New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-13
MARKET NEWS
AND COMMENT
Prices Rebound as Short
Interest Has to Cover
Part of Its Sales.
ONLY a FEW WEAK
SPOTS FOUND EARLY
Industrials Recover 4 and 5
Points from Mornings Low
Prices-CloSc Firm.

The decline in industrials was
checked Yesterday and some progress
wss made toward recovery. Early in
the session few Of the war stock
group went 20 their lowest of the re
action. but there was less liquidation
and the market generally was much
stoadicr than on preceding days OF the
week. The short interest was forced TO
cover part Of its commitments at ad-
vancinC prices. BY the middle Of the
afternoon recovery from early lows had
IN some issues amounted or points
or SO From then until the close there
was more or less irrcgularity. few
stocks advancing further. one or two
showing pronounced strength and some
falling back. Gains on the day reached
point or so among more stable issues.
and or more in the speculative indus
trials, and the close was firm.
The timely circulation of a rumor
that Crucible steel was in the way OF
obtaining further munition contracts
from abroad helped in the round up Of
the short interest Cruciblc had been
under special pressure. adding TO its
previous losses. but was advanced more
than 3 points from its low price Of
the morning Baldwin Locomotive
\
Foundry and Mexican Petroleum all
showed special weakness in the early
dealings and marked recovery later.
Traders talked Of serious complications
in Mexico in connection with morning
declines in Mexican Petroleum and
American Smelling and Refining. but
this was forgotten when the upturn
came.
United States Steel did considerable
toward producing an effect OF market
stability in the early dealings. going
only a shade lower to So. Il ended IN
a point on the day after transactions
involving around half the number Of
shares that changed hands on Tuesday
The sugar stocks were in particular
favor. gains here extending TO as much
as = points on comparatively small
business. Inspiration Copper and In
dustrial Alcohol were strong toward the
close. Business was smaller than on
the day before. no great volume Of ac-
tivity accompanying the afternoon I'M
provement.
international Mercantile Marine az
certificates were very actively dealt in
on report that an agreement had been
reached by the different interests work
ing out reorganization Of the company
They ended a. 30, new nigh record,
up more than points on the day. and
the preferred stock also improved. New
York Central is were also dealt in on
q large scale at firm prices. These two
issues with the Anglo-French notes
were principally responsible for an in
crease IN the total OF bonds dealt in on
the exchange TO more than 100000,
the largest for some weeks.
l.. . { II o.. !.
ton that Austria had been unable 70
find that any Of her submarines were
responsible for the sinking Of the Per-
STA added TO the better feeling in Sc
curitics Arrival Of steamship from
England which had been supposed TO
bring an unusually heavy cargo Of our
American issues was without market
effect. Sterling exchange. however
improved for a while on purchasing
ascribcd 10 payment for securities from
London.