a point to five
points, Studebaker making the largest
recovery to 170z.
Steel common made net point gain,
Baldwin Locomotive nearly points,
and the whole list of industrials good
Improvement, to the strongest and best
closing of the month to date.