Evening star., 1916-11-09
WALL STREET MARKET
LESS ACTIVE, STEADY
Strong Opening, Save for Steel Com
mon, Followed by Recessions
and Recoveries.
Net Changes Small Save m Snacia1a
Net Changes Small, Save on Specials,
Central Leather Making an
Advance Of Eight Points.

NEW YORK. November s.-There
was nothing like the volume of trad
ing on Wall street that there was We'd
nesday. AT no time during the session
was there the wild excitement and the
disregard Of fractions in the advances
and declines that attended the move
ment.
With the immediate opening. a hur-
rah market was In evidence, save for
the action in the market leader, Steel
common, which, for the time being, re-
signed leadership of bull market and
turned a sharp downward slide, the
first sale of the old favorite being at
122k. nearly a two-point drop.
This. too. occurred while everything
else on the industrial list but the mo-
tor shares were on the move to higher
values.
Street Not Ready to Follow Advance.
But the street was not ready to fol-
low any advance at this time. Quickly
liquidating orders were filed and exc
cuted. and so 1t followed that the OPEN
ing prices were in many instances the
highest of the morning hours and prob
ably Of the day, unless a radical change
takes place before the closing.
Much Of the selling came from public
traders who stood for the excitement of
yesterday. but decided overnight that the
situation did not warrant such wild move
ments in stocks nor advances in prices. at
least for conservative operators.
Whether politics cut any figure In the
days action or not was not clearly evil
denced although some Of the liquidation
may have been Inspired by the outlook.
Gains Generally Wiped Out.
Gains were very generally wiped out in
the selling movement Immediately follow
ing the opening. and during the greater
part of the morning the movement was
rather sluggish.
After the weak opening in Steel common
it started Quickly on the recovery and
made it in full. selling up to 1243s and
remaining reasonably firm.
In the general list the price movement:
after the opening, was in the direction Of
lower figures for loss Of most Of the
earlier gain and In some instances small
additional losses were sustained.
was slow but generally complete to the
high prices of the day. with excellent
strength at the close of the first hour of
the afternoon.
afternoon session the market showed
quotations. generally speaking. not far
from the levels of last evenings clos
ing quotations. Fractional changes of
X to " were about the limit, save for
one or two stocks in the industrial list.
Central Leather's Squirt to 1151s.
Central Leather ran amuck among the
speculative short sellers. when it ad-
vanced, after closing yesterday at
107A. to 115h. and Mercantile Marine
preferred moved up points.
Westinghouse Electric, Industrial AL
cohol and Smelter made small gains.
The rails were very slow throughout
the session. Great Northern gaining Y,
Rock Island point and Reading a
fraction. Others were slow.
Feature Of the Closing.
Steel common made a high for the
day at 125 Is. but receded again to
124M
The feature of the last hour was a
further advance in Central Leather,
making IL points gain for the day
In the final hour, Crucible Steel, Bald
win Locomotive and American Locomo-
tive featured in the trading with strong
advances and a very firm close.
The rest of the market remained
about where it was earlier in the after
noon.