The sun., 1916-12-28
FINANCIAL NEWS
And COMMENT
Sympathetic Declines No
Longer Follow Drive at
Particular Stocks.
WEAKNESS IN MOTORS
Other Shares Little Affected
Indications Of Good In
= vestment Buying.
WEAKNESS IN MOTORS

The stock market apparently has
reached the stage where attacks upon
one group Of stocks may be effective
without a sympathetic result In other
parts OF the list. In Tuesdays opera
tons II was Mercantile Marine which
declined sharply. although the rest Of
the market failed to respond to bearish
pressure. while in yesterdays light
trading the motor stocks moved down
sharply without any real suggestion Of
response elsewhere among the active
features. Doubtless there are other
weak spots which will be searched out.
but from the current course Of trading
there appears reason to believe that the
general market has been rather thor
oughly ~Nquidated.
In yesterdays dealings the greater
proportion of the business was provided
by the trading element. although In a
few issues evidence Of outside buying
was reported. notably in the steel and
copper shares and in 5 me Of the rails
and the specialties. In these stocks and
In most departments prices moved In the
direction of higher levels in the greater
part Of the day. with. however. nal
realizing sales heavy enough to wipe
out much OF the earlier improvement.
United States Steel. for instance. which
hou SfoWh ~ ~ VI
closed unchanged from the proceeding
day.
Buyers of the steel stocks md In trade
conditions their warrant for bullishncss
in spite OF the predicted horrors Of
peace, which by the way appear to be a
far way of. And their particular bull
ishness yesterday on United States Steel
was based upon the estimates made In
the Street for a new high record OF earn
ings In the quarter now drawing to a
close. In referring to the position OF
the steel and iron trade the weekly re-
views of the industry say that although
operating problems are causing some
uneasiness' cause OF the shortage OF
coal. coke and gas. due to inadequate
transportation facilities. there Is a sur
prising amount of new business.
Investment buying was reported In
many of the attractive stocks. includ-
ing the high grade preferred industrials.
According TO thu character of the ad-
vices received by commission houses
from their wealthy clients more attcn-
ton Is being paid by substantial inter-
es,s to the investment outlook than to
the chanccs for an active bull specula-
ton In the new year. and instances al
ready are reported OF a REIMBURSEMENT
of holdings by which investors will ind
themselves In possession of only those
securities which may be counted upon to
yield an income in the most acute
periods of business depression. Wall
Street Is not looking for such a period.
but some persons evidently are prepar-
ing for an early ending of the war and
a change in business conditions.
Money was in abundant supply ut
cheap rates. with relatively little de-
mand for stock market accommodation,
In foreign exchange there were no move
mcnts OF Importance.
An incident of the day was a sharp
advance In the wheat market. the up
ward movement being based upon heavy
export sales. II was estimated that with
In the last twenty-four hours Europe
had taken more than 1000. 900 bushels.