The sun., 1916-02-10
FINANCIAL NEWS
And COMMENT
stock Market Develops Gen.
craI Strength After Dull
Morning.
COPPERS TAKE THE LEAD

OUT OF dull and apathetic forenoon
the stock market developed n degree OF
strength breadth and animation which
took Wall street somewhat by surprise
Professional traders at all events were
| III prepared for the turn and were forced
I to buy back rather hurriedly stocks
which they had sold In the morning for
lower prices Activity was practically
limited to the late trading. but the list
- a whole closed strong in price and
{ with a strong tone. which was fur
ther reflection and indication OF the sub
.tantial betterment worked in internal
market conditions during the recent pro-
ment. the most pronounced OF its kind
! since the market started upward last
/ year
Al first attention was fixed on the ex-
| plicit assurances that an understanding
/ had been reached between Washington
AMI Berlin over the issues involved in
the Lustana controversy. II il pos
sihle that there was no obvious stock
Exchange response TO this as construc-
i've factor because 1t had been q reason
ably certain event for several days past
aud also because OF the suggestion in
Washington advices that the under
| standing did no. represent a satisfactory
settlement so much as an agreement oi
policy operating to prevent "a break of
relations with all the disast rous conse-
quences that might ensue. Yet II the
m
thus'asn over diplomatic developments
II was not necessarily on the foregoing
accounts nor because definite and final
announcements had yet to be made. II
~ a legitimate inference that the tcrmi.
nation pf the l.ustania controversy. how.
ever FAR reaching. could not he so ,nu
a positive stock market stimulus as q
removal of factors OF restraint and pres.
sure.
Very possibly. therefore. this !S what
the market denoted in the afternoon sell
| ing 10y traders had given an irrygul 10
! aspect to the course of prices. the theory
OF trading operations being that the
I market disclosed a disappointing llcl
of buyers. Later or there was NOR,
significant disclosure uf continued
lack of any substantial supply ot stlr,;'
and when some aggressive buying -
the rise appeared In Il few standard IL"
syrptons the scarcity Of onerus.
around the current level was uum -
taxable A. result fresh purchaser
were attracted and the list had goo,
deal OF an upward swing IN the las
hour with activity increasing on ia,
adNduce. The chief influence in tin,
further upturn seemed 10 he in the III
creaSing evidence of the effectiveness
o. the readjustment OF the market ro~ g.
lion lately in permitting quoted value,
to tend in the direction Of the profit
able expansion which charscterizes gen
| crIl business conditions T. this tIt
tcledse OF the financial communty from
the graNest apprehensiOns on grounds
of iuteruat.on politics might contr b
ute.
Had the upswing been limited to spe
cislties no particular significance coul,
be ascribei To II. There was plenty o
special strength in tho industrial de
lartueni despite some irregular Tea
. tui"s, hut the market gave signs al
a.uUud ~ a general improving trend
The Internal ioual sHares displayed SOM
i'uneSs At ye start of tn" 'itN, IN con
S"lu.uc" presumably ~ the diplomat il
news. hut railroad stocks were more Wig
urUusiy firm throughout tine session tnai
10Y many weeks pas. Thor action VT
I supported 10y standard industr.ais, in
Guiding United States Steel. but the I'm
. tGt' lldI letd'fS.lf bl iN' 'lli''' VIZ
I provided 10y tho COPPER metal group T.
support uf The rising strenpt1 VIII
marked Anaconda and American Smcl;
inC.
The protractc inertia - copper share
IN face Of In. extraordinary strength a.
} he market for tn. metal has been
/ drag Oh the Whol. list for a long tim,
and when they showed symptoms ~
Il movement 20 measure the treneudou
L consumption of copper at record ptic,
L the whole market took notice. Inc
/ dentally tine situation outside the mar
/ ket was further emphaticaly advertise
by The weekly reviews Of basic iudustr
/ reporting among other things that stot
/ mills did not lack much of being sol
W. for 'hc whole Of the presen' yea
/ EuNiug for delivery I'm the last quartz
| OF the year is becoming e.! an auNIou
/ nature. and the unabat"d demand wd
/ illustrated by the negotiation Of con
tracts Tor deliveries early In lHlI
GERMAN bills were pushed to u h.ghH
/ level OF recovery in the foreign 'Nrhaul
/ mark",, but nowhcre IN the financial di,
: trict was any information uhtnulnhi- {
show how the rally IN marks was holu
promoted nor what pi"spe'' there "a