The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1916-12-28
New York

NEW YORK, Dec. 2S.-Governors of
the New York stock exchange, at 4
meeting, decided not to open the ex.
change on Saturday owing to the al
most unprecedented volume o. bust.
ness, which has resulted In congestion
throughout the financial district.
The action was taken in response to
D petition from stock brokers, and aft
or bankers had stated that the plan
was agreeable to them. The exchange
will be closed Friday afternoon, De.
sember 20, and business will not be re-
tumed until January 2.
NEW YORK, Dec. 2S.-The New
York speculative stock market opened
yesterday morning without any signs
OF excitement or enthusiasm, and
trading began very slowly and quietly.
Nevertheless the initial prices were
generally higher to the extent OF one
or more fractions. AS the session
progressed the movements inclined to-
wards an upward tendency. although
advances were not very brisk. How.
aver what little activity had manifest.
ed itself during the noon period again
disappeared later and the market clos.
ed irregular and in the main lower.
Trading was In narrow sphere and
the bulk Of the transactions was ab.
sorbed by the steel issues, the equip.
ment stocks, the marines and the cop.
pers. Occasionally special efforts
were directed In the interest of an
. al to 6,,N 80
efforts produced results sufficiently
conspicuous to form feature.
In the steel group there was more
than the ordinary amount of buying
In Bethlehem Steel at prices varying
between 500 and sos. United States
Steel made recovery of l Y point dur.
Ing the early period of the session go
ing up to 1091s, but 1t sagged later
and closed at about the opening figure.
Lackawanna, which opened at ssh
rose to 81 and then reacted to S5h,
Crucible began at 631s, at which a
moderate demand brought the figure
up to 65hs; but 1t also lost all OF its
early gain and closed at 62%.
In the copper group Utah, which
had risen from 1S4 to 1864 weaken
ed afterwards and sold down to 1929.
while Kennecott opening at 46 lost
q small fraction only, the rest OF the
Issues in this division holding fairly
their own.
Amchg the speclalties Industrial
Alcohol was quoted high at 115 and
then lost almost four points. Texas
OIL lost about five points at 221A both
International Paper as well as the
Marine issues receded from their earl.
Ter gain.
One Of the weakest spots on the
list was represented in the motors
where Studebaker lost three points
at 1895. MGxwell common six at
AIS ana Maxwell first. four at 33Is.
Trading ia the rails was on a small
scale only. and the prices OF tho5s
issues that were dealt in changed but
little.
The total volume of sales amounted
to SGl,600 snal oS, and sales in the bond
department represented $&,334 600
The local market was practically at
standsriil curing til centre session
with the exception of fair amount
of trading done in the cheap mining
shares. Of the entire number Of 10.
sues On the list only 10 were dealt in.
Pittsburgh-Jerome Copper absorbed
the bulk Of attention and advanced to
S1.65 from $3.50. lie reacted however
In the afternoon and closed at S1.45
with net gain OF Is cents per share.
In the regular list an advance Of
half q point Tor Pittsburgh Oil and
Gas was feature in the market on
pill and gas shares.
Among the industrials La Belle
Iron common made another recovery
Of point at 1919, Union Switch sold
off at 107%, Air Brake advanced to
157 and Electric closed with u gain
Of a fraction at 56E.
There We're no transactions IN the
bond market.