The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-29
FINANCIAL NEWS
AND COMMENT
Stocks show Strength Despite
the Uncertain Position
of L. s. steel.
NEW MINIMUM Is FIXED

Some signs we're noticed yesterday that
indicated the disposition OF the stock
market to break away from the unset
Ting influence OF the changed status OF
United States steel shares which have
for years been reckoned among the mar
ket leaders. on general principles Sc
curtic5 which have been seasoned by
passing through the worst war panic in
the worlds history should be immune
to a good deal Of disturbing influences
which would ordinarily he reckoned Of
more than minor Importance. Undoubt-
cdly also when such great post panic
improvement I'm financial conditions has
been effected as is cvinced by the
present plcthoric case OF money and
the striking quest of capital for employ
merit the tendencies OF SCutities 10
rise are less likely to be hampered by
such a factor as the rcalignment Of
United States steel.
Nevertheless there were contrasting
signs yesterday that the share list vas
affected by the Steel episode, and the
market as whole was subject TO curl
Gus cross currents with Wall Street shti-
ment rendered more confused after the
close OF business by the further re1uc-
ton OF the official minimum price for
steel from a. to 40. Even the prepon-
derance of hopeful optimistic opinion,
which was guided by the strong fea-
lures Of the stock market session, was
qualified by the view that quoted values
might have difficulty In breaking away
from the Steel position while that posi-
ton was so uncertain. The sooner ac-
cordingly a normal market is reestah-
lshed for the Steel shares the easier II
will be for the real trend of stocks to
disclose itself
BY this time II should be obvious from
the experiments made with the minimum
price OF steel that splendid illustration
is being afforded OF the eNasperating emf
barrassments which result from sur
rounding business dealings or any klnd,
and conspicuously in securities, with
artificial restrictions. Some Of our radi-
cal leaders OF frothy new thought can
not find too much TO admire in schemes
for the limitation OF financial liberty, but
the practical experience of the market
place outweighs all their fantastic
theories. There was yesterday the dis
concerning spectacle OF a futile eHoit 70
make a market for steel on the stock
Exchange at the minimum price OF 50,
while the Consolidated sock Exchange
was trading at lower level on mimi
mum price OF 40. and in New street buy
ers were waiting for offerings at any
price sellers chose to suggest,
The fact that despite the ahnormality
OF the market there was stun hrst
hour market for United states steel at ~
may be token thaE around the ne"
minimum Of 40 there will be NOR" active
and extensive trading. If this appears to
be the case it will be taken FOR granted
that the S.eel uncertainty is on Its way
to early elimination from the Wal!
street reckoning. 1t would seem that the
Steel shares have assurcdly been APP
preaching an area in which an increasing
number of buyers will be found Tor a
stock that on its history is entitled 20
rank AT least as high as some Of the new
found specialties that are coming so hu'h
into vogue.
T..ai .-ansact'ous IN stocks were on a
scale Of contraction from Wednesday :
volume and the list made partial re-
covery Of Wednesdays losses, with SOM
material gains in special issues, "hlcH
rose to new high prices Toward ihe
close the market was a little unsettled on
the reappearance OF selling pressure, but
i'm the main the aspects of the list only
went 10 confirm tine impression Of under
lying strength. All but small amount
Of the trading In Steel took place IN the
first hour, when there was unqucsuonanIY
a good deal Of short covering In various
directions, but the retirement OF hearsf
commitments did not account for the gen
er:l price movement. There was per
| sistrut buying for the long account
Even Steel preferred closed at net
gain and IL is worth noting that there
| was no evidence of increased foreign self
| ing i'm consequence OF the passing Of the
| Steel dividend except perhaps in the Offer
| ings Of that stock itself. This fact was
one Of the marketwise cncoura gcments u
! the session, but Wall street sCntimcu
was chiefly formed by the portcnts OF 'n'
| Investment market. Activities in the fell
II new railroad financing, such AZ the salt
OF $40, 600. 600 OF Illinois Central divson1
per cent. bonds to bankers and IN
preparations Of the New Haven to funt
it's floating debt OF $50, 900, testified I,
the progress which banking and business
confidence has been making OF late.
The financial district did not obvtousl.
nav much attention to other matters thai
those which have been commented upon
Washington programmes remain unsatis
factory and disturbing, but Wall Stree
does not want to borrow trouble and hope
for the best in this as In other respects
Some very wretched railroad exhibit
were made for December, the worst o
which was the report of the Canadian Pa
clhc showing a net decrease Of more tina
$1,000, 900. bringing the loss in net for 81!
months up to about $500, 900. Whcd
sold above 81 so at Chicago. The foreig
exchange market showed some symptom
Of easing of again.