The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-13
FINANCIAL NEWS
AND COMMENT
Stocks React Moderately in a
Market Of Less Active
Dealings.
FOREIGN TRADE ROOM

Dealings in stocks yesterday were on
q scale of some contraction from the
average volumes OF the last few days
and the forward movement of prices oh
viuusly slackencd. Whether or not any
significance for the trend Of values at
tached to tho general features OF the
session was conjecturaL Professional
sentiment seemed to be unchanged after
the close and remained more or less
optimistic In expectation of the contlnu-
alton OF advancing strength, although 1t
is not obvious that important financial
interests are disposed ut present to
risk very much In frt sh commitments ON
the constructive side of securities.
There was an early further upward
squirt OF prices, but the rise WAS not
sustained. While the day was not
marked by any pronounced selling press
ure there was at least "A qualified sus-
pension of bullish operative effort, and
II might be suspected that the market
was engaging In "A process OF absorbing
stocks carefully sold in the past week or
so. More talk was heard about the for
egn supply OF stocks which Is reaching
wall street, and International issues,
particularly rails, seemed to he under the
influence OF some liquidation.
Conner shares provided the principal
bullish leadership Of the day, ana In the
Industrial quarter there were again as
plays Of aggressive strength American
Sugar Refining made particularly Wig
orous advance to tho accompaniment or
explanatory rumors about "A forthcoming
vigorous fight In Congress for the res
tora rion OF the sugar tariff duties. A
degree OF plausiblity was lent 20 these
rumors by the evidence that Government
finances may be'in a bad way before the
middle OF the year unless early steps are
taken To provide a Federal income ade-
uuate to the drain made upon II by l"s-
islative appropriations.
Some talk was heard about the adV's-
ability of taking advantage OF the re-
cent better turn in the share list TO make
general reductions in the minimum prices
and the idea has much to commend II
evcn though Wall Street at the moment
il Inclined to think that the protective
minimums have been generally lett pe'
hind for good Missouri Pacihc's weak
ness directed attention to the hosplta
| list Of corporate cripplcs, which is more
| likely to he extended than shortened II
the near future.
The affairs OF the unfortunate RumeN
Company were advertised by the COLLAPSE
u the shares and the renewed decline II
! the Rock Island collateral - sugges'e,
| that the bondholders were beginning Il
| think of the financial problems when are
| looming up before the prospective stock
holders in the underlying property. Trad
| ing in bonds fell away a little, although
| Investment inquiry is stll excellent anC
| the tone of prices was strong
Mention was made in many quarters
| Of the controversy over British naNa
| nolicy toward neutral shipping as a pos
| sible source OF disturbing agitation
rhiefiy. however, because OF the fear tina
| I would furnish the Admin straton witt
| a specious argument for the promotion
| Of its III advised bill TO establish Gov
| ,rumeut merchant marine. The item o
| Washington news that attracted mos
| notice, though, was the report that Sec
| atary X dficid mad received figures show
ing a S35. 900. 900 export balance on tn
| 'ountrys foreign trade last week. an un
| urecedeutrd sum which points to a trade
valance for the month Of perhaps $50,
| 600 900.
The more hopeful views OF trade cond
| tons We're emphasized by the Statement
| ~ Chairman Topping OF the Rrpub.i 3,
steel Company that the general increase
Of orders on the books Of the steel max
| ,rs showed that business had turned thu
| corner at last However. II may he OBJ
| served OF comments in this category
| that without exception they fail to maxi
allusion to the persistent depression o
steel prices and a peculiar thing aSou
the current gains in forward orders 4
that they seem to have been without an!
| beneficial result on the price level.
| Gossip about the Baltimore and Ohi
| dividend struck an average OF eNpecta
ton that reduction would not he carried
below the rate of per cent year a
This time, although tho price of the stool
| suggests a deeper cut The Nashville
| Chattanooga and st. Louis Railroad
| Louisville and Nashville subsidiary, ha
owered ,ts rate from I per cent. year t.
| ; per cent
| Cotton was irregular, hut the grail
market was strong, wheat closing witt
recovery of 3ia cents a hushel o
what was described as one of the bigges
export buying days of the season. TIL
| domestic money market relaxed further
the call loan accommodation dropping Z
per cent. a new low figure, while tim
funds were shaded. Foreign eXchang
was firm after some early heaviness
Changes resulting from bank meeting
b.lJ bc int crest n