Evening star., 1916-09-12
WALL STREET MARKET
BROAD; MANY ADVANCES
Immense Liquidation Following
Higher Opening Absorbed With
out Serious Reactions.
Important Gains Scored in Steel, Oil,
Reading, Paper and
Smelling.

Ne" YORK. September l2.-lt ma!
been many a day since Wall street ha:
witnessed anything like the action tha
Developed in the first hour of today,
| trading.
1t was Wild. it was tremendous
50S.h00 shares in the first hour, which
equaled many of the daily records OF
the summer. 1t started under the be.
lief and hope that Maine would carry
it to materially higher levels. and il
eased on the wild scramble to take
profits by traders who had counted or
Maine to create the opportunity to get
out with fat profits.
But the market took the liquidation
with wonderful persistence.
The selling of Steel common, which
scored another new high record a,
105 Z. was unprecedented in the annals
of the street on bull market 1t came
out over the ticker in great blocks and
repeated again and again, but the mar
ket absorbed it just as readily. just as
steadily, and with the kind of buying
that permits of no serious recessionS.
From l05 4 il eased to 104A and re.
covered to 105. indicating the persist
ence of the buying in the face of the
flood of liquidation
AS in Steel, SO elsewhere the selling
sonably well absorbed, while some spe-
cialties made new highs in frantic eff
forts of shorts to cover, and in the buy
ing of belated investors, who have pick
ed out spots here and there in the list to
which they have decided to pin theiI
faith.
International Paper continues its wild
fight toward higher levels. Reaching
81 yesterday, it passed to within Y OF
a point of par this morning when some
-fal hrnlxa n az
Bethlehem Steel was another special
ty with a twenty-point gain. In the
general list of active industrials ln-
dustrial Alcohol opened l IL higher and
rine preferred opened at 124R. point
higher, broke to 121A and recovered by
noon to 122, net loss OF II. The
common followed the same course OF
action for a point net loss and % recov-
cry. Crucible Steel, like all other steels.
was one of the favorites of the session
for X point gain, following number
of fluctuations. Lackawanna Steel
gained points. and American Smelling
ga. the latter showing tone enough to
be considered in the list of specialties.
American Locomotive also maintained
fractional gain.
In the rails it was different again.
New York Central gained a point and
and lost all Of it: Union Pacific held 1s
advance-elsewhere rails were slow
and easier.
Total Sales to l O'Clock.
Business quieted down gradually dur
ing the next hour and was ecen more
quiet during the noon hour. the total
sales to / o'clock being but $500, as
compared with 50S.000 shares. the
frst hour total. AS the session wore on
trading developed more on the specially
orders some ten or a dozen stocks
monopolizing the greater share OF in
terest, to the neglect of many others
on the list.
Following the second hour Of the
morning some recoveries in these
stocks were scored, Steel common max
ing a new high at 105ss and holding
well despite the liquidation.
American Smelter rose to 10S and
dropped off Il; Mexican Petroleum
made a rushing advance TO 11ls, or
nearly 10 points, and reacted 1 y Bald
win Locomotive rose 1 x; Bethlehem
Steel made it's gain % points.
A sensational squirt in Reading car
ried it to 111&, or IL points higher.
and 1t held the gain.
Union Pacific gained a point, but
other rails were as neglected as ever.