The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-30
FINANCIAL NEWS
y AND COMMENT
iEeneral Liquidating Move.
ment Seems to Grow
: Heavier Selling.
NO ENORMOUS PRESSURE

The general liquidatinc movement
that has been going on for several weeks
made further progress yesterday. There
WAS no change In the essential charac-
terieftcs OF the market. But the move
ment reached an interesting stage IN
tha Il appeared 10 he gaining momsn-
tum. The selling was rather heavier
and the declines were larger than at any
, time previously. Tn weakness was
more general. Until yesterday the weak
ross was unevenly distributed. But
yesterday prices sold of from one end
of the list To tho other. The market
could not be said to he demoralized
at any time and no enormous pressure
az stock was noticeable. But the de-
rnand was poor throushout the session
and stocks were supplied persisently.
II there was any ~nCouraging feature
"a n day IL was the excellent powers
Of resistance developed in quarters
where q weak speculative position had
been suspected. n the market In the
war brides, for instance. had not been
in Z fairly healthy condition the liquidat-
tng movement which has now b"cn
under way for shout a month might
have caused serious disturbance. As
II In some anxiety H. expressed over the
effect upon the general speculative posi-
ton of the gradual wasting away OF
I ~ NlllNl ~ w lAAtt ~ tiA'hAhN ~
big proportions IN the aggregate.
Al The close u WAS the general com
ment tina the days results judged by
themselves did not hold gu; any partiru-
= lar encouragement OF AN early resurnp-
tion OF the upward movement. or even
q temporary interruption Of the down
ward trend. Prices left off practically
at the bottom, and there were quite a
few conspicuous'y weak spots. In many
eases prices broke through levels al
which they had previously received con-
sistent support. The selling was FOL
both The trading element
which has been growing in boldness
hammered the market Tor all Il was
worth, and there We're signs that quite
a large and scattered short interest hao
lheen created. There was also dribblinf
selling from the commission house ele'
,men,. especial, the smaller houses
which Stil appear 10 Ice carrying lott
OF stocks.
There was nothing in the news Of tn,
day that called for especial reflection
in the stock market. Washington ad
vices received early helped the CROWNS
feeling OF pc~mism. These Rsserte,
that the admission had been made IL
utficial quarters that our relations Will
Germany were In a very unsatisfactory!
sjate-nore unsatisfactory, in fact. tina
at any time since the outbreak of III
war. The disag-Veahle impression
created by the Braudeis appointment
also fingered. But whatever effect thes
things had on the days trading II serve
to accelerate rather thai create selling
The real cause OF the decline appear
10 be something more than extraneou
matters. II seemed 10 have to do wit
internal conditions. 1t Is beginning to y
recognized that the stock market in tn
past month or SO has been rejecting
change in the public state of mind in III
shape az "A reaction from the Wild frenZ
OF speculative buying that went on las
of all. There has been an exhaustio
OF buying power. Even the most power
ful stimulauts. such as the re~toratio
of the Steel dividend. have failed to r,
animate the speculative spirit.