Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-01-04
WALL STREET MARKET
SHOWS MANY DECLINES
Opening Rather Firm, But Profit
Taking and Other Influences
Cause Severe Recessions.
Munition Shares Feature the Losses,
With Shipping Issues Sharing.
Steel Common Market Leader.

NEW YORK, January 4-SteeI COM
mon is proving the market leader, but
the other industrials do not always fol-
low the leader
With the immediate opening, Steel
was IS higher than yesterdays closing
and modest gains were made in a num-
Der of stocks. but before the session
was fifteen minutes old the gains had
been very generally wiped out on a
squirt of profit-taking, which is likely
to be seen frequently in the street now,
for there will be no more pJ'ramiding.
Following this slump, there was an
other recovery, followed again by a
more radical recession. 1t was report
ed with considerable emphasis that the
federal reserve board had again issued
warning against foreign credits, and
this rumor. evidently not based on fact,
was partially responsible for the desire
to take profits, resulting in decline
in Steel common to 112$4, or IA below
Wednesdays close.
Uncertainties in the international
situation" were charged with respon-
sibility for the decline in the noon
hour. although just what uncertain
ties have developed over the last twen-
ty-four hours is question.
Something, however, hit the market.
and with sufficient force to wipe out
the gains of the early part of the ses-
sion and cause declines throughout the
induStrials list
Shipping Shares Especially Weak.
Shipping shares were especially
weak. Atlantic Gulf and West Indies
opened a point off. at 1872, and sold
to 116Is Mercantile Marine preferred
broke points; Smelling broke nearly
points. American Locomotive 3A and
Baldwin Locomotive about points.
Industrial Alcohol was off 61s points.
The war stocks were under decided
pressure. as the declines indicate.
Central Leather, which had scored an
advance of is to S6H. dropped quickly
to 93E. Mexican Petroleum was off
points: Studebaker Corporation, from
1888. to 1853.
In the rails Canadian Pacific was very
weak for loss of points on decreas-
ed earnings ross of S4S9.O00 being re-
ported for the fourth week in Decem-
Der.
Other rails followed suit in lesser de-
gree. Baltimore and Ohio was % off:
Chesapeake and Ohio, q. Reading. 70:
Southern Railway, IL, and Union Pacific
2 points.
According to some of the gossips it
was reported that Washington would
make one more effort in the direction
of peace. This induced noon-hour SELL
ing.
In the second hour Of the afternoon
Steel came back to 113A.
The irregularity was not to the liking
Of the street
In the final hour of the session, the
liquidation was very severe and the
lows of the day were established. All
metal and copper stocks were under
pressure: shipping shares were dumped
freely. Utah Copper was decidedly weak
and United States Steel common broke
to 111H, net loss for the session OF
2S points, while elsewhere the losses
averaged 4 to s points. Sales were
larger in the last hour.
In addition to another shake-out of
bull traders, many professionals turned
to the bear side and sold the market
short with profit to themselves.