The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-30
FINANCIAL NEWS
AND COMMENT
General Break in the Stock
Market After Early
Firmness.
MOST ACTIVE SESSION YET

An snectual end was made Of the Jan.
uary rise by yesterdays stock market
Total transactions wcrc much the largest
and prices suffered the worst break since
the reopening OF the Stock Exchange
Trading IN United States Steel cpnsti-
tuted about one-siXth OF al, the dealings
although throughout tho afternoon there
was again very little market for the
Steel shares. The new minimum price
OF 40 evidently failed to approach the
level at which buyers and sellers were
willing to meet. and the discovery Of this
fact seemed TO lie one Of the most depress-
Ing influences Of the day.
In the early forenoon the market
started sharply upward all around, as
though bent on proving its disposition
TO ignore the Steel position, but the move
ment had suspicious appearance OF
effort. II may have been designed to
facilitate general sales. hut in any case
rising tendencies did not survive the
appearance Of genuine liquidation In vari-
Gus Issues and the discovery that United
States steel was offering at a quantity
much In excess of tho demand from the
short interest for the purpose OF covering.
Other demand for steel there seemed
to be very little and after the morning
trading the market gave unmstakab,e
evidences OF increasing weakness under
the pressure to which Il was subjected
by heavy declines Ia New Haven, Cana
dian Pacific and Reading. TO say nothing
Of the fan OF a variety OF standard and
special issues. Some specla,ties held up
stubbornly all day. but the main tendency
of the market was downward. with net
losses OF to points extending through
the list at the close.
Trading in bonds contracted as business
on the decline In stocks expanded. Il
seems also that the keen edge OF inquiry
for outstanding investment issues has
been blunted. Probably this is because
of the indications OF large output OF new
bonds, the anticipatory effect Of which is
invariably to cause investment funds TO he
withheld for the attractive opportunities
which underwriting and public subscrip-
ton to the new promotions may present.
The genuine character OF the investment
market goes to show that a large amount
of new financing is going to be accom-
plished successfully. ana the implications
of this are all optimistic.
Curious rumors and coulectures were
put In circulation TO account for the down
ward lurch of the share list. There was
no special news over night or during tho
day relating 10 any particular stocks save
that furnished by reports OF earnings and
the Federal cour, decision against the
New York Central i'm Injunction proceed
ings brought by New York and Harlem
shareholders to prevent tho
merger with the Central. one Of the
yarns which went about was that Rus
sia was seeking 10 make peace In the
European war, which was clearly "A char
ac;eristic invention OF traders The recent
market has furnished all the explanations
needed
There has been an overdone diversion
OF attention 10 specialtles and special
IN rtors to the neglect OF standard stocks
and fundamental considerations. OF late
the advance has become rather obst'-
nately aggressive. and In the last few
days there has been too much subscrlp-
lion ~ tho notion that d;;o;5a "s;!;;cS
could break away from the unsettllug in
nuence of United States STEEL while the
Steel shares were seeking normal level
There seemed TO be an increase OF
European Liquidation. and in the after
noon commission house liquidation was
Traders operated on the
bear side and accelerated the decline
Indications OF excellent scale down buy
ing we're plainly dlscernible and careful
observers we're Of the opinion that the
market was being put in better shape
for a resumption OF tho Improvement
movement later on.
The Stock Exchange authorities did
not make a further reduction In the
Steel minimum. possibly because OF the
short session to-day. but there seemed
to be no logic in their policy. Street
shares ~ Steel were reported as low as
S7ts.