The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-01-27
STEEL DIVIDEND HAS
NO TONIC EFFECT
MAssKEr.wrsE FOLK BE,RIsH.
ssencral Belief Seems to he That Low
err Prices are To- Prevail--Railroad
Labor Situation Continues IszAture
OF Rail Market Forecast.
nv pR0ADAN WALL.

New York, Jan. Except Tor
IN ash Of strength at the opening the
EST quarterly statement Of earnings
yer published by the United States
seel Corporation, and the resumption
e dividends on the common fell fiat
a tonic to the stock market today.
he momentary beneficial effect on
Fices was seized by spectators as AN
opportunity 10 get out ~ stocks which
Fsey believe will sell lower owing 10
sae ChanEed technical conditions mar
et-wise. Initial prices were the best
the session. Offerings were steady
nd continuous with the result that
---yyEtrTF prices were around the lowest
Id showed substantial net losses.
The effect on sentiment of the Steel
arnings and dividend action was
.9und tn an excited opening hTst
rica. being well above the previous
aossns with steel common the center
sf 5nterest There was a wide open
.Tg in this Issue at price ranging
rom SIS S-s TO So with transactions
{ 10. 06e shares, agsinst 50 l-2. Tues
avs close.
rice Drops Under Steady offerings
For about ten minutes a large
rmount of stock changed hands In the
icinity of IS IL. but the price sub
eouently gave way under the steady
fferings. Rails were strong at the
utret. but later sold off with the bal
nee of the list, international Issues
s5ere offered freely During the early
afternoon, and a substantial amount
II foreign selling was reported. Com
mission houses at the close were ad-
Using purchase of stocks only for
uick profits, believing that the trenu
still downward.
Although the rails average nearly
tx points under the range prevailing
the beginning OF the year, brokers
he carefully apalyze the technical
aarket position of the speculative &C
uliftt were advising customers to get
at of stocks They contend, and this
y confirmed by local bankers. that
he commission houses are carrying
unusually large loans which means
hat the public Is tenaciousiy holding
IN to securities purchased at much
higher prices.
This, they say, Is evidence of the
weak speculative position which must
oe eliminated either by declining in
prices or the development OF very ia
vornb BILE news The latter ts not e&-
pectcd, In view of the unresponsiVe
way in which the Steel corporation
announcements were received. The re-
lection of Germany offer of settle
PneY4t in the Lusitania case and the
possibility that Sweden may enter the
war.
railroad Dispute a Factor.
The dispute between the railroad
managers and employees is expected &c
DO one of the important factors In
shaping stock prices in the fmmedi'
ate future. Any interruption TO rail
road traffic at this time. 1t is CON
tended, would be very embarrassing &c
sol T.rVG RnRnFTHA
the optimistic reports OF railroad earn
iraas coming TO hand II Is contendeo
that the railroad employees have the
Upper hand. A compromise Is there
fore expected by financial interests
The, steady liquidation by foreigners
: and the possibility that 1t may be In
creased by another home loan BY
Great Britain is also dampening en-
thsfsiasrn with regard TO high values
ST. Paul directors will meet tomor-
row TO act on the common dtYidand
rrucible Steel was one OF the excep-
eions 10 the general downward trend
dosing with a net gain of about q
ao3nt following an early rise Of nearly
hre points Its tirmness. according
Eomo brokers. indicated that the
Teak speculative position in IL had
cen eliminated for there is nothinf
ke generally receding market e
low up weak spots. The Bradua
applying OF news relative TO the com.
any's business is improving the re-
Hard with which the stock had recent
been held. The old story that Chas
Ill. schwab had obtained control has
gain been revived, with the addition
AT a large banking institution Ii
Inflated with him in the deal. rep
sentative Of the banking institution
MED that his bank was in any way
Waived