The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-22
FINANCIAL NEWS
AND COMMENT
Another Friday Session of
Strength With Gen.
eral Gains.
SPECIALlTIES LEAD RISE

without any tendency toward an IN
crease in the amount Of trading and
indeed with some slight falling of in the
volume of transactions. the stock mar
ket furnished further proof yesterday
than even II It contains q very extended
long account which nay denote a fun
damentaliy overbought condition, this
position is so strongly supported that the
list can be superficially very readily
oversold. 1t was Furthermore evinced
that there has been q sufficient persis-
tence Of bullish thought and sentiment t.
respond TO market incentives for bulllsh
action. for with all the short covering
purchases of the day and aggressive
clique operations there was q manifest
following OF new buyers on the advance
In certain descriptions.
The market in general conveyed an
impression of strength. although in
some respects the impression failed to
carry conviction because OF the fashion
in which many stocks we're offered for
sale on the development of moderate
inquiry. Trading was very largely pro-
f%essional m the circumstance was noted
hat for the third time this month FRI
days session had provided a demon
sNAdtioH ol SlitI6ln. comparison OIL
prices shows that the majority Of the
more active issues closed last night SUB
stantially below the level of the close OF
the previous Friday. but just as was the
case then the net result Of the day was q
material recovery from Thursdays final
figures.
Practically all stocks in which thsrs
Is n speculative interest participated
In yesterdays upturn, but generally
speaking the highest evels were reached
before midday. after which there was g
sagging movement, relieved by slight
rallies. The liquidation which was mani.
fest on Thursday was suspended by the
rising trend which was displayed earlier
in h day n the upward movemen,
was promoted materially by the dim,
culties which were ~ncountere in thu
forenoon in making purchases to retire
short commitments. Traders followed
the lead Of prices and as usual som
commission house buying vas attracted
by the manifestation of strength.
All OF the conspicuous features of tn,
session were provided by sp~ecialties, in
Guiding Cuban American Sugar. Amer
lean Wooden and International Mercan
tile Marine preferred. United States In
dustrlal Alcohol was a leader in tn,
speciality group and before the close Gov
cred an extreme advance of about 2,
points. This performance was enough (,
stimulate "A degree of speculative excite
ment which was expressed In the alb
sorption of fairly liberal offerings o
other issues. United States Steel dis
played more nrmness. but its course dit
not furnish al significant clue to tn
answers which Wall Street sought 70
the questions asked about the divldenS
prospects OF the stock at next Tuesday,
quarterly meeting of the directors Of tn,
corporation nor OF the marketwiso Af
fects.
Copper shares exhibited more strength
than for several days. although the,
did not make an exactly enthusiast,
reflection of reports OF a runaway mar
ket for the metal with prices quotet
at IS cents a pound and rising. 4
good many impulses toward speculativ,
action on the Stock Exchange hav,
been restrained for some time past b,
tho extraordinary moderation OF tn
copper issues in the fac OF the tire
mendous boom IN tho metal market
There was no overnight news. foreig1
or domestic. which changed In any par
ticular the consider ations OF the hnan
cial community based on political fac
tors AZ home or abroad. The news o
the day WAS OF Il distinctly optimisti
tenor In all It's relations 10 the profit
able expansion of business activity. Tn
Baltimore and Ohio Railroad reporte,
for December an increase OF almos
S2,50O. 900 in gross earnings, with
gain OF moro than $500, 900 in net ear
ippa