The sun., 1916-01-28
FINANCIAL NEWS
AND COMMENT
stocks Offer Better Resistance
to Pressure, Rallying
Toward Close.
STATE BONDS SELL UP

A good dea, Of pounding was endured
by the stock market yesterday. with
som. evidence. despite the various price
declines of the day. that Increased alb.
sorptive capacity had been developed
by this months liquidation and decline
Under such circumstances a demonstra
tion that stocks have been rather
heavily u>ersold would bc more or les:
in order especially when Wall stree
has been persuaded that the level o
real values did not warrant much shrink
ase in quoted values. whatever the tenn
porary difficulties Of an impaired tech
nical position owing to a Congested
speculative account open for the rise
Such Influences, aside from the opera
tons of professional traders scelin nj
to force liquidation. as have deprsssed
the share list have presumably moi
changed. but everybody has had trouble
lately in trying to reconcile the actor
OF the market with the persistent ac'
cumdnation of facts. evincing vas
augmentation OF the Country's invest.
ment resources by the profitable charac-
Of the current trade and industrial
expansion.
Further testimony OF constructive
bearing was furnished by yesterday
news. and Il is possible that the buying
support extended to many descriptions
proved that the recent marketwise re-
icction OF good news was not TO be
taken too seriously The rallyins ten.
icnCics which were manifest before tn.
close last night were not pronounced
e"oush to he Of any positive significance
On the record of recent weeks "A strong
4 Iii
pecied, but further sessions will be re.
situation. which has lent itself lately
20 a selling movement, has been SCI
gh,.
There was rush Of selling at the
opening. which caused early further
losses. and throug out a day Of fairly
active deal''gs the market was sub
jected TO sustained pressure from profes
siunal sales for the short account and
general Liquidation. Yet it was noted
that many shares yielded very stub.
horniy and very little. while In the after.
noon the whole market seemed to have
developed a point of obstinate res st.
tnce. some active buying toward the
close Cnircided with favorable con.
structon placed on some OF the new.
"f the day ana fair portion OF the day.
losses was recovered. with some stocks
Il sing at net gains.
stock exchange attention was not
wholly engaged with the selling aspects
ot the market nor responsive TO H. Their,
Was an lrCrea ascd amount OF hopeful
comment on the encouraging matters
which have been apparently ignored r
the last few days IN the selling of stocks
ana fresh subjects for such comment
were provided by the increase Of the st
Paul Railroad dividend from the rate ot
per cent to - per cent. a year ard by
the outcome of the sale of s25.0 900 OOt
II New York state per cent. bonds
The very h.Cn price Al which these bonds
went. the basis of yield being about 3S:
per cont, stimu'a ed stlli stronger price;
throughout the bond market,
New York city bonds moved up yer,
promptly and on the curb the new stat,
g. closed At 'pi, Al advance ot about 3,
of po.u' over the price to the state
the late advance following the announce
mcnt that the successful bidders had a
once disposed OF the whole issue. Their,
was evidence here Of the continuing ex
Cr!lcncc pf tho investment market. whicl
has Coutrast'd 50 strikiuglv this montl
with the speculative market
Moreover. speculative needs or effort!
do not altcr facts of ou''a site relation
10 values such ~ the maintenance o
the country'S external commerce IN rec
urd urrak4rg volumes and with Corolla
res uf unprecedented prn.ts for ATeri
can enterprise The December statomeu
SHOWS the Ia gost exports for any mont
yet. snd a record export balance 90
$4,000, 600 although the import move
mcuf made "A substantial gain.