New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-02
Stocks Make Up Losses OF
Mondays Decline in
General Recovery.
RAILROADS STRONG
IN FINAL DEALINGS
L. &. Steel Above 81 Again
Speculative Industrials Show
Early Strength.

President Wilson's announcement
that there was no sudden crisis and
that his speeches were not the result
or any unexpected situation removed
The immediate apprehension that had
done so much 20 force Mondays iiqui-
dation Prices were better from the
opening. At first important advances
were confined 10 the industrials. with
the more speculative issues making the
greatest gains In the afternoon. after
some hesitation, the rise broadcncd and
railroads were strong. closing practl-
cally al the top. With the grea' re
Cuction OF commission house selling,
traders who had sold short turned buy
ers. and were responsible for most OF
the days recovery. Some new pur-
chasing. however. Of fairly substantial
quality was reported.
United States Steel began tho day
with q good gain and closed little be
low its best, more than . points higher,
az a shade above So Dealings IN this
stock. while far below those Of tho day
before, were well over 100000 shares.
In the railroads Erie was particu larly
firm toward the close. though not all
its gain was held to the finish Read
ing. Union and Southern Pacific. New
York Central and St. Paul all ended
with gains Of more than a point. Penn
sylvania. in spite Of the fine showing
made in its December report, was slug
Cish, and moved up only a small frac-
ton
OF the industrials, the issues that
had stood out in Mondays late recov-
cry carried on their improvement.
Mexican Petroleum, Crucible Steel,
Baldwin and American Locomotive.
Studebaker. Maxwell Motors and Mer-
camille Marine preferred rose from .
TO points or so. but slipped back q
little toward the close. Industrial Al
cohol made another spectacular ascent
with q maximum gain Of over Is points.
I'm general. Mondays losses were more
than made up. The dealings, while
considerably below those Of the dav be
fore. reached total OF around three
quarters OF q million shares.
While 10 was apparent that for the
time Mondays decline had brought the
market into q temporarily ovcrsold con-
dition, considerable doubt existed as TO
whether the liquidation Of speculative
long accounts had gone far enough 70
bring the market back 20 healthy
condition. Purchasers for rise had
y
some further shock is needed TO clear
out accounts waiting for favorable op-
portunity 20 sell that have held down
the market.
Apart from yesterdays reinsurance
from the President, news Developments
accounted for little in the course OF
securities. Reports of industrial cor
porations failed 10 answer conclusively
the question Of how much profit had
come from war orders. The week s
statement Of our foreign trade al the
principal customs districts showed eX-
ports Of s66.OO0000, some $4,000, 600
more than imports. These preliminary
figures for the month, with one bust
ness day lacking. made exports amount
70 nearly S325.O00,000 and The favor
able trade balance over l60000.000.
Foreign exchange rates were steady
with demand sterling at o. q Ettle
above 40 for demand. Russian eX-
change made only slight improvement,
IN spite Of report Of a shipment of gold
on its way from Nladivostok 20 this
country. Local money rates were prac-
tically unchanged, with time accommo-
dation in little demand.