Evening star., 1915-01-24
TREND OF MARKET
TO LOWER LEVEL
Prices Yield to Outside Liqui.
dation and Pressure From
Bear Element.
TRADING OF THE WEEK
NOTABLE FOR ACTIVITY
Decline Comes Only After Values
Have Reached Highest Level Since
Opening of Exchange.

NEW YORK. January 23.-Buslness
during :-aay's short session of the
stock exchange was relatively dull,
and the movement more narrow tnan
recently. The trend of prices was
downward FROM the outset on further
liquidation. combined with bear pres
sure. In the la<er dealings the list
made partial reco>ery under lead OF
Reading. which scorNd net gain of
ain st Il point.
don presented the sanr> low level
70 ,.ur stocks. Baltimore and Ohio
bes.-s the only exception, with a slight
q 4 There were indications of more
E'e,pean selling in this market, chief
ly Ef the less active railroads and some
in lstrials and metal shares. The lat
t" Eagain failed to make favorable re-
SD Hse to the higher price asked for
IN raw product.
! A Week of Activity.
although the week end shows ma
tekal recessions from the top level. the
xek as whole was memorable for
itf greater activity. Sales of stocks in
thst brief period approximated 1.s00,
oet shares, while bond transactions on
thss exchange We're close to $4,000, 000.
t'fom all trustworthy. accounts. pri-
vaSe sales of listed and unlisted bonds
We-e far in excess of the latter figure.
Trade reports issued by the mercan-
tie agencies denoted improved condi
tidns, but confidence in the future, it
was added, seems to develop more
rapidly than real activity.
The bank statement more than bore
icfir
actual cash gain in combined reserves
of: almost s14.0O0,O00, with an increase
in net demand deposits of $3S,775,00l
and reserve increase of slightly more
than $7.0O0,00O. The loan expansion OF
almost $15.OOO.000 was ascribed to the
more active markets for securities
together with some syndicate pay
mentS.
Setback Only Moderate.
Largest dealings and highest prices
for stocks and bonds since the market
reopened. followed by moderate set
back. reflected the weeks growth OF
speculative confidence. Extraordinary
foreign trade developments remained
the most potent factor. Official esti-
mates placed the credit balance for
two weeks of January at s6s,0oo.0oo
promising a new monthly record and
compa ring with an export excess OF
S132. 100000 for December. Demand for
war supplies still constitutes the larg-
est element in the showing.
Steps were in progress for extension
of further banking credits to govern
nents which are customers, with as
surance against objection from the
Washington authorities. These credits
and sales of American securities by
foreigners are in lieu of shipments OF
gold to pay for our commodities. Grain
an 20 n, p
mand for export, with the holders
showing greater disposition to main
tain reserves.
There were more arrivals of agents
cover supplies for future needs. Cot
ton. carrying railroad stocks advanced.
Bank deposits in the grain region are
reported at record figures and sales
men usually employed in other terri.
tory flock to this country.
Refined Copper Higher.
There was a distinct gain in steel
mill production, and iron uying
showed less than the expected lapse
into duIlness. while the price OF re-
fined copper rose again. Metal stocks
were restrained, however, by questions
of dividend intentions. Railroad traffic
made increasing recovery of deficits
Easy money and abundant banking
supplies were pronounced influence
in reviving investment inquiry. Restor-
ed confidence reveals unsuspected re-
serves of capital awaiting investment.
Dissolution of the S1O0.0O0,0O0 bankers
able conditions. The effect whole
was seen in the sudden strength of
securities of corporations threatened
with financial pressure.
Specifications against contracts were
disappointing to the steel mills this
week Although the railroads have con-
tracted for 225,000 tons of rails since
the first of the year--including 10000
tons this week-rollfng schedules are
too meager to satisfy needs. Among
the latest rail orders are 2o.ooo tons
for the New Haven, 10000 tons for New
York Central lines, west of Buffalo;
$4,000 tons for the Burlington, 10000
for the Pennsylvania. 5000 for the
Norfolk and Western and $4,000 tons
for export.
Other Orders in Prospect.
The additional Pennsylvania. Boston
and Maine and Baltimore and Ohio dis
tributions are only a question OF a
few days or weeks but the Great North
ern and the Northern Pacific will place
few, if any, contracts this year. The
Southern Pacific will get 3O,0OO tons.
The Western Maryland has ordered
1000 kegs of spikes, and the Louis
Vile and Nashville 100 tons Of angle
bars The Santa Fe is reported to be
ordering 5000 cars. and the Missouri.
Kansas and Texas is buying ten loco
motives. Servia is reported to have
bought seven engines here.
Automobile manufacturers and steel
mills have bought more billets and
Inquiries for and tenders on
structural work were increasing, but
contracts placed called for only 10000
tons of steel shapes. half of which
were for the Kimball building at Chi
cago The other orders were small.
The industry as whole is not op-
Grating much over 45 per cent of total
capacity, but the steel corporation pro-
duced about Al per cent of ingots. The
tinplate mills are operating 81 to Sc
per cent of capacity, but few. If any.
lines have been more than 40 per cent
busy Sheet mills and fabricating shops
are more aggressive for business, but
firm