Evening star., 1916-12-16
FURTHER GAINS MADE
IN WALL STREETL|ST
Covering of Short Sellers and Good
Investment Demand Causes / to 4
Points Advance.
Bethlehem Steel Up $25 a Share.
Conservative Buyers Turn to Rails
and Non-War Stocks.

NEW YORK. December 16.-The bar
gain hunters. and their name was
legion. gave the stock market the
two to four points being very general
in the industrial list.
Then the wise traders, who are so
designated by reason of their DISPOSE
ton to take profits very quickly,
turned sellers, and the result was an
other reaction, not as serious as the
slumps of earlier days in the week but
a reminder to the speculative frater-
nifty that an irregular market may be
looked forward to from this time on.
Trading during the two hours was
very active. but in most instances the
initial price was near the high.
The reaction came early in the sec
ond hour of the short session. and in
the last half hour there We're fractional
recoverieS throughout the list as the
commitments on the buying side were
enlarged.
MANY investors who have been out of
the market for months, many conserva-
tives. who have been waiting for the
break, which they believed to be as GER
tain as anything could be. based on the
records of all time in stock speculation.
concluded that it would be safe to acquire
good stocks around present levels.
The investors. in placing their orders,
kept as far away from the war specialtles
as possible, while the spectators did not
show the same partiality for the war
groups. but were not ignoring them by
any means.
Investors Turn to Rails.
Investors seemed to turn toward the
rajl ia l1S- in, ha Of 10
session. and these stocks were decidedly
strong. making their best levels in the
final trades. Gains of one to two points
were very general in the list, the outside
on the old favorites. Reading. Union Pa
citic and New Haven. with l to II. points
net advance in other rails and with some
low priced shares showing less important
Improvement
When the tape started to tell the
story of Steel common. ii reported 50.-
900 shares at ia to 114ss. this as COM
pared with yesterdays final quotation
of 112h. Throughout the session it
was a favorite. the reaction carrying
it down to 113. whence it again re-
covered a fraction better than ia.
The preferred shares did not hold
their own as well as the common, but
showed a slight loss in price.
Gains Held to the Close.
American Locomotive gained 3A and
held 2ts points advance to the close;
Baldwin Locomotive gained 3k points
at the top, reacted and held Ia net
betterment; Car Foundry held ~ gain;
Copper. u; American Smelt-
er was strong earlier. but was one of
the weaklings in the final trading, be-
ing practically at the same price as
yesterdays close. Central Leather gain
ed point: Crucible Steel, IL; while
I-cakawanna Steel very firm at BIZ
points advance early held but y point
net advance; Mercantile Marine gained
"a. closing around 106.
Mexican Petroleum closed at ssA. a
point Improvement: Bethlehem Steel
was rs points higher on two sales one
at 558 and the second at SIS; Chile Cop
per quite firm at Il advance: Air Brake
scored points net gain: Utah Copper,
Is better; Beet Sugar. points up.
Influences for Strength.
1t is within the probabilities that
the action Of the rejection Of peace
terms by Russia was responsible for a
large part of the strength displayed in
hn sl f 81.