The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-26
FINANCIAL NEWS
AND COMMENT
Less Activity in the Stock Mar.
ket-Prices OFF
Little.
US. STEEL MEETING TO-DAY

All the implications OF the stool, mar
kct yesterday we're that Wall street
ls being guided chiefly at the present time
by actual and prospective developments
affecting general domestic business. The
Improvement In tho financial situation
has been so great that IL has become
a matter Of course and affords support
to quoted values. while supplying induce.
mcnts for investment accumulation. II
IL recognized though that securities have
already done quite a little in the way
OF discountlng moro trade and industrial
betterment than has appeared. and there
Is a disposition TO proceed cautiously in
the expansion of constructive commit
ments, In speculative issues at least,
pending more definite business signs.
At all events it seemed to lie mani
fest anew that the stock market is not
Immediately governed by occurrences in
the European war as long as they are
not conclusive as to the outcome or
fall to suggest a turn In tho tide OF the
war The financial community had war
matters 10 reflect on ut the outset OF the
new week. but while the British naval
victory In the North Sea was not news
which Wall Street would he inclined 20
regard as adverse. the share list made no
response to II. There was neither buying
nor selling from London and local initiS-
tive derived no incentive from the re-
suits OF the naval encounter. This was
quite in keeping with other occasions OF
recent date, when war news, either good
or bad from tho Wall street point OF
view. has lacked any stock market conse-
quencc.
Nor did the publication OF tho State
Departments letter explaining the Gov
ernment's neutral position in the war
enter obviously into the stock market
reckoning. II was generally considered
a surprisingly satisfactory document. IL
disposed OF apprehensions that the Adj
ministratlon might favor an embargo on
so-csllcd war business. Also IL seemed
20 Offer guarantees that Washington would
not become seriously involved in disturb
ing controversies with belligerent nations.
However, II is possible that financial in
terests Judged the state Department letter
to be somewhat qualified by the Admins
tration's programme for a Government
merchant marine, which seems to be rum
ming the risk OF raising dangerous inter-
national questions.
Dealings in stocks were quite prcdomi-
natcly professional. Tho narkc, seemed
to have stopped going up or going down
OF It's own accord and traders engaged
In efforts to test the state OF the list
after the recent advances into a new area.
accompanied as the rise had been. with
a moderate amount OF local distribution
and foreign liquidation. Transactions
were on contracted scale, and at the
close there was an average OF decline.
At the same time there was no acute
pressure anywhere and sales were fairly
well taken at slight concessions.
on the whole the stock market follow
ing seemed to he a little doubtful about
the further immediate continuation OF the
January rise, which would be a move
ment unusually contrary to almost uni
form precedent. and was particularly in a
mood to await and discuss the Steel Cor
porstion's meeting this afternoon. at
which the directors will consider the earn
ings for the last quarter and decide as 20
dividend disbursements The average of
expectation is that a dividend OF one-half
OF PEI cent. tor tine quarter viii ne o.
dered on tine common shares, although u
is believed that the report OF earnings will
make the worst exhibit for any quarter
in the corporations history
January In the steel trade has not main
tained the pace of improvement which de-
veloped IN December and new buying as
well as prices have been disappointing
Yet the Steel Corporations wage policy
and the Baltimore and Ohio dividend ac-
ton have shown that corporate finance de-
sires now TO vote confidence In the future
rather than to record the depressed con-
dit!ons Of the past.
There was less activity In bonds o.. the
Stock Exchange. but over tho counter
business showed an un!mpsired Invest
the money market. and foreign exchange
was firm. Cotton displayed strength an
the grain markets were strong, with whea.
selling at the highest price yet reached.