Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-01-27
WALL STREET MARKET
|NASEVERE DECLINE
Bears Raid the List, Railroads Shar-
ing With the Industrials the
Slump in Values.

NEW YORK, January 27.-Sentiment
on Wall street is so bearish that friends
of higher prices are encouraged to be-
| lieve that the market may be over
sold.
The general public is giving the list
| a wide berth. and even the current low
| figures of a few months ago. do not
seem to be in the least tempting to the
| average margin trader
| The fact is that foreign liquidation
| while being conducted with certain
amount of discretion. and not pressed
when heaviness develops, Is serious
matter; also that the public under
stands the heavy volume of stocks
being sent over by Great Britain and
realizes that the shares thus segre-
gated are to be sold. 1t is but nat
competition.
The opening this morning was about
on yesterdays closing levels, followed
by a sharp recovery that wasn't fairly
under way till it was checked by a
sharp rush of selling. liquidation at
| tended by bear pressure incident to the
knowledge that stocks were being sold
right and left
Erratic and Uncertain.
| During the rest of the morning the
market was erratic and very uncertain.
! There were few serious losses and
| there were some gains in the indus
trial group. while the rails were de-
cidedly soft. Lehigh Valley Canadian
Pacific. Erie. Northern Pacific and St
| InY hatV he ,Iol1 aaff NNfo -,
this group.
st. Paul directors meet this afternoon
and insiders expect that they will re-
store the semi-annual declaration to a
clared at the last dividend meeting.
Largely increased earnings through
grain movement are counted on s a
reason for the expected restoration OF
would be cut on the last declaration,
and there was much surprise when 1t
was cut because of the large surplus of
the company.
The Cambria Steel Company directors
have declared the regular dividend and
an extra distribution Of 1 per cent. and
now shareholders are hoping for like
action for the Lackawanna Steel Com
pany.
Steel Commons Action.
Practically 10000 shares of Steel
was less trading in the stock this
morning. but 1t was still leader. and
the fluctuations were frequent between
50 q, the low. and 81, the high, the bulk
of the transactions being made between
SO and 833s. This was practically a
recession of fraction from last even
ings close.
There were a number of industrials
which continued to display fair
strength in the midst of uncertainty
and more or less pronounced weakness.
These same stocks were to the fore in
Yesterdays market also. American
Can actually advanced over a point,
Crucible Steel gained IL. Maxwell Mo-
tors were fractionally higher and Bald
common rose to $50. while WHY'S Over
land dropped points on very limited
trading.
Bears Raid List.
In the early hours of the afternoon
the .s made a new raid on the list
and fond it yielding, and pushed for
further concessions, even some Of the
stocks that presented the strongest
front in the morning yielding under
severe pressure.
The whole list slumped and the man
NeF III W men tTe SldnUdTO rains ufOppSu
was even a greater surprise than the
ease with which industrials were at
tackled.
The bears kept after Steel common
and made new low of s24s, with re-
covery to SO.
Industrial Alcohol dropped 5 points;
Maxwell Motors, u; Mexican Petro-
leum. ~; Baldwin lost all its gain
and a fraction more, but recovered it's
loss; General Motors lost 10 points:
New York Central. 1 Y; St. Paul. ! 4
Baltimore and Ohio, Il: Lehigh VAL
ley. IL; Canadian Pacific. IN. while
other equally serious declines were
sustained elsewhere throughout the
list.
There was little evidence of support,
the market apparently being left to do
what il would.
As might have been expected, the
market showed some recoveries in the
final hour on the covering of shorts,
satisfied with the profits and turning
them from paper to cash.
The list, under this buying, steadied
materially. but the recoveries were
only fractional.