The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-03-01
FINANCIAL NEWS
AND COMMENT
Less Active Trading IN Stocks
and Greater Firmness
Displayed.
D CHIEF SELLERS

That Mondays excited liquidation hat
at least temporarily exhausted tho sell
ing movement seemed to be indicated
by yesterdays stock market. Price,
not only stopped declining. but the mar
ket exhibited the effect Of excellent alb
sorption on the decline. The action o
the list during the day was partly II
reflection Of this, but probably to
considerable extent q consequence Of tn,
material additional improvement of tn,
position Of stocks because Of the gener
ally reactionary character Of the montl
just ended.
Quoted values are not only very mucl
down from the exaggerated level Of las
autumn, but speculative commitment
for the rise have been substantially 70
duced and In the meantime stocks arr
worth more than they were six months
ago. The business developments Of thu
winter. the circumstances Of the none.
market and the favorable Industrial out
look arEu for purchases rather thar
sales at current figures. AGgressiv,
buying may reasonably be restrained
by political uncertainties domestic a,
we'll as international, and by tho con
tingencies Of the stirring events which
are in progress In the war. but thest
doubtful matters DO not alter the fac
Of the country's steady growth In eco
nomic strc..gth. with u promise OF con
tinuing expansion in the future.
Overnight news was speculativel,
more favorably interpreted in Wal
street. It was not obvious that ther,
had been any essential change In tn,
posture OF the war or in the matter,
involved In Germany's new submarin,
campaign. but neither had II been oh
vious that the tremendous battles II
France or the diplomatic co~ntrovers!
engaging W~ashinston's attention hat
been moro than superficial influences II
h fresh selling movement In stocks
Speculative emphasis upon the owe
night advices served as an excuse 70
the initial strength whi:;i the stock mai
ket displayed. but meanwhile the marke
went on seeking TO adjust itself to som,
level warranted by internal and externa
conditions and by the general outlook.
transactions shrank decidedly In vol
ume from Mondays total. and Will,
there was more or less of a rally al
around. Inc upsiot OF the session wa al
irregular array of price changes. Rail
and standard industrials were rattle
firm throughout the day. with some ad
vancing strength displayed by special
ties. but short covering was chiefly re-
sponsible for most Of the upturn.
A somewhat oversold state was de
noted by the sharp rise at the opening
After q half hour or 50 Of active arm
ness tho market became dull and sagged
and from m~idsess,on until the clos,
was subjected to a series OF profes
sional attacks. The boinbardment o
the city OF Eerdun and the sinking Of
French transport in the Mediterraneai
were awaited Of In efforts TO force liqu,
dating pressure. but there seemed TO b
little selling after the first hour excep
such as represented professional opera
tons for the decline. The close was nj
the whole heavy. but during the day
AID even In the late trading. the lis
offered better resistance to pressure AN,
more capacity was displayed to TAX
stocks at fractional concessions instea,
Of at extensive breaks. Short sell!nl
was in larger proportion I o the ac,ua
liquidation and very few stocks sold be
low Mondays low prices. while mos
descriptions did not come down 20 IN
bottom range Of the previous day.
There WAS no change In the fore!g
exchange market which would hav
suggested hat the banking communit,
was constituting the lighting In Franc
adversely 20 the Allies. The Anglo
French bonds ruled above the minimum
OF decline reached on Monday.