Evening star., 1916-01-05
STOCK MARKET NERVOUS,
WITH PRICES ERRAT|C
Numerous Fluctuations, Industrials
Showing Most Important Changes.
Rails Have Firmer Tone.
Bankers Discriminate Against War
Shares-Many Declines and
Some Fair Gains Made.

NEW YORK, January 5.-The stock
market was extremely nervous. fiuctua-
tions being frequent and. in many
instances, quite severe. Immediately
following the opening. when prices
were generally better than at the close
yesterday, there developed positive
weakness, this again giving place to
strength. another spell of weakness and
stinening again at the noon hour.
There were few exceptions to this
general action of the list. Lackawanna
Steel among the industrials and Chesa-
peake and Ohio among the rails being
most marked and notable exceptions.
The street expects an announcement
almost any minute of the closing OF
the negotiations for an amalgamation
of Lackawarfna Steel and Cambria
Steel, There must be some good reason
for the stock of the former corporation
advancing from close at ~ on iues-
day to S31a for the high OF the Two
morning hours, while other STOCKS were
slumping and recovering.
Likewise in the rails, Chesapeake ana
Ohio advancing to 66A while other rails
were doing well to hold their own, gaSe
indication of some favorable develop
ments. earnings increased OF oehe'
Maintenance of Advance.
These we're not the only strong spots
in the list, but their especial f1rmness
was emphasized by the maintenance Of
tho adyan in the face of weakness else
where.
With the exception Of some industriais
the undertone of the market was not sat
isfactory to the bears. A general oeeiiiie
Is not wanted at this time.
II NAV seem hard to bring about an ad-
vance, but an extended decline seems
about as difficult from the viewpoint OF a
bear. This, too. despite the TACT tnat
there is constant liquidation going on Tor
foreign account.
Former leaders in the group OF war
brides were decidedly soft. Crucible
steel was one of the weakest OF this lot,
selling from 7O1s, the high Of the morn
ing, to IS, with three points recovery.
Bethlehem Steel dropped twenty-three
points to AS, as compared with the sou
of a few weeks ago. Baldwin Locomotive
lost the better part of three points. while
Studebaker was three and half points
off at low, from which there was some re-
covery.
But the worst spanked baby Of the lot
received Its trimming on the curu late
yesterday. when Canadian Car and Foun-
dry Company, with an eighty y-three-mil-
hon-dollar shell contract, fell from ia
share to 55.
Bankers Are Discriminating.
Bankers have been discriminating
against certain industrial. stocks. and
this has been followed by brokerage
and commission houses demanding
higher margins, to the lessening OF the
buying volume.
Steel common, the pivot Of the real
Wall street market. made better
showing than many other stocks. open
ing Il higher. selling up \ point ad-
ditional and, after going back with the
market to SIN. a loss of all gain. came
Arm again to II point net Improvement
The bears secured the advantage on
Smelter early, but the stock came back
strong to 112%. point advance.
American Can was decidedly hrm.
Maxwell Motors lost u. Petroleum
shares about held their own. other than
Texas Oil, which was OF 102.
New York Central regained all of its
dividend IN per cent. but reacted "
point.
Canadian Pacific. Baltimore and Ohio
and Norfolk and Western were holding
well, as did Union Pacific.
During the noon hour and midway in
the second hour of the afternoon the
market slowed down materially, and
point were quite general all through
the list.
Steel common was steady at S7is.
Some New Lows at Closing.
In the final hour there was increased
activity. followed by a decline in val
ues of many stocks to the lows of the
morning. and some new lows were
made.
Steel common lost u net, and then
recovered h of the loss. Smelter made
new low at l11b, Baldwin Locomo-
tive dropped to 112, a loss of over
points net: Crucible Steel was at the
low of the session. SIS. loss of
points, while Mexican Petroleum de-
veloped especial weakness for a loss
of AZ points.
The weakness was general all through
the list. affecting the rails only sym
pathetically.
Lackawanna Steel made a new high
at S5z. easing off to 81. still sever
points up for the session. 1t was re.
ported that Cambria Steel had secured
control of Lackawanna.
There were occasional fraction re-
cOveries in the last half hour of the
session, but the closing was soft.