Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-02-01
SHORTS TAKE PROFITS
AND PRICES ADVANCE
Complete Change Of Front in the
New York Market-Some
Sensational Gains.
Bulls Take the Place of Bears.
Rails and Industrials Are All
Materially Higher.

| NEW YORK, February 1t was a
case of cover your shorts and do 1t
quickly on Wall street this morning.
And when this advice has gone broadcast
part of the profits are lost in the sharp
recovery that attends the accompanying
rally.
| The severe declines Of the past few
days brought some speculative buying
orders and, perhaps. some for invest
ment The selling came largely from the
middle west, the most prosperous section
of the country, where interests were in
clined to be bullish. but were turned
from their natural bent by the prepared
ness addresses of the President, and once
taking the bear side they pressed it to
the limit
The turn that came today was but a
natural covering movement, and, while
it was checked for a moment after the
initial trading, it was quickly pressed for
further gains, industrials as well as rails
sharing the advances.
Nothing happened overnight of IA
vorable character. There were no de-
velopments calculated to make prices
stronger. Nothing but the turn OF the
market after going one way until the
sentiment was supremely bearish-the
indication of the time to turn.
While the average advance OF the
early hours was better than l to ~
points, there were some sensational
gains. especially in Industrial Alcohol,
one of the leading war brides" of the
specialties. 1t closed yesterday at IA.
1t opened this morning at 145A and
stopped at 1853, a fourteen-point ad-
vance for the two hours trading.
Crucible Steel, which has stood up in
the weakness as a shining mark. added
points to yesterdays rise, and there
were some other fair advances above
the average.
Canadian Pacific a Rail PAGER.
In the rails Canadian Pacific rose 3
points, pacing the list. with New
Haven tx higher. and other rails bet
ter than a point up.
There wasn't much important news.
The big merger of the Youngstown,
Ohio. Sheet and Tube Company, the
Lackawanna Steel Company and the
! Cambria Steel Company is said to have
| reached the nearly completed stage. 1t
is even said that Kuhn, Loeb & Co.
will manage the underwriting, which
will call for millions.
The Texas Company, oil, one of the
corporations said to be making mil
lions, now plans a 20 per cent increase
| in stock. to be issued to shareholders
at par. The stock is worth about 1876
| share. The Remington Arms Com
pany, another millions-maker, plans
| 100000 three-year short-term notes,
which the National City Bank will buy.
Short Covering Continues.
The covering of shorts continued right
along up to the second hour of the after
noon. For little time between 11:45
and noon the market slowed down and
continued slow and strong. but fresh buy
ing started the whole list going back
faster than it went down
Steel common rose to S2as and Mexican
Petroleum to 1868.
Industrial Alcohol surprised its best
friends by making it 1901. or 1871 points
net for the session up to 2 O'Clock
Other strong features included Bethle-
hem Steel, Marine preferred, American
Coal Products and International Haryes-
ter.
The whole market broadened and was
decidedly strong.
There wasn't much hesitation in the
afternoon. The buying was steady and
persistent and higher prices were
scored, the list showing advances
practically in everything.
The closing was near the top.