The sun., 1916-01-19
FINANCIAL NEWS
And COMMENT
Professional Selling Depresses
Prices without Forcing
Liquidation.
RALLY IN LAST HOUR

without any expansion in dealings the
stock market yesterday presented SELL
ing aspects until the late afternoon. The
indications were that trading experi-
ments were being conducted to see IL
the declining movement OF the first half
Of the month could not be started again
and the various rumors circulated to
provoke unsettled sentiment were all
characteristic OF bearish effort.
II seems to be generally assumed that
between the constructive influences OF
external conditions bearing on values
and the Internal conditions of the mar
ket Itself. otherwise described as the
technical position, after "a great specu-
lative and investment year OF rise and
distribution. As a result the trading
element Is inclined to commit itself to
an expectation OF lowered prices be-
cause it's calculations are largely af-
fccted by technical considerations. Per-
haps the market lately and yesterday
furnishes the most explicit commentary
on this attitude.
Judging from al, signs it might have
November or the early part OF December.
when positions were 50 frequently tested
yhy professional operations for the de-
cline. Because OF the halt on Monday
with no appearance of aggressive buy
ing activity in the sequel TO last weeks
sharp rally. traders attacked prices early
I'm the day. There seemed to be some
liquidation In various directions but on
the whole quoted values did not evince
any important pressure II was easy
| enough to put prices down. but the re-
/ duction did not d!slodge stocks In any
| volume and hrmness was displayed In
most descriptions at reactions ranging
/ from less thaa a point to two points oi
( SO below Mondays close.
/ In the last hour the price movement
OF the day was rather readily reversed
when several Industrial issues were
vigorously advanced. Industrial Alco
hol rose extensively In a fashion thai
conveyed hint Of speculative possibili
ties in specialties which might not have
been fully exhausted in the direction q
expansion at time when American
business men and American enterprise
have been and are making large piofits
American Coal Products, Bethlehem
steel, General Motors ami Contra
Leather made gains for the session
New York Central was conspicuous,
strong at the maximum level which /
has reached so far and most rails AM
STANDARD industrials exhibited persisten
stability. a circumstance worth noting II
view OF the current estimates or tn
vo.uminous further return OF our securl
ties from abroad In the course especial,
Of liquidation connected with the Britis'
Governments mobilization OF the ma
tional wealth invested here
A good deal OF the speculative pres
sure OF the day was exeitel on tn.te'
states steel. but the stock was yer!
Arm at a very moderate decline. Con
lecture as to the dividend action OF IN
directors al next weeks quarterly meet
ing did not seem TO he apprehens've o
any acute disa appointment. Possibly thi
feeling OF confidence is owing in part I
the recent offer OF the stock to employee
for subscription at S. and in part to IN
wage increases announced about fort
night ago. Incidentally 1t was state
yesterday that the finance committee q
the corporation had authorized improve
ment expenditures aggregatng $4,000
!, 900 on plants OF the Carnegie steel Con-
pany. which could be legitimately cor
| strucd as a sign OF optimistic cohNlcuo
a; CORPORATION headquarters.
There was plenty of news from ~
| rope which might have lent itself u a
| uneasy feeling, hut the financial con
| mun,ty reads its war adv!ces In the lIgi
OF the foreign exchange market. ~ Ion
as sterling exchange holds strong at
substantial recovery Wall Stree, will NJ
be inclined to indulge in stock market y
aectlons OF adverse contingencies IN Il
European situation. 90 far as factors
domestic politics go the financial di
;rict is not yet ready to anticipate po!'
II cal conclusions
II The most interesting development
i foreign exchange during the day was u
fresh spell Of weakness in rechsinafN
As bearing on one phase OF the retu
II OF our securities from abroad. II w
made evident that the foreign tra'
movement continues to provide satl
III fac:orily for the accommodation OF III
II investment shift The export balan
II for the week ended January - W
about s47,O0O,0 900. making the expo
) excess for the first half OF the mon
- snne,h,ng more than 500, ,00O, 900.