The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-15
FINANCIAL NEWS
And COMMENT
War Munitions Shares Rally
Sharply in the Afternoon
Market.
STOCKS UP ALL AROUND

IeSterOayS 9tock market was very
much like the Friday market Of the
previous week. There was an expansion
Of dealings. the most active period be-
ing In the afternoon. when there was a
very pronounced display Of rising
strength and the market as a whole
made a very extensive recover OF some
of the weeks losses and closed strong
with very active buying.
During the forenoon there was a good
deal Of irrcgularity. although II was
manifest that there was very little liqui-
dating pressure. Sentiment was more
or less under the spell Of the bearish
price Developments OF the previous ses-
sions and professional traders and COM
mission houses obviously awaited some
cue. The share list hardened quietly
In the afternoon and IN the last
hour spectacular leadership on the
side OF advan was aggressively as
serted by some of the prominent favor
ties of the war stock speculation OF pas
months. Crucible Steel made q conspic-
uous addition to its already large rally
and was vigorously supported by Bald
win Locomotive. Studebaker and other
specialties which had been most severely
We IIesSeu Ol ldte. INdlls tnu ctditudIu
industriais participated moderately In
the upturn. but i was again noted that
a revival of strength In the war muni-
tons and kindred shares Was as usual
at the expense of interest In the descrip-
I onS that are most identified with tile
country's prospect for the establishment
Of conditions al enduring prosperity.
This is the third time IN the last four
months when there has been a material
collapse in the gambling quarters OF the
marke, followed by a more or less speedy
renewal OF buying operations IN them.
The second response last November was
of brIefer duration and did not carry
Ia such levels of advance as the first, and
accordingly the present sequel TO the
unsettlcment OF war stock speculation
will he observed with much curiosity.
After the last previous demonstration II
! Mas manifest that the market had sue
ceeded only in getting itself into a posi-
ton where i. could not reflect the highly
optimistic Developments IN trade and in
dustry indicative OF the material en-
haucemcnI of intrinsic values In the
major catalogue of securities outside the
wartime specialties.
Short covering contributed largely to
the rapidity and Nigor Of yesterday
advance. The Ease with which prices
rose ON a relatively small amount OF
purchases suggested. however, that
here must have been very excellent
and substantial absorption OF offerings
on the recent declines. with signs also
that siles for the short account had
probably been In undue proportion 10 th'
actual volume of liquidation. No other
conclusion could he a wn Than that
temporary, at least Il Substantial i'm
| provem-nt Of the technical position OF
the industrial department had resulted
from a large shifting Of specialtics from
impaired accounts 10 quarters wher,
the, might he more firmly held. \
silnil = feature Of such occasions a.
yesterday was the circulation OF re-
! ports tina; large blocks Of distressed
stock had been taken over outside the
! market. Reports of the sort are usualll
sufficient TO induce professional traders
10 take the buying side. especially /:
the market itself furnishes any en-
couragemen In that direction.
Wall Street practically dismissed
Mexican considerations from its mind
for the day on tho assurances from
Washington that the administrator
would permit no change IN the policy Of
wat,hful waiting and the stock market
following paid much more attention t.
rumurs that contracts FOR additional
war supplies Of various kinds were
under negotiation and were likely TO be
placed during the next thre" or four
weeks. These reports 81 course had q
quality of timely coincidence with the
operations Of which the stock market
was tho scene.
Nc nwh,ie the investment market
continued To- give a satisfactory account
NJ itself In the persistence Of a broad
bu,inG inquiry. High prices were
quoted for me pending issue ~ New
York state I per cont. bonds and for
$50. uU0. 900 # American Telephone
notes which were taken by Il banking
syndicate.