Evening star., 1915-12-31
WALL STREET MARKET
IS STRONG AND HIGHER
Bears Rush to Cover, While Bulls
Press Advantage for Many Sharp
Gains in Values.
Austrian Note a Factor-End-o oft he
Year Window Dressing Does
Rest-Oils Are Leaders.

NEW YORK, December 31-One of
the real old-fa shioned bull markets
was introduced to Wall street this
| morning and will usher out the old
year and leave. it is expected, suf-
ficient amount of vim and strength to
carry over into the new year for the
January rise.
The disbursements for January are
the largest ever made. and the powers
that frequently rule the market desire
that this money be reinvested in Sc
curities. and will probably see to it
that sufficient buying orders are placed
to move up prices and make the mar
ket look attractive
Todays action marked the running of
short sellers, that part of the specula-
tive contingent that had predetermined
that the Austrian diplomatic muddle
The note from Austria was generally
accepted as all that could be asked for
and the buying movement started just
after the tap of the bell and in big
blocks.
United States Steel common. started
with $4,000 shares. at SO to 391a. the
top marking points net advance. fol-
lowed by a turn of y the other way
and steadily maintained S93
Opening Prices Highest.
Opening prices were in MANY cases
the highest of the day. and the trading
in the first hour was about 10000
shares. indicating much more than
recent activity. with the best strength
in Steel, Smelling and the Oil stocks
Then the whole list, almost without ex-
ception. Joined in the rally, and the
rails also made good gains.
1aho lxz
Republic Steel were very firm. the Cop
pers came along with about a point
net improvement, and it gradually
turned into a rising market with prac
tlca!ly no exceptions, other than a few
stocks OF corporations that are known
to be in trouble.
The action in Mexican Petroleum was
again the cause of much comment 1t
closed yesterday at 114A, opened this
morning at 11612. dropped back to 1859,
and then bounded up to 119-a gain of
10 points in two days. California Oil
rose y: whlle Texas, after 21s gain,
eased off over point net
Reaction Due to Profit-Takine.
The temptation to take in profits was
in evidence here and there and was
entirely responsible for whatever re-
actions occurred in the list.
Point betterments were made in Can
Chino Copper. Maxwell Motors. Great
Northern Ore, American Sugar, Repub-
lie Steel and Iron and Lackawanna
Steel
Hide and Leather preferred scored 2
points additional. as did Inter ational
Harvester.
Action in the Rails.
Action in the rails was by no means
as active as in the industrials, but the
traders could not resist the excellent
earnings now being shown in Novem-
Der statements and third week in De-
cember reports. Conservative operators
were buying quite freely. The strength
elsewhere in the market also stimu
lated action in the rails
Canadian Pacific set the pace with
better than a 2-point rise. St Paul
was the leader in the American group
At one time 1t was points higher
when 1t sold at 1918, as COMPARED
with close at s7A Thursday. 1t later
reacted to 1ooA Point advances were
made In Chesapeake and Ohio, New
York Central Great Northern, New
Haven, Southern railway and Union
Pacifc Southern Pacific sold to 1O4 IA
y higher. but lost the fraction and
held the point advance.
In the early hours OF the afternoon the
market continued its activity with prices
inclined toward a higher range Much of
the interest centered in Mexican Petro-
leum. which extended its advanc to
l21% and acted as If it might go
higher.
The Closing.
In the final hour the market con-
tinued active and hrnl, with values
comparatively steady. Mexican Petro-
leum made a new high at 12452, but re-
ceded to 121. Steel was firm at SO.