Evening star., 1917-01-26
STOCKS SHOW STRENGTH,
WITH BROADER TRADING
Market Prices Make Further I'm
provement, Metals and 1ndustrials
Featuring Movements.
Equipments Are Also Prominent and
There Is Moderate Activity in
the Leading Rails.

NEW YORK. January 2S.-Metals and
today's opening, the zinc shares.
Pressed Steel Car. and American Car
being foremost features at gains of
to points.
United States Steel, Lackawanna
Steel and Republic Iron gained ma.
terial fractions. International Paper
advanced q point with Central Leather,
and General Motors rose points.
There was moderate activity in rails
mainly. however, at slight concessions.
Oils also yielded with Atlantic Gulf
and West Indies and Goodrich.
In general. prices made further i'm
provement in the first alf hour
In the face of street tradition that
the January reinvestment movement
eliminates at the end of the third week
of the month, and that thereafter the
market gradually says to lower levels
unit, the sap begins to run up the
tree In the spring, stocks have ad-
vanced moderately and the market dis
plays increased breadth.
Impulse Behind Rise.
About the only impulse behind the
rise Is the extreme ease of money, due
to the piling up of surplus funds in the
New York Clearing House institutions
Money has been freely offered on call at
apparently more Indifferent than the
lenders.
The attitude of the banks differs
strangely from that adopted by them
early In December. when they were
credited with concerted attempt to
force a oh .
loans and the marking up of money
to 15 per cent. At that time. however,
the speculative position was highly
vulnerable. and according to banking
opinion at least. called for complete
readjustment.
Reported New Steel Pool.
A new pool is reputed to have been
formed in United States Steel. with a
view of putting that stock higher
Steel continues among the strong lead
ers. and 1t should be bulled easily on
account of the statement which will be
issued next week The figures will not
only cover the December quarter. but
astonishingly large. Just what the
will do with the great
surplus earnings may only be surmised.
Undoubtedly large amount will be de-
The increased dividend on Pressed
Steel Car strengthened that issue. At
so this stock yields 50 per cent.
Technical Position Strengthened.
The technical position of the market
has been strengthened great
ly by the razing of speculative pyra-
mids that rested on insecure bases and
money is abundant.
This situation would undoubtedly In
vite speculative activity but for the un-
certainty as to the length of the Euro
pean war and the possibility that. with
the return Of peace. business men of
the country may be forced to adjust
their affairs to new standards.
In the meantime investment buy
ing continues to improve, both in the
stock market and in the bond depart
ment.
Rallies Follow Declines.
Prices fell away fractionally in the
first hour on the usual profit taking,
but rallies were the rule later. except
in shippings and Texas Company.
Equipments became prominent in the
second hour. Airbrake gaining 6 points,
with 1 to 2h for General Electric,
American Can and American and Bald
win locomotives.
Further accumulation of United
States Steel was noted IN the large in
dividual offerings at an extreme gain
of point.
Western Union and Montana Power
were among the few strong utilities at
gains Of to points.
Dealings in bonds were at a mini
mum, with an irregular tone.
Specialties furnished some diversion
in the early afternoon, international
Paper and American Writing Paper
preferred gaining 2 points each.
Marines also improved and quota
tions otherwise held firm.