The Washington herald., 1915-01-29
STEEL Minimum
REDUCED TO 40
Exchange Takes Action After
Stocks Flop to Former Bot
tom Price. of 43.
COPPER SHARES STRONG
Market Shows Few Evidences OF
Bearishness, and Many Sharp
Recoveries Mark Day.
COPPER SHARES STRONG

New York. Jan. 2S.-There is plenty
of room for individual opinion on
prices, Today's market showed CROSS
currents clearly indicating the diver
sions of investment sentiment steer
dropped 10 the official minimum of
43. around which figure some $4,000
shares changed hands. But the pegged
priced did not hold and dealings in
the stock occurred on the Consolidated
Exchange at 4Ol2.
When the ponderous machinery o.
the stock exchange again moved at }
o'clock. the official minimum for to-
morrow was reduced to 30 Many
brokers urged free market. contend
ing that without a peg, the stock
undoubtedly would be stronger. for
commission houses are lOatl 10 en-
courage purchases when STOP orders
cannot be entered with any IeErec Of
certainty that a fair price will rule
for the day.
Sentiment on the Street was by no
means bearish and many sharp re-
COveries were recorded. Mexican Petro-
leum led with gain of ~ points
and Traction stocks were active at
advancing figures. Third Avenue Went
from 46 TO 4S7s and InterbOro pre-
ferred crossed SO. Brooklyn Rapid
Transit was strong with a I per cent
gain.
Copper shares Strong.
on reports that spot copper had
sold up TO 142t cents, copper shares
were strong. Utah gaining more than
point and ANA gamated rising to
5514. Tennessee was firm St 81 z
Smelters rose fractionally and Guggen
helm Exploration sold up to 5O%.
Foreign selling was again in evil
dence, but cut little figure in the
d. INrio CT
and Union Pacific showed decided
strength around l2O. Northern Pa
cific gained a full point and PennsyI-
vania, Baltimore & Ohio, and AtchIson
ruled higher.
Missouri Pacific was active crossing I3,
but later reacted a point on rumors OF a
hitch in the reorganization. This stock
Is apparently we'll above intrinsic value.
Pittsburgh Coal issues were prominent.
with a 3 l-2 gain in the preferred that
carried the price 10 %. The common
shares appear attractive. as they have
not participated relatively In the improve
ment Automobile issues were strong.
Studebaker leading with a gain of nearly
three points to q 81 while Goodrich was
active around 81. Maxwell Motors issues
made substantial advances.
Bonds Contract Further.
Bonds showed a further contraction in
u dNlllbr Win a lfNQtUtE toward lOWeT
quotations. Convertible issues were az
tive and Irregular Missouri Pacific Sc
Curities were weak. the convertible -
dropping from - 10 n. United States
Steel 5s were heavy around lml. and In
ternatiOnal Mercantile Marine { lis do
Clined from 81 to . -
Traders on the floor are generally dis
satisfied with the action of the market
Many have played the short side i'm hopes
Of a general decline, and the strength in
specialties is deprecated. Among com
mission houses an optimistic opinion pre-
walls, and the outside public is apparently
willing to buy stocks at present levels or
on slight concessions. providing activity
is promised and this has diverted spcCu-
lative interest to the minor issues, where
there is no fear of foreign liquidation or
a threatened reduction OF minimum
prices.
For the moment traction stocks are the
favOritc- IntcTborouEh preferred gives
promise of a further advance. and the
buying in Third Avenue has been Of that
substantial nature that suggests accumu-
latiOn. Copper stocks are a good second
on the strength of the metal, and Uti-
mately Steel common will probably again
resume its place as a leader of SpeCula-
tive interest This stock is now some ten
points below recent quotations, and the
decline has probably thoroughly discount
cd a temporary reduction in the divi-
dcnd