Evening star., 1916-09-05
MERCANTILE MARINES
| ARE MARKET LEADERS
Preferred Shares Advance Ten
Points-American Can, Smelter
and Mexican Petroleum, Firm.
Early Gains in Steel and Rails Lost
Motor Shares Slow and Gen.
orally Lower.

immediate opening there was more or
less show Of strength and enthusiasm
in the stock market, advances averag-
ing y to point being quite general
throughout the industrials, where the
bulk of the trading centered. Avoid
ance of the threatened tie-up Of the
railroads of the country. although fully
understood as a certainty before ad-
journment Of the exchange on satur-
day, was given as the reason for tho
show of enthusiasm.
The enthusiasm waned before the
market had passed through the second
hour of the morning, save In very few
securities. On the advance there SEEM
ed to be a rush of selling orders. espe-
cial weakness developing on motor
while the munitions group held with
more steadiness.
Advances Not Permanent.
Some of the rails were little higher,
although with the exception of Union
Pacific, advances were not maintained
in this group and they were relegated
to the neglect that has been SO marked
for weeks past. The strike has been
avoided. but the street is at a loss to
the eight-hour law with the ten-hour
pay.
Mercantile Marine was the favorite Of
setting the best pace of anything on
the list in an advance from 10SA, Sat
urdayS final figures, to 115, with frac-
tional reaction. The common stock
gained points and held the advance
reasonably WELL
Market Slows Down.
After the close of the second hour of
the morning the market gradually slow
ed down. the development Of more posi-
tive weakness in the rails giving the
bears the advantage.
The drop in the rails extended to 2
points in Reading. all Of the earlier ad-
vance in Union Pacific, y to Y on New
York Central and St. Paul and small
fractions on the less active shares. At
one time during the morning Union Pa
cifc sold to 139. but all gains were wiped
out.
Mercantile Marines extended their gains.
the preferred selling to 116% or prac-
tically points gain, while the common
was high at ~, ~ gain. Suggestions
corporation and others Of the running in
of an extended short interest.
The action in the stock was reason
ANY DTOdu, anu gains were well main
| tanned throughout the first three hours
of the session.
Motors Were Soft.
Srudebaker was weak, breaking from
123A to 120h, as compared with a clos
| ing at 1928 on Saturday. Other motor
shares were slow. Maxwell sold or y.
Baldwin Locomotive held u point
gain Of an advance of IN: Crucible
Steel was nearly 2 points better, Indus
| trial Alcohol was Y of, while Smelter
was decidedly firm at / Y gain.
The action in Steel common was de-
| cidedly lively early with l II advance to
| ss1a, followed by a reaction to 97M, or
but u better than on Saturday at the
| close.
Mercantile Marine Preferred, 11oK.
In the second hour of the afternoon
Mercantile Marine preferred made a
| new high at 11Sh, and the common
| was strong at 45A.
The best strength at this time was in
American Smelter. the Mercantile Ma
rines American Can and Mexican Pc
troleum.
The decline elsewhere seemed check
| ed, but the other stocks were slow.
Closing Rather Firm.
The closing of the market was strong
on the specialties that figured in the
second hour of the afternoon, with some
/ additional gains Mercantile Marine re-
| mained strong.
The rails. steel and motors were weak