New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-22
No Increase in Selling
Traders Cover and Be
come Buyers.
INDUSTRIALS MAKE
VIGOROUS RECOVERY
Broad Advance Follows Decline
of Day Before-Alcohol
Jumps Toward Close.

Thursdays weakness was followed by
no increase in public offerings Of stock
yesterday. Instead. traders who start
ed 70 sell short at the opening found
that an unusually small amount Of Sc
eurities was coming out and fastened
70 cover. Active industrisls rose so
readily on this repurehasing that the
professional position was largely re
versed and the rise went further on
new buying. Gains Of TO points
and more were common. in the late
afternoon there was more irregulsrity
rs profits were taken. but some issues
were rising almost 10 the close.
At their best stocks that had given
way so easily the day before had made
I'd almost all their losses Of earlier
in the week The coppers st last
showed some frmness in response TO
the remarkable demand reported for
the metal. though advances on the
Stock Exchange here were not large.
The railroads for the most part were
fractonally higher after some early
uncertainty in which o number went
under their low prices of the day be-
fore.
United State. Steel was ouieter, some
5000 shares changing hands. The
question Of what treatment would be
given common stockholders az next
weeks directors meeting continued
subject OF lively discussion, but rise
Of more than a point. OF which 8 good
fraction was maintained at the close,
- rv-s 90 10 WI a.
Of the day before were not generally
accepted. American locomotives great
increase in earnings in the last SIX
months and dividend action Of one or
two smaller industrials aided in the
more hopeful point OF view with which
traders regarded the coming action on
Steel.
United States Industrial Alcohol was
strong all day, and in the late trading
was put up rapidly 20 l6a, more than
20 points above Thursdays close. ku-
mors OF some disbursements soon 10 be
announced were circulated IS the stock
rose. but so small is the available sup
ply that such specific cause IS not nee
essery 10 explain wide market move.
ments in the issue. War stocks and
other industrials that had been under
pressure on the day preceding recov-
cred vigorously. Cruclble steel, Next
can Petroleum, Mercantile Marine GER
tifcates. Studebaker. Baldwin Locomo-
tive and similar issues rose easily.
Anaconda had made Up its dividend at
the close, and American Smelling at It's
best was more than points higher.
Erie and New Haven rallied, but Cana
dian Pacific ended a fraction lower.
General trade conditions may not be
bringing new purchases 70 the market;
1T least. they may be said 20 furnish
sufficient confidence 10 prevent any i'm
portant selling by the general public.
Yesterdays reviews Of business condl-
tions told Of an unusually early open
ING Of the wholesale spring trade with
manufacturers being fastened on de-
liveries, road orders excellent and col
lections good Bank clearings outside
OF New York as we'll as here are well
above those Of 1914, and January gross
earnings Of the railroads are large.
Known currency movements indicate
another large gain by local institu-
lions from shipments from the interior.
There was practically no change here
Yesterday in the prevailing ease Of
money rates. Sterling was steady at
around 476 for demand in broader
market Withdrawal of gold for eX-
port TO Argentina, though exchange
rates with that country are in our
favor, may represent British payments.
Last year gold was earmarked IN Lon
don for Argentine account to pay for
shipments Of wheat