Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-02-05
BROAD, FIRM MARKET,
STEEL SETTING PACE
Common Stock of the Big Corpora
ton Advances to 10S-Indus-
trials Follow Leader.
Some cessions-Interest Shown in
Observation-Disclosures Position
Safe-Rails Irregular.

Ne" 1ohk, teDruary 5.-Mucn inter-
est was shown in the opening Of the
stock market this morning. Commission
houses were crowded and initial trans
actions eagerly watched.
That stocks are centered in strong
hands was speedily evidenced from the
fact that the opening in Steel common
was points higher than the closing on
Saturday.
The bears understand the strength OF
the holding at this time, and they took
small liberty with the list, although they
made a few sales. which, with profit
taking by traders caused some reaction
soon after the opening, but the market
came strong again before noon with a
rally in Steel to 1914. as compared with
the closing at 104 Saturday.
Generous to Borrowers.
Bankers very generally conferred on
the situation, and agreed that the finan-
ciai position was such as to prevent the
slightest worry, come what may.
They are generous in their treatment
of collateral borrowers, and are show
ing no discrimination against industrials
at current prices.
Just what effect an actual declaration
of war would cause on the market re-
mains to be seen. If the response were
anything like that made to the severing
a promising rally. But the street is
not overly optimistic, despite the strong
showing, although looking for a revival
Of interest in the munition and allied in
tereStS.
Margined Stocks Limited.
Margined. stocks are neither numerous
nor lily protected, and speculation on
other than large margins is not being
encouraged.
After Steel common had sold to 1919
it eased off point. Car Foundry gained
314 at the top, and held rs. Atlantic.
Gulf and West Indies was weak early at
31s loss followed by 5 points recovery
and then back to 81. Saturdays closing
Locomotive held 1 u gain; Anaconda,
3b: Smelter, "a; Baldwin LOGON olive.
2%: Central Leather, 3A; Crucible
Steel. 2: Industrial Alcohol. after 2
points drop rose Sh to 1870, and eased
from this price Mercantile Marine was
stronger: Studebaker, 2 points up. and
Fruit, points better.
Sales Show Active Market.
These gains were we'll held at noon.
at which time the total sales of the
morning had reached 100000 shares. in
dicating a very active market, but not
sensationally so.
The rails were much more irregular
than usual within a comparatively
narrowA range. They were generally
firmer. New York Central, " higher;
Lehigh Valley, y: Norfolk and West
ern, IL.
Reading sold at s311 to s1A to s2A to
93H as compared with a. close at 80
Saturday. Southern Pacific did not
hold its advance Southern railway
was u better, while Union Pacific sus-
tanned a slight loss after a point gain.
Steel Common, 1O8.
The market continued strong we'll in
to the second hour Of the afternoon,
and the industria1s very generally fol-
lowed the leader. Steel common. which
made a new high on this movement of
los
Midway in the. second hour Of the
afternoon the industrials were about
III points from the high.
Some of the minor rails. New Haven.
Seaboard, etc, showed weakness at this
time.
The closing was fairly firm and not
far from the best prices of the SEES
sion, although there was some profit
taking in the last few minutes of the
final hour.