The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-15
FINANCIAL NEWS
AND COMMENT
Stocks Rally Generally After
Further Decline in Early
Dealings.
STRONGEST NEAR CLOSE

IN transactions about equal 10 Thurs
DAYS volume Of dealings. which repre-
scented n marked increase OF selling ac-
tiyit>. the stock market Yesterday gave
q rather striking display Of fundamental
strength. Purchasers In the had the
best of 1t and there were indications
in the character of the buying. particu-
larry in the morning. that the investment
confidence which has been manifesting
itself SO persistcntly in the bond market
OF the year was willing to take advan-
,agc Of opportunities 10 absorb corporate
shares when offered at substantial con-
ccsslons.
After fuShcr early losses all around
recovery sct in and the urturn became
general in the afternoon. although clos
ing price changes were irregular. A
large number OF issues not only re-
gained the forenoon losses but part OF
Thursdays decline. Pressure WIS heavy
at the outset OF the session and It's ap-
plication was continuous during the first
hour. short covering and purchases OF
moro than a merely supporting char
actcr checked the tide of sales before
the end Of the morning and led to mod
crate rallies. An interval of somewhat
fevcrish dulness succeeded. but there
was a gradual hardening in the after
noon. followed by a more active advance
in the last hour. which was the strongest
period Of the day. Industrial specialties
rallied sharply. hut standard descrip-
lions showed gratifying frinnees. All
the indications were that there had
been a large amount of weak selling in
the pressure Of the last fcw days.
II could hardly he said that the action
Of quoted values was a response to re-
assuring conclusions respecting the out
como Of the Mexican and German
crises. The reasonable inference was
permitted in regard to these matters
that wall street had already done n
good deal Of discoun,ing Of the most
disturbing contingencies. For the rest
the session afforded another illustration
of the underlying strength and technical
soundness of the stock market. which
has. on various occasions in recen,
months. furnished such evidence by the
way In which pressure has been re-
sisted and rally has succeeded to decline.
Thee was nothing i'm tho news over
wight or during M" day 10 enable Wall
street 20 decide tina the uncertainties OF
the International situation were about
"a hc resolved by definite action. As "a
the controversy with Germany over the
cor duct Of submarine warfare the pre-
Nailing opinion seemed to ne that the ef-
feet of another note from Washington
To Berlin would depend more OF the
nature OF the note than has been the
case with previous communications. So
tar as regards the Mexican difficulty the
possibilities Of "A rapid a~ggravation Of
serious trouble were cenemlly appre-
Grated. The financial community was
willing ~ accept the Washington view
shat for the the Mexican crisis
was the ov~ershadOwing feature OF the
international problem.
In tho foreign exchange market francs
after selling at a new low price Of 500,
rallied rather sharply. This was takcf
t. Indicate a reflection OF progress In
negotiations for "A loan 10 France. or al
least in some arrangement for STABILIZE.
ing French exchange. incidentally. Ger
man exchange showed a further turn OF
strength. \ domestic development OF
favorable bearing was the report received
late In the day that the Union Paclti,
engineers had Withdrawn from the gen
eral wage demands made on the rail.
roads OF the country by the RAILWAY
unions. Tit sale of $4,000. 900 OF New
Haven shor, time notes bearing ~ pei
cent. interest to take up the 3 per cent
issue maturing next month was a toker
OF the improved credit Of the railroad
49, well Of the easy circumstances of the
money market.