Evening star., 1915-11-18
RAILS SHOW STRENGTH,
|NDUSTR|ALS LOWER

NEW YORK, November 1s.-There
was considerable action in the morning
hours, early weakness being followed
by small fractional advances here ano
there, and then by general weakness
in the industrial list, while the rams
remained comparatively firm.
Sentiment on the street seems to De
assuming a more bearish appearance
and many brokers were warning their
customers of an impending break, in
their judgment
The situation abroad has become
more or less of a factor and is likely
to influence price movements In the
speculative stocks, until there is an
improvement in conditions.
The strong and long play for large
profits, so marked feature OF the
speculative trading few months ago
has disappeared entirely. 1t has be-
come a traders market pure and
simple. and profits are cashed In
quickly whenever obtainable.
The late rally in stocks has enabled
many of the leaders to score good gains
and the brokers are of the opinion,
judging from their expressed views,
that another reaction is due DeIore tne
December rise.
While the industrials were general
ly lower, practically without exception,
in the early hours of the session. the
rails gave good exhibition of strength
on reports of better earnings, more
favorable outlook, large crop move
ment and other signs of recovery in
this important line of business.
In this group Canadian Pacific was an
exception, as it broke over points or
from 1868. to 1S4k. from which it re-
covered to 1S6 later on.
There were also exceptions to the
rule in the industrial list, but they
FN,
Motors being the most marked, in that
prices here rose from a close at 402
Wednesday to 433.
Much of the selling in both the in
count; indeed, this liquidation during
the last few days has considerably
strengthened the market for sterling
exchange. despite the fact that the ex-
ports continue very large, showing no
material diminution.
The action in rails became better
with the beginning of the noon hour,
and the advances scored in this group
had steady'ng effect on the industrials.
West in the Market.
Evidently the prosperity talk of the
president of the Great Northern Rail-
road Company and the prosperity of
the northwest and the middle western
sections had considerable to do with
tne increasing SCrenStn IN the rails.
Conditions are sound" said Mr. Hill,
and he added, conditions in the
northwest were probably never so pros
perous."
Union Pacific led the rails in strength,
advancing to new high on this move
ment at 140A and holding firm.
st. Paul made point gain, Reading
Is, Norfolk and Western a point, the
Eries 1a and practically all the rails
lzaA of a point improvement, Cana
dian Pacific regaining all but " point
of it's earlier loss.
During the noon hour the market
continued to show good strength, many
of the industrials recovering materially
from their lows.
In the second hour of the afternoon
the market again became slow. with
prices better than the low and of from
the high.
Baldwin Locomotive, which had
dropped from 1904 to 116H, recovered
to us. Crucible was holding around
"A. a loss of 212 points Maxwell was
1E off. Stude5aker recovered prac-
ticalIy all of it's loss, as did Locomo-
tive. Anaconda and some others.
Industrial Alcohol was weak and 2H
points lower.
There was good action in Steel, the
common breaking Is, but recovering
to ST, within a fraction of yesterdays
closing.
Market closed rather quiet, at slight
ly below the prices of the second hour
of the afternoon.