The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-02
FINANCIAL NEWS
AND COMMENT
General Rally in Stock Market
Extensive Gains by
Specialties.
PRESSURE OFF THE LIST

without any particular change In the
character Of news deserving financial
consideration. except perhaps some rug.
gestion from President Wilson'S speeches
that he had after all in mind general
rather than specific causes for urging a
stock market yesterday made a vigorous
all around rally As has been already
said. Wall Street was inclined TO inter-
pref the Presidents addresses as an en-
phatic effort to arouse the interior Of
the country. which haa taken no great
interest In the European war. to an
appreciation Of the perpetual menace Of
foreign complications which Il offers.
Possibly this could be related In some
way TO the nature of the trading and
the upward course OF prices in the share
list. but there was no signal external
development Of any sort which could be
seized upon az explaining the turn In
the market movement.
Accordingly the more obvious explana-
tion that stocks. after n rather pro-
tracted process of liquidation and de-
cline 70 correct an overbought condition
Of congestion, we're rejecting an i'm
proved position was the more readily
accepted. Sentiment was nevertheless
conservative enough at the end OF the
day to inspire a waiting attitude towar
further events which would demonstrate
whether or not the pronounced decline
which ran all through January. had ter
minated or been merely interrupted by a
rather sharp rally. Subsequent sessions
should show promptly X the position OF
quoted values has altered radically fof
the better. but a satisfactory feature
Yesterday was the appearance OF settled
stability instead OF a violent urging OF
prices on the advance.
Some specialties rose spectacularly
but the general market was character.
ICED by a fairly impressive degree OF
quiet strength. Dealings were on M
active scale. the busiest period being IN.
forenoon. short covering was most en-
ergetic AT that time and the level o'
average prices owed much of its recover,
to the retirement Of short commitment
There was evidence OF some new buy
ing. although purchasers were clearl,
cautious of following the market upwarC
in view Of it's failure for many week,
to maintain gains. For the res; the re
bound was manifestly the effect Of tn,
excellent absorption Of stocks, especial!
on the most recent days of decline, an,
of the absence of any volume 81 press
ing offerings at he range OF prices es
tahlished early in the day.
For the time being. anyway. the lis
seemed TO be sold out. even though ther,
were no definite Indications that u ha,
been heavily oversold. The bulk OF III
general advance was made before IN
afternoon. but In the last hour the mar
kct held quite firmly at only modera;
recesSious from the hest figures.
Neither dulness nor activity provoke
selling pressure. An extensive varict,
Of specialties. conveniently classed i
TN war stock group. displayed the grea;
est strength. but standard issues psrtici
paicd in the upturn. The copper share
were perhaps the most conspicuous lag
CARDS.
In the budget of routine financial new
there was included the EXTRAORDINARY
increased earnings Of the Pennsylvania
system and the foreign trade report 70
last week showing an export balance O
about $40. 000. 000. some dividend dec
~larations of Wall Street interest wer
announced. among them an initial quar-
;erly disbursement of 81 on the kenne
colt Copper shares. Industrial condi
tious were further illustrated 10y the re
port OF the American can corpan,
showing that without any inclusion o
earnings from war contracts the com
pauy had been able 70 make heav.
charges or earnings for depreciation am
other accounts. to add largely to Il
working capital and at the same tim
10 disclose a satisfactory surplus owe
charges and dividends.
Reports tina the Federal Treasury wa
considering some new financing attracte
attention. but Wall Street was withou
confirmation during business hours. Fo
MANY months past II has been bankinl
opinion hat the ordinary requirement
Of Government expenditure must soone
or later compel the Administrator I
have ecourse to borrowing operations.