The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-01-31
TRAD|NG TENDS
To BUYING SIDE
EVIDENCES OF THE UNDERLYING
STRENGTH OF CJHfTlEs
MARKET ARE SEEN.
NO PRESSURE APPAREN I
sToCn ExcHAScE COMMITTEE
TAKES ANOTHER REEF IN
steel, CUTTING MINIMUM
FIGURES no 81.

New York. Jan. 30-The stock
market today did not continue the
rather excited selling movement
which Was under wA} on Ftl@ay al
ternoon. On the contrary tran!uE
tended toward the buying sig, prob
ably because OF disposition 10 cover
short commitments The Weeh"cnu
evening up OF contracts after the pro-
nonnced reaction of the last few days
would naturally take the form Of PuT-
chases, but there were also persistent
evidences Of the underlying strength
Of quoted values in general
There was renewed absorption ~
epectaif}es and although sofno 3f lhe
standard issues still seemed +" ne }it
supply. the constructive aspects 1T the
market were emphasized even tnou&n
reflective observers preferred eth to
draw differences from the uncertain
ties of the position af the nlted
States Steel shares, ana the liability
OF the liat TO unsettlemFnt from fresh
experiments with official minimum
prices,
ia the early dealings The market
was dull, bus II wss soon evident tnat
there ~as Gu pressure i9esultory
short covering began and became
little more urgent In the second hour,
when stocks all receded ALI around the
room Toward the close receding
tendencies were manifest. and II was
not altogether apparent that the mar
ket had vet found Itself after the
weeks interruption of the train or
aniiish sentiment and effort
Steel Preferred Firm
Short covering in New Haven and
persistent firmuees Of United states
Steel. preferred. helped tn contribute
Strengthening influences. There
seemed. however. 10 be very little IN
el!nation tn buy Steel common at the
minimum price Of 40, Accordingly
Il was not surprising that at the close
the Stock Exchange committee an
nounced "A still lower figure At the
same time Ii is very much Ia he
doubted thar dropping the price to
81 accomplished much after all that
has happened.
So much tanperlnp with the Steel
minimum begins 10 provoke criticism
as an exceedingly arbitrary interfer-
ence with the market, and can hardly
fail to make for further uusettlement
Of the list In general. On all accounts
II would seem 10 be better now TO
make a large cut In the minimum
price OF the Steel shares or what n
better yet to take off the embargo
OF minimum prices from the whole
list All the indications are that the
market II immune from the disturb
ances which werS apprehended when
The protective prices were esta bftshed
1t would he just ar EASY and ium
as Sensible fo close the Stock FIX
change arbitrarily again In the event
OF threatening overwhelming o.
quoted values by liquidation. as Il
would he TO allow suspension Of the
market to be automatically effected
by "a rush of sales against the oh.
stacle of the minimum prices.
Expansion OF Loans.
The weekly bank statement dis
closed IA further expansion Of loans
and deposits, which was testimony
10 the more active money market that
liz developing.
On all accounts the most important
and hopeful developments Of January
has been the inventive furnished Ia
the floating Of long time railraa A
bonds at reasonable rates. and Their.
In being laid in the financing move.
ment now under way the basis az
genuine, substantial and enduring bet.
terment In general business.