Evening star., 1915-12-11
WALL STREET MARKET
STRONGER AT CLOSING
Covering by Shorts Over the Week
End Results in Many Good
Advances.
Rails Share in the Improvement,
Led by New York Central.
Governing Conditions.

NEW YORK, December lin the in
itial trading there were evidences Of
weakness and declines were quite nu-
merous. United States Steel common
declined ss. further mystifying the
street as to the cause of weakness fol-
lowing such a good tonnage statement
from the corporation.
AS the session advanced there was a
firmer tone, extending throughout the
leading industrlais, and being promi-
nent N the rails also. the so-cailed war
stocns icauIns IN the industrial group
and .>ew 1oih Central IN the rails.
Commission houses trading rooms
were uet.ef niieu with spectators than
at any Time Tor the last sixty days,
which might OF m.snt not be taken to
represent a p4oDaDle return of the
Speculative fever.
Pro0auIy the strength in the closing
nOua y. NE snort SeS.iou was almost
eiitIfeiy uue ~ the covering OF shorts
OSII' tue ,eeh enu ana not by reason OF
any A.w buying movement.
Close observers OF market conditions
are Lot SATISFIED with the action of the
week, and Inc weIl known disposition
UI market tnaI will not advance to
decline has kept many traders out Of
the trading.
Firm, Despite News.
European news is admittedly un-
favorable. The stock list has presented
rather firm front to bad news for
weeks at time, but with the big
financial interests not disposed to help
the market along the chances are for
continued narrow and huctuation
market with two sides to the daily
trailing.
The early pressure was on the rail-
ways as we'll as the industrials, and
the effect was net loss of about one
half point as compared with the clos
ing prices of Friday.
The recovery was sharp, and, while
high prices were not maintained, a
very considerable part OF the recovery
was held to the end of the session.
steel common did not show much ac-
tivity, sales being at S5x to S6M, the
outside one-fourth of a point gain.
Studebaker rose points and reacted
" point; Maxwell Motors gained
point. Crucible Steel q and General Mo-
tors 10 points, to $40.
Industrial Gains General.
Gains of half a point were very gen.
eral in the industrial list. Baldwin
and recovered to 113A. Utah Copper
gained one point, as did Colorado Fuel.
Pittsburgh Coal. Republic Iron and
Steel and Mexican OH.
American Tobacco was weak at a 6h-
point decline.
In the rails one-half-point betterment
was shown in Union Pacific, st. Paul,
Southern Pacific, Nipper. Reading and
Chesapeake and Ohio.
Nny Nr-Ir
selling to los. while Norfolk and West
ern moved up 3s to 121.
The closing of the market was de-
cidedly firm, trading in the rails In
creasing materially in the last few
minutes of the session.
Little Response to Favorable News.
More than the usual number of incl
dents entered into this weeks dull and
Irregular market. which became heavy
in the later dealings. The Presidents
message to Congress. an increase in
the tense relations between this coun-
newal of foreign liquidation of our Sc
curities were among the more import
ant factors.
1t is significant of the markets pro-
fessional condition that prices maze
little or no response to favorable news,
OF an unfayorabie character. General
trade Improvement, additional Increased
railway earnings and the November
tonnage statement of the United States
Steel Corporation, showing an almost
unprecedented gain over the preceding
month, exercised only temporary in
fuence on the constructive side.
Technical Strength Lost.
The market seems to have lost much
of its technical strength by the grad
ual elimination or withdrawal, en-
forced or otherwise. Of many specula-
tive accounts. which gave impetus to
the highly speculative movements of
the mldyear and early fall. Invest
ment conditions are believed to be
fundamentally sound. but the weeks
decline in Anglo-French bonds for
future delivery to SAN was undoubted-
ly the cause of some restraint in that
quarter Of the market
Financial institutions In all sections
report further accretions of cash and
rates for long and short time accommo-
dations show increasing ease. Much
new financing Is in prospect and some
Of this Is expected to coincide with
January disbursements Of interest and
dividends.
New York Rank Statement