Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-01-28
WALL STREET MARKET
SHOWS MORE STRENGTH
Sharp Advances in Crucible, Bald
win, Oils and Other Specialties
Make Shorts Nervous.
Little Steel Gains Fractionally
Volume Of Trading Is Restricted.
Action in the Rails.

NEW YORK. January 2s.-Efforts at
the opening were made to continue the
late rally of yesterday, but they were
only partially successful.
In the first hour fractional gains were
made and lost: in the second hour the
top prices were again reached and passed
on many stocks. Considerable activity at
tended the trading. but it slowed down
toward noon, but the advantage of the
session was with the friends of higher
prices.
The action of the St Paul directors
in returning to the 5 per cent basis was
a good thing for the market The success
full sale of SIS, 100000 New York 4 per
cent bonds at 103.27. half point higher
than the last price paid. was also factor
OF Importance.
Debate in the Senate on establishing an
embargo on arms and ammunition was
more or less seriously considered on the
street. but it was not the influence that
affirmative action in the line indicated
would cause.
Specialties Favored in Trading.
Specialties were favored in the trad
ing. Crucible Steel was one of the
strongest stocks on the list. 1t will be
recalled that this security acted better
in the recent heaviness than any war
bride. 1t opened this morning at SO, a
l&. advance, eased to $50, and then.
coming strong. rose to 71A. A frac-
tional recession followed.
There was talk on the street to the
effect that the proposed Cambria Steel
Company. Youngstown Sheet Steel
Company and Lackawanna Steel con-
solidation was off. Several meetings
between the interested parties were
noted. but each seemed to think too
well of his own proposition. Whatever
the outcome, Lackawanna Steel rose
from closing on Thursday at 1915 to
S1%.
Air Brake gained nearly 3 points and
Maxwell Motors the better part of a
point.
Action in Steel Common.
Steel common moved rather freely,
but did not seem to attract the usual
attention. 1t sold to 81 for high. and
afterward fuctuated between SAY and
S3N. practically u higher.
Studebaker lost and gained point.
and was not especially strong at the
advance. Baldwin Locomotive gained
and held l point.
In the rails Lehigh Valley. Reading.
st. Paul and Canadian Pacific were
fractionally better than at the close
yesterday.
Firmer Tone Indicated.
As the afternoon advanced a few spe-
cialties took on additional strength,
but without much increase in the vol
ume of trading. The belief that the
shorts, after having things generally
their way all week. would be compelled
to cover over the week end, gave to
the market a hrmer undertone than at
any previous time during the week.
Crucible Steel made 1t a full point
gain. selling to 73k.
Steel common reached and was steady
at "a, the top of the morning range.
Baldwin Locomotive made a regular
squirt, selling to 10 y; Texas. Oil gain
ed points. Mexican Petroleum, 3, while
the rails were a trife frmer.
Soft at the Close.
During the last hour New Haven
broke badly from II to 6s. and this
started the whole list going back, many
of the earlier increases being lost.
Perhaps the appointment of Mr..
Brandeis to the United States Supreme
Court may also have had a direct bear
ish effect.
The slump in New Haven was unac-
counted for, but the bears made the
most of it and made fresh attacks on
the rails.