Evening star., 1916-12-26
WALL STREET MARKET
MAKES GOOD RECOVERY
Industrials Get Under Way After a
Slow Opening for Gains of 3 to
5Points on Saturdays Closing.
Munition and OIL Shares the Favor
ties, Texas Oil Advancing From
212 to 22s-Closing Weak.

NEW YORK, December 26.-Wali
street quivered and shook last week
over peace prospects. when 1t doesn't t
seem as If there were any prospect OF
an immediate peace. Today 1T was de-
cidedly nervous over fear that the
United States might be forced. by rea-
son Of the resumption of ruthless war
fare with the undersea boats, to enter
the world struggle.
Brokers and commission houses do
not agree in their views Of conditions,
although the majority seem to believe
that the elements of bear market are
lacking.
The supply of money is ample and
rates are easy, while there has been
no accumulation in the banks ana
strong boxes of large blocks of undi-
gested stocks.
Caution Is Accentuated.
Great Britain's plans for changing
shipping lines under her control to
Halifax and Canadian terminals In
stead of New York did not seem to
have any material effect on the ship
ping shares, and is recognized as a
movement to meet necessities OF U-boat
activities.
Developments over the holidays SEEM
ed to accentuate the necessity Of eau
ton on the part Of spectators. larger
margins when speculative operations
are undertaken and close observance OF
the market, as it is likely to be in
huenced materially by rumors. whether
based on fact or fiction.
Henry Clews. while admitting that
there are some weak spots that the
bears might make an effort TO un-
cover" declares that the situation has
m nj re- vi 11y ad h{-
liquidation. with many good stocks
selling below their intrinsic value"
Strength at the Opening.
The immediate opening of the market
was with a good showing of strength.
especially in Steel sommon. which
opened a point higher. but soon after
the opening the list weakened. with
about half the gains wiped out. with
the movement being very slow. but
10000 shares changing hands in the
first hour and $4,000 shares for the
first two hours Of the session.
It was some time before the strong
points on the list developed and specu-
lators liked the action in that Bald
win Locomotive. Crucible Steel and In
dustrial Alcohol were the leaders in
activity and strength-it made the
peace talk look much more inconsis-
tent.
Baldwin gained 3 points; Crucible
Steel and Industrial Alcohol Az,
gains being reasonably well sustained.
Old Stocks to the Front.
All the old stocks came to the front
in the second hour. Texas Oil leading
with a 10-point gain, while Mexican
Petroleum was points better and
California Oil very strong.
After acting well in the first hour.
Mercantile Marine preferred dropped
back Az points. while Atlantic, Gulf
and West Indies was decidedly strong
at 6 points advance.
Action In the rails was slow and dis
appointing to the street, a better de-
mand from conservative investors be-
ing looked for. Prices. as a rule. were
easier. a fraction to " point. with New
York Central, Chesapeake and Ohio>and
Reading exceptions, the former being
Y higher and the latter n better.
Trading Is More Active.
The market seemed to throw aside all
fear and doubt in the second hour Of
the afternoon. more active trading
being indulged in and prices becoming
very much stronger.
Tba addffIoual gains eYfnnda5 ~ an