Evening star., 1916-01-08
MARKET STRONG EARLY;
REACTIONS AT CLOSE
Profit Taking Causes Some Declines
in Last Hour of the Short
Session.
Few Sharp Gains Made-Rails Act
Better Than Industrials-Motor
and Oils Firm.

NEW YORK. January S.-With the
immediate opening there was spurt
of activity and higher prices were very
general throughout the list
Wall street looked upon the willing
ness of Germany to settle Lusitania
claims as indicative of the end of U
boat troubles.
Shorts found the situation not to their
liking and there was further rush to
cover contracts.
The market turned toward the middle
of the session and at the close there
had been very general clipping on OF
gains, due almost entirely to the TAX
ing of profits by longs and evening up
of trades over the week end-a very
customary affair. with a steady closing.
Some stocks actually sustained mod
est losses, even Steel common, the
leader throughout the trading activity,
going off Is net
Lackawanna Steel gained point.
Bethlehem Steel added 10 points to its
price.
Mexican Petroleum the Leader.
Mexican Petroleum was again the
strongest stock on the list and it also
maintained the greater part of it's "a
points advance, selling to 122k,! with
reaction of point.
General Motors made a recovery 10
points to $50, from yesterdays closing
at $50. Studebaker held v improve
ment and Maxwell Motors smaller
fractional gain.
Crucible Steel was decidedly weak
portant loss during the two hours ses-
sion.
New Haven was clearly the leader in
the rails. The stock opened around
ISM and sold to 77%, with a close at u.
Reading, st. Paul and Union Pacific
moved up y, but the other rails, while
firm. were not materially changed in
prices.
There was an improvement in the de-
mand for Anglo-French bonds and the
price improved to 95N. the new high,
with an excellent demand.
New Year Starts Well.
The first week of the new year was
ushered in with a million-share day.
Immediately, however, by heavy liqui-
dation and short selling, particularly
in war munitions and other specialties,
including oils. Then came the state
ment of Chairman Gary of the United
States Steel Corporation, which was ac-
cepted in some quarters as a note Of
warning, and values suffered further
declines. obliterating much of the gain
of the preceding week or fortnight
Uncertain conditions were denoted in
the further movement Of prices until
yesterday. when substantial recov-
cries were registered on the report
that the German government had met
the demands of Washington in connec-
tion with the Lusitania controversy.
Some Significant Reflections.
International financial conditions
found significant reflection in the con-
trary course of foreign exchange. Ster-
ling rose to 4.7s. its highest quotation
since last July, while marks and
kronen, otherwise remittances to Ber-
lin and Vienna. declined to lowest quo
tations yet recorded, marks making the
minimum Of 70 and kronen 1870.
Primarily, these changes were be-
lieyed to be the result of further heavy
local buying of British bills to meet
London's further offerings of our secu-
rites, and the almost complete isola-
tion Of the Teutonic nations as export
ing nations.
In the Industrial field general wage
increases among steel and iron workers
and continued advances in price OF cop
per metal to 24A cents constituted the
chief and most favorable factors. Rail-
roads made additional excellent state
ments of earnings for November OF last
year.