Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-05
WALL STREET MARKET
T CLOSED RATHER SOFT
Values Showed Rather Erratic
Fluctuations With a Number of
Specialties Making Gains.
Steel Common a Favorite, Central
Leather, Coppers and Metals
Firm-Rails Slow.

NEW YORK, October 5.-The stock
market was somewhat erratic. lacking
! in definite trend, but with a reasonably
strong undertone. considering the ac-
| tivity and strength of the list for weeks
past and the fact that professionals are
constantly working for a reaction.
| This fact has been evident for days.
but the success that has attended their
efforts has been far from encouraging.
Net reactions from the high point
have been comparatively small when
| the big gains established are consid-
cred.
The railroads are attracting more and
more attention, and should do better, on
| the basis of the enormous increase in
earnings on all the great systems, but
here, too, the trading becomes cratic,
as advances are used by traders to cash
| in profits.
There seems to be feeling that a de-
cline is due, so many sold-out bulls made
this contention. but even weak stock
| today is likely to display positive strength
| with the next day.
Minor Shares Gain.
Some Of the best gains of the morning
| hours were in stocks that are not gen.
orally grouped among the leaders, al
| though Central Leather, which advanced
to new high at so or ~ points gain.
has recently been to the fore by reason
of it's strength.
Barrett advanced points, American
Wooden points, while Kansas City
| Southern, Seaboard Air Line and south
western rails made moderate gains.
There were fractional improvements
| in the leading rails in the first hour
but they were practically wiped out in
the later trading, sustaining also some
| slight additional recessions. Reading
lost a point gain; Union Pacific, q;
Norfolk and Western nearly a point,
| and Nipper. 81. Small gains were held
| by Lehigh Valley, New Haven, Great
Northern and Illinois Central, but they
were by no means important.
The Industrials.
Central Leather was the strongest of
the industrial list Steel common scored
better than point advance. selling to
11SA, easing back to 11Sz at the
opening of the second hour of the
afternoon.
Shelter gained better than a point.
Colorado Fuel. point: Industrial AL
cohol a point, and Mexican Petroleum,
IL.
Bulge in Studebaker.
In the first half of the last hour of the
session the market witnessed a decided
ly strong movement in Studebaker,
which rose steadily to 167z. going back
, to 1877. Maxwell shared in tho move
me..t and gained nearly points
In the rails Lehigh Valley created some
stir by an advance to Btu. as against a
closing at 84A yesterday. but the other
rails. almost without exception. were
| lower.
Closing Is Soft.
In the final half hour of the session
prices began to soften by fractions and
nearly all the industrials. other than a
few. closed lower than last night.
The selling movement increased
materially, many traders working on
the bear side as the indications gave
evidence of inherent weakness.
In addition to practically losing all
the gains of the early hours, many
stocks closed below yesterdays level
The rails were equally weak with the
industrials.