The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-11
FINANCIAL NEWS
AND COMMENT
Further Decline in Stocks,
With Industrials Most
Under Pressure.
TRADING LESS ACTIVE

6tocks declined all around yesterday
and the market closed under pressure at
about the lowest level Of tho day. In
dustrlal issues bore the brunt OF the
selling and in this department the great
est s~oftness was again displayed by the
war munition shares and by descriptions
which have lately had rather extensive
advances. while the rest Of the list was
holding back. A factor In the session
was unquestioiably the increased dis
appointment Of speculative hopes enter
tanned toward January. and there was
a fairly substantial amount of miscella-
neous realizing from commission houses.
Professional speculative operations
saiiist prices seemed to be primarily re-
sponsible for the persistence of the re-
dictionary movement which has charac-
terized January so far. but a continue
ton of bearish ~endeavois was encouraged
by the liquidation which was Induced.
the success la dislodging stocks lately
being In marked contrast with the ef-
forts TO force selling in the closing
weeks of last year Tho underlying
stability exhibited by standard dcscrip-
lions was. however, a suggestion that
the market might very readily be-
come materially oversold. a Circumstance
which would establish a basis for sharp
recovery. The January reaction has
already been fairly extensive. numerous
stocks showing losses Of 10 points or
moro since III beginning OF the year.
and It IL to be noted that h deal
ings yesterday contracted somewhat in
volume instead OF expanding with the
further fail OF quoted values.
Moreover, the investment situation ad-
verti0ed its excellence by tho demonstra-
lions Of strength in important bonds.
Tho Anslo-French loan notes sold UP to
within . shade Of the underwriting price
and tho New York Central 6s made an
additional gain following their steady
advance lately. There we're some slight
rallies on short covering toward the end
Of the stock market session. but the
signs Of a turn for the better In the
price level were still lacking.
Reasons for the aspect OF the share
list which commended themselves 10 OBJ
servan attention werc limited almost
exclusively TO the question OF tho tech
meal position OF stocks. and in the o
sideration OF such a matter IL has to
be remembered that the money market
IL In a condition OF ease which tends. TO
prevent any congestion Of securities
from becoming a serious menace. even
though 1t In recognized that for some
time past a state OF congestion has
existed. There IL some disposition to
argue that because stocks have been de-
clining lately instead OF rejecting the OPP
imisti influence OF business and fnan-
cial developments strongly conducive
to expansion. these developments must
be taken as a measure OF the impaired
stock market position. differences OF the
sort are very likely TO be misleading and
no very great amount of liquidation may
he required to readjust the status Of
Stock Exchange accounts. IL has been
chiefly the war order group. In which
there WAS such an overdone speculation
for the rise last year. In which liquida-
ton has been required.
There was nothing in the marketwise
news over the week end to give an I'm
pulse to Wall Street action. Some
thing like a balance was struck between
favorable and unfavorable occurrences
both at home and abroad. European
advices told of shifting fortunes in the
war. with nothing conclusive in any re-
spect. our diplomatic relations to the
war were apparently improved by Ger
many's responses TO Washington's de-
mand. In domestic affairs the GOVERN
lel = NCi'h ~ Ait ~ li'E'N
cut!on was sufficient 10 permit the con-
clusion that the Federal Attorney
Generals hints of amnesty FOR innocent
offenders against the antitrust law had
a little more significance than has GUS
tomarily attached to such pronuncia-
mentos. Progress toward tho settlement
OF the Youngstown steel strike was
gratifying. although so violent and alb
rupt a labor disturbance has had inn
pl!cations which nave been somewhat
disturbing to the financial community.
About the only news which attracted
attention during the day WAS the United
States steel Corporations statement OF
forward orders at the end of last month,
This showed an increase OF 6l6.13l tons.
which was OH the whole quite UP to ex-
pectations. II had not been supposed
that the extraordinary rate Of gain in
October and November would he main
tanned, especially with steel makers re-
luctant to contract heavily for future
deliveries. Moreover, the corporation
nov has a business on hand OF the
greatest volume since tho middle Of
1913 and only meisurably below the