The Washington herald., 1915-02-07
MARKET Shows
BETTER TONE
Industrial Issues Display
Greater Strength In
Mixed Trading.
STEEL COMMON COMES UP
Three Important Dividend Meetings
Scheduled for Week-Bethlehem
Steel Is Active.

New York, Feb. 6.-StockS developed
a better tone in today's short session.
Trading was mixed, however. Industrial
issues displayed the greater strength.
Three important dividend meetings are
scheduled for next week. American
Sugar, Canadian Pacific and Southern
Pacific directors will vote on the ques-
ton OF maintaining present rates. 1t Is
not believed on the street that any re-
duction will be made, although unfavor-
able reports regarding last years earn
inEs are expected generally.
Bethlehem Steel was most active, with
an advance Of two points. Earnings for
the current year are said to be on a basis
that will show fully 50 per cent on the
common stock, but regular statements
are issued by those in authority depre-
eating the idea that any dividend pay
meut can be expected for some time to
come. Present large profits are coming
from the manufacture of war supplies,
and any sudden termination of hostilities
probably would reduce earnings sharply.
AS a nondividend payer Bethlehem Steel
common is considered high.
Steel Common GainH.
United States Steel common gained 3-4
on quiet buying that looks promising.
This stock may be expected gradually
to resume its proper position in market
activity, and there is a healthy short
interest which probably would be fright
ened into covering on any pronounced
strength.
F,ouipment issues were heavy. Bald
win Locomotive lost more than two
points, and Pressed Steel Car was Of
fered at 80. Copper shares were a shade
frmer on the rumor that the large pro-
ducers had sold their ore production up
to April
Texas Company sold at 131. 1t is
rumored that the company shortly will
offer $1,000, 900 Of new stock to share
holders at 100. American Hide and
Leather preferred rose to 81 IA. and
Central Leather was active around
343-4. Both stocks have good fol-
lowing, and higher prices are looked
for
Reading was again under pressure.
but failed to decline. Coal stocks gen
eraIly were heavy, Pennsylvania sell
inc from 1O5 "a to IO4 3-4. Norfolk
lost 2IA, Mexican Petroleum showed
steady strength, and made slight gain.
This stock has encouraged confidence
by the quiet but steady advance in
price.
Automobile Issues Firm.
Automobile issues were firm. Stude-
baker rising to 46 "a. Western conf
dence in this stock is pronounced.
Goodrich again sold at 35.
International issues were firmer,
Southern Pacific selling up to 81, and
Union Pacific crossing 119. Canadian
Pacific was dull but steady, while st.
Paul was inclined to heaviness.
The advance in InterborouEh pre-
ferred was temporarily short-circuited
bv another accident on the elevated.
Promises of early action on the divi-
dend question have excited speculative
interest, and a continuation of the up
ward movement in the preferred is
looked for during the week.
The bond market was active. Invest
ment buying by savings institutions OF
PENNSYLVANIA 41ks when issued" was a
feature The price held firmly around
1858 This issue is being rapidly
absorbed. st. Paul con. 5s when is
sued" were heavy, selling down 10
IOII-4 Selling for foreign account
was noted in Southern Pacific con. 5s.
Strength and activity in the stock
market had a wide effect in circles far
removed from Wall Street. Western
optimism has found expression by the
purchase of large blocks Of our indus
trial issues and this movement has re-
Cefved a healthy check by steady lqul-
dation Of many Of the good issues from
abroad. These, in turn, are being quiet
lv absorbed by domestic investors, and
the situation is kept normal and grad
uaIlv gaining in strength. An advanc-
ing tendency in the nondividend pay
ers is looked for during the coming