Evening star., 1916-12-15

NEW YORK, December 15.-With the
immediate opening, large NUMBER OF
were booked for the credit of sold-out
bulls and of investors who have been
waiting for months to get in again on
a soft spot, the buying being sumclent-
ly good to give the market much firm
er opening.
This was further followed by sharp
recovery in the rails which encouraged
some additional buying in the industri-
ais, and then, then the panicky feeling
again developed and the senseless
throwing over of the industrials start
ed again and down, down went prices
Commission houses were sending out
bearish gossip, urging liquidatlon OF
accounts, giving one more positive evi-
dence that the whole downward turn
has been very largely the work of the
commission houses and brokerage con-
Germs. They have forced the liquida-
tion of accounts by the use OF that
most powerful weapon-marsin can.
ing-a -75-centimeter brought against
an extended public and with deadly
and disastrous results.
Support Only Flash.
At the immediate opening it looked
as If there was some support from
banking interests, but it was only a
fash in the pan and due to the cover
ing Of shorts.
Steel common. one stock which in a
way is more closely watched than any
other started with $4,000 shares. sold
between 1I2 and 112A, as compared
with a closing at 1131 yesterday. From !
here 1t rallied to ia and when the
smash came 109h was the low-thaf |
is Of the morning break.
Bethlehem Steel broke 40 points less
7h per cent ex-dividend. or 32h points /,
net loss. Industrial Alcohol broke from /
1I5, the opening. then 11s. to 1o4A and
rallied to los.
Mercantile Marine lost So; Republic |
Iron and Steel. IA points; Crucible
Steel, points; Beet Sugar, 3ta; Car
Foundry, IN; Baldwin Locomotive
Az. and Inspiration Copper, 4A.
Two Classes of Customers.
International Paper common broke
from n to 40 and the preferred to 1o2:
Utah Copper was points lower and
other industrials from to points.
The various customers rooms around
town were crowded with two distinct
classes of people-traders frozen out or
fighting to hold their trades open by
continual margining. and investors and
speculators looking for good invest
ments.
at is the right time to buy" was
the burden Of their cry. You can never
make money by buying on BOOM.
Rut MANY hesitated and waited and will
wait until Monday or Tuesday or at
least until good-sized reaction Is un-
derway.
While the industrials were sustaining
smas shing declines and later making
moderate recoveries, the rails were CIV
ing an entirely different account OF
themselves.
Conservative investors were buying
freely and in such an aggressive man
ner that the rails actually made ex-
ceIIent progress to higher levels, show
ing more activity. more tone ana cnar-
acter than for months past ana actuai-
ly moving up sharply.
Canadian Pacific. TX; New York Cen
trail. a: Chesapeake and Ohio. 2;
Eries, X; Reading, 2, and Union Pa
cific. IN points.
From the highs there was some reac-
ton. as profit-taking Will be feature
until a more settled condition prevaiis.
Following the break to the low, the
market rallied for 2 to points re-
coyery, and then, in the second. hour OF
the afternoon, eased of for a loss OF all
advanced but about a point, with Steel
common holding / X gain.
The market was very active. with
sales for the first three hours OF 1,of4'-
900 shares.
The buying in covering Of shorts and
in new commitments by investors con-
tinued quite lively right up to the tap
of the bell and partial recoyeries. OK.
tending to the regaining OF the buik OF
the days recessions. were sustained.