The sun., 1916-12-29
FINANCIAL NEWS
And COMMENT
Mexican and German RumOrs
Make It Easy for Bears to
Hammer Prices Down.
PUBLIC IS NOT BUYING
Talk Of . Big January Rise
Fails to Impress Well In
I formed Men in Street.

In view Of the uncertainties in the
International situation and the pos
slbility Of trouble with Mexico, It Is
not at all surprising the public Is not
buying stocks in volume for speculative
account. or hat the professional ele-
mcnt Is making rather vigorous efforts,
as reflected In yesterdays market. to
bring about lower prices for securities.
And in view of the substantial advances
that have been made by the greater
number OF stocks from the low points
Of last week activity on the bear side
OF the market Is wiolly a natural pro-
cecding.
In the absence yesterday OF heavy
buying by the outsiders It was a rather
easy matter for traders to force prices
down. their operations being helped by
n temporary misunderstanding Of tho
note received in Washington from Ger
many and by the reports from the
capital that Carranza had made a Nat
rejection Of the protocol on which the
american Administration insisted. and
evidently will continue to insist.
At first announcement OF a German
note In Washington II was hastily as
sumed that a brand new note had ar
rived. while 1t was limited that 1t con-
Ia inc terms upon which IL would be
possible for the Allies to enter n peace
conference; but subsequent reports In
dicating that the note was tho original
reply to President Wilson'S peace sug.
gcstions failed. however. to bring about
any particular change In the character
OF trading in the Stock xcAhang
Prices declined from l TO 4 points amons
a. Al t-... -st1 tho nlnCinO mt
far from the lowest OF the day.
Pressure from the professional clc-
ment brought put some stork which had
been accumulated at lower levels with
out attracting any general public liqui'
dalton. As n matter of fact. public ac-
counts In the present market axe OF the
strong variety. and in consequence II
looks as II It would require something
more THAI traders selling and mixed talk
Of little value regarding international
relations to bring forth important offer
ings. Under present conditions irregu-
lar markets. without great public partic'
~ipation, apparently must be expected.
Great talk Is heard in some quarters
Of a big January rise. That. OF course
may come to pass. but the best Informed
men In the Street do not look for All I'm.
mediate resumption Of great bullisf
activity. They feel. however. that there
will be u moderately wide Investment de.
mand In the early part Of the new veal
and that the January record breaking
interest and dividend disbursements will
figure to some extent In the operations
Some persons In the Street, however
assume that the January disbursement,
will he used for little else W. opera
tons in the securities market. forgetting
! no doubt. that the money Is income upor
which the majority of investors are de
pending for living expenses. which arr
unusually heavy.
Money was easy and In relatively ligh'
demand. time funds showing appreciabl'
rcccssions from recent quotations. II
the foreign exchange market sterling
was distinctly iirmer. the market beini
affected 20 some extent by the recoro
breaking imports of gold. amounting Il
$40. Ooo. 900 for the day.
Some interest was attracted to TIL
Eank OF Ensland's week.! statcmcn,
" hich showed a proportion OF reserve t.
liability OF only ls.3O per cent. the low
est Of the year and since the end o
! July 1918.