The sun., 1916-01-29
FINANCIAL NEWS
AND COMMENT
Stocks Turn RcactiOnary Af-
ter War Spccialtics Show
Strength.
IRREGULAR AT THE CLOSE

For the FIRST Friday in six weeks the
stock market yesterday did not display
general activity and pronounced rally
ing power with n strong close all
around at substantial net gains. Whether
or not this fact has any significance
will no doubt appear IN the sequel. but
the session was disappointment TO
profe essional traders. whose operations
were obviously conducted from the out,
set OF the day on the theory that the
list had presumably been superfclally
ove~old again, no matter what its
underlying overbought condition might
be
Perhaps the quantity ~ stocks act
ually supplied to the market the week
had been in large proportion to specuIa-
tive sales for the decline. for while
there was evidence that short covering
purchases furnished a leverage for ef
forts 10 advance prices the buying power
attracted during the day was for the
most part unable to sustain a rise. ex-
cept In special directions. and even in
specialties rather poor resistance was
offered In the late trading. ON the
whole there was nothing TO show that
the stock market situation had ma
terlally changed as yet. Total ,ransac-
tiofls constituted the smallest volume Of
the week. and there was much less readi-
nesa to make a trading shift from the
selling to the buying side than had
been the case on previous Fridaye since
the end of December
Some handicap was imposed at the
outset by the manifest spread OF q new
feeling OF fresh conservatism as the re-
suit OF overnight developments connected
with the countrys foreign political rela-
tions The demonstration of sentiment
in the Senate at Washington fayoriug
an embargo on shipments of war muui-
,ions was not taken too seriously hut
| Wall Street has been little uneasy Vt
late over the symptoms which have bee
displayed I'm Congress to interfere In
questions NJ foreign relations, including
| the controversial matters pending with
| Great Britain and her allies over the
! treatment OF neutral mails and neutral
commerce.
II was. however. the Presidents main
address In this city OH Thursday which
WAS responsible for the fresh change of
l conservatism in financial sentiment The
/ Presidents remarks on the subject o!
preparedness and on issues affecting the
future business interests of the country
were well received. but there was a good
deal of comment on the emphasis with
which the President insisted that his
assertion of to-morrow's uncertainties IN
the International field were To he taken
( literally
Nevertheless the stock market started
with a display Of rising strength which
/ it continued In rather dull fashion until
D oil int ba ael
/ and BALDWIN Locomotive were the lead
! ers in "A group of war order speciaties
/ which We're bought pcrsis;ently upward.
. without. however. ttira ting more than
a Iangujd following while in more
7 standard quarters of the list offerings
were evidently encountered. as buyers
/ showed a disposition to raise their bids.
! Toward the beginning uf The last hour
( the market came Ia a hal; on the an
nouncement # the Braudeis appointment
3 TO the United States supreme Court.
( History tells of radicals Jared by tho
/ responsibilities of office and the Supreme
Z Court IL beyond all peradveuture a place
, Of SOLDERING Influence hut the Braudeis
| appointment chilled financial feeling for
! a variety Of reasons. Among others IL
! raised dIuht~ of the politics Of the year
I which had hecu more or less aliaNs I'd
lately by assurances that political dis
cussion and action would be guided hy a
( wise regard FOR the conservation Of
/ business confidence.
New pressure came into the stock
market in the last hour and a generally
! reactouary movement set IN. Instead ot
| the strong closing which had been OK
! pected the final tone WAS heavy with
! irregular net changes In prices. The in
vestment market continued stroug :,
feature being the rise Of tn" new STATE
~ on the curb to 10i :. or more than
I point above the figure accepted by the
State. The interesting Development IN
the foreign exchange market was the
weakness Of German bills on the firS'
day Of the operation of the Impe rial
Governments scheme for the regulation
OF German exchange.