Evening star., 1915-10-29


missions were executed for traders
who had liquidated their war favorites
under the smashing declines of the last
few days
Not that there was any especial rea-
son for booming rails any more than
there was earlier in the week. although
the late reports of earnings on many
systems are beginning to show satis-
factory increases. and the enforced
economies are bringing both ends to-
gether in a manner satisfactory to
shareholders.
Brokers Aid the Movement.
Brokers themselves have been uneasy
of late over the trend of the war
stocks. The natural and long-expected
rea ction was a certainty. and the fact
that it would be accentuated by selling
orders when it started was we'll under
stood.
The disposition to change from Stude-
baker, Baldwin, Industrial Alcohol and
Motor shares to the "old reliables'' of
all the years tnat have passed was not
unwelcome to brokers and commission
houses.
They aided it along by joining in the
buying movement and gave the rails
great activity and strength.
Some of the Real Leaders.
In this list Reading. Norfolk and
Western, Canadian Pacific, Delaware
and Hudson and St. Paul were leaders.
with 2 to 4 points gains.
Canadian Pacific added 5A points.
Elsewhere point gains were general
and few of the rails failed to share in
the activity.
Just why Canadian Pacific should
show such a squirt is an unexplained
problem, other than on the turn OF the
tide in earnings.
Gains of 1 "a were made on Reading to
|s4A, on Union Pacific to 137A. Norfolk
and Western to 11S, An advance,
points gain; Lehigh Valley, IN; South
ern Railway a point and Baltimore and
Ohio 17s and the Hill stocks a full
point.
Trend Aided by Interests.
While there was unquestionably some
basis for the improvement in the rails,
1t was plainly in evidence that the
trend was aided and pushed along by
inteSests that are friendly to keeping
speculative attention on Wall street.
While the disposition to the war
stocks was less friendly. they were by
no means neglected, though their fiuc-
tuations were inconsiderable when
compared with the wild changes Of the
past. and where they advanced they
reacted again.
AS a rule they were rather frmer
than on Thursday, perhaps for the very
reason that they were steadied by the
action in rails, another motive for ac-
tivtty in these shares.
Studebaker the Most Erratic.
Peace rumors prove abortive, but the
fact that they had some effect when
they were given circulation indicated
nothing more than the nervous atti-
tude of the speculative element, ready
to listen to any and all rumors.
Studebaker was the most erratic of
the war shares. as it was also the lead
er in the recent decline. 1t opened 5
points better than yesterdays closing,
at 166, dropped back to 15SH, and re-
covered to 161 by noon.
Baldwin Locomot'e was IN points
better early. 1904. advanced to 131
dropped to 1854, and only recovered
slightly.
Steel Common Is Active.
Bethlehem Steel lost 10 points
Small advances were made in num-
Der of minor war specialties, but they
were not held with any special show
of frmness.
Steel common was active, opening at
$751; an advance of y and near that
price during the mornfng hours
During the first hour 100000 shares
sold activity was marked in the first
half Of the second hour. and Just be-
fore noon the list seemed to slow down
materially.
Market Gains Headway.
Tn tho aftarpoop ~, ,,,rl,+ ..1a
to gain headway ev4py minute and de-
veloped before the close of the noon
hour into a strong bull market. fur
ther accentuated in the second hour
Steel common became very lively and
the price moved up to SIX, as COM
pared with s5h Tales of great profits
were repeated and the bulls decided
that the statement on which recessions
were made recently was excellent
The Improvement affected many of
tive going to 131, OF points net gain
Studebaker to 156, 3 points advance
and many minor industrials l to 3
points better.
Coppers Are Firmer.
Anaconda was decidedly firm and cop-
pers generally acted better.
Crucible Steel made 2-point gain
and Consolidated Gas points on an in
dend rate.
Canadian Pacific paced the railroads
on the late advance to 1851. nearly 10
points advance, probably discounting
some Information that, following the
usual custom, has leaked.
The whole rail list advanced with
/ Canadian Pacific, but the gains were Of
the 2a2k point variety
War Stocks Rally.
In the last hour of the afternoon the
war specialties again attracted much
attention, TO the lessening interest in
the rails. which, however. retained
. their strength. with only slight recess
sions.
Baldwin was clearly the leader Of the
late action, and 1t was high at 1876, I
points net recovery.
Studebaker Joined in the advance for
a 5R point net gain, selling to 1861 as
compared with close at 161 yester-
day.
Copper Very Strong.
| Crucible Steel made a 2% advance and
Maxwell Motors nearly points gain.
Coppers were all very strong. and
slight additional gains were made in
minor industrials. Steel common sold
to S7A.
The rails were reasonably steady.
One of the most potent signs of the
| strength of the undertone was the IA ct
hat . m