Evening star., 1915-12-17
STOCK MARKET IS SLOW
AND GENERALLY WEAK
Oil Stocks, New York Central and
Norfolk and Western Show
Best Strength.
General Motors Drops 80 and Re-
covers rs Points of Its Loss.
Rally in Last Hour.

NEW YORK, December 17-There
were indications OF short covering at
tending the opening of the stock mar
ket and higher prices followed here
and there throughout the list. 1t was
in the nature of a natural recovery
after the weak closing of Thursday,
but it did not go very far before the
rush orders were filled and the market
became decidedly inactive and weary
ing. this becoming so positive a feature
just before noon that the ticker had
moments of idleness.
Specialties in the steel and war
stocks continue to feature in the oper-
ations, one day one group of stocks
and another group the next day.
This was oil day. From all quarters
came stories of boosting OF prices of
oils and gasoline, indicative of addi-
tional profits for the oil companies.
Mexican Petroleum gained IL points,
Texas Oil rose 3ts and held Is net
gain into the afternoon hour. Califor-
mia Oil made point rise.
Break in General Motors.
At the immediate opening Stude-
baker gave promise of great strength,
with 2-point advance on the initial
sale, but a drop In the price of Cen
eral Motors from 5l3 to $40, followed
by recovery to 512 and vertical
slant to AIS, took the strength out Of
Studebaker and other motor shares.
There was no especial reason for the
33-point break in General Motors other
than an imperative selling order or
two. but the break indicated lack OF
support.
Elsewhere throughout the list there
was continued dullness, and while some
stocks responded quickly to any accu-
mutation movement. they go back just
as readily when the demand ceases. II
looks very much as II liquidation wait
ed for a market capable Of taking
securities.
The street doesn't like the Austrian
situation, while the absence OF public
speculation, waiting for a more steady
and satisfactory looking market, tends
to accentuate the duIlness.
Mercantile Marine showed consider
able strength for points gain, while
Bethlehem Steel was decidedly weak
for II points loss. going back to 400
Baldwin Locomotive Firmest.
Baldwin Locomotive rose points and
held 4 points advance, the stock being
about the frmest on the list.
Crucible Steel held a X advance.
Colorado Fuel gained a point and Re-
public 3teel z.
Steel common was active. u point
higher early at s5S, but going back
to S5x.
Westinghouse Electric, yesterday sec
ond in activity only to Steel common.
showed a point recovery in the early
trading and held part of the advance.
Industrial Alcohol gained 21s points.
The rails were very much neglected,
except Norfolk and Western. which
scored a point gain. and New York
Central.
Fries and Canadian Pacific heavy.
New York Central was firm and high
er, the strength being based on ex-
panding earnings, indications pointing
to a surplus after dividends of s12.500.-
600 With net earnings of nearly 10
per cent for the current calendar year
and paying per cent. the company Is
in excellent position to add i per cent
10 the dividend rate. unless financial
adjustments preclude.
Market Shows Weakness.
In the early hours of the afternoon
the market weakened below the figures
Of the morning. Studebaker became
weak and dropped from the high 1914
Of the morning to 1854. from which
point it recovered in the late hour
rally to 1s7A. just fraction under
Thursdays closing.
Steel common broke to S4is and
came back to S5A, practically last
price Of yesterday. Crucibie Steel also
lost and recovered a point. while the
rails were generally easier.
In the last hour Of the session the
short sellers began to cover their con-
tracts. There was a material increase
in the volume of trading and consid-
cradle recoveries in prices throughout
the list, as indicated above.
General Motors, which broke 3S points
in the morning. recovered rs points of
the loss, selling to 500 again.
Baldwin Locomotive held fairly firm
throughout. Texas Oil advanced to
23lA and other oil shares were stronger.