The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-01-26
nEcTORS RESUME
STEEL DIVIDENDS
nunErcn Stockholders VIII Receive
l Five Per Gent and stock Stands
Il Around IS. ..r,t' ...
GOOD TONIC FOR MARKET.
AIKEN BY Investors = showing Faith
OF Conservative Business Men In
Innate Soundness of Business sitna-
fton.
BY BRoADAN WAL

New York. Jan. 2S.--Aside from the
rength in United States Steel COM
Il aAon in anticipation Of the resumption
22s dividends specialties occupied in
srest in the stock market today. The
railroads lacked vitality and seemed
- . be under the influence Of the labor
xfouds 4 strong uudertone prevailed
n the close. Action of the Steel Cor
q sorstion directors in resuming divi-
lends is expected 10 furnish the tonic
wanted to stimulate interest in the
@senerai market Brokers, therefore,
ook for a strong and active list to-
& morrow. with Steel the leader
The apprehension supposed 20 ex-
st yesterday regarding the Steel
y dividend seernd TO have disappeared
! overnight for the list opened Arm,
with Steel common at the front. In
J he nrst hour the stock rose to SIS,
shich was ! Ia points above the
previous close. Not withstsrding the
q setter tone in steel and the special
3 lies. the market failed to display any
r-snthusiaara and transactions in them
were Light. In the early afternoon
4 Corn Products American Ltnseed
american Ice and other low priced
specialties were taken in hand by
) pools and raised. Corn Products touch
ing the highest price since 1907. steel
reacted slightly In the early afternoon,
but subsequently exceeded its pre-
vfous best price made during the fore
noon.
Il In the late dealings II recorded ono
i pcint from the top on profit-taking.
Dividend Resumed
i Steel comm on furnished more than
one fourth OF the entire dealings IN
all shares. The late afternoon run
up IN the price represented covering
ny shorts who did not have sufficient
courage to stay on the short side pend
ing the action of the directors. Fol
Sewing announcement of the directors
action. resuming dividends on a per
4 In the New Street at So IL bid and
as Ia asked. The closing price on
the exchange was s4 Ia.
At lease one person who attended
tfe bridge whist party given by Mira
FT H Gary has converted his prize
ref one share of steel, preferred. into
4. money. as Indicated ny the appearance
! To-day in Wall Street Of one share OF
the preferred in the name of Mrs.
Gary
~s Runors that the Mexican PETROLEUM
oil merger had been declared off and
that the Associated oil had refused 10
accept securities instead OF cash re-
suited in decline of one point IN
ssa Mexican Petroleum and nearly that
II frnleum was slightly higher. The writ
er learned today that there Is no truth
& in the r1lmorH of abandonment OF the
+ deal, and that conferences are being
Il held right along, the latest being held
today. One OF the men taking prom
fnent part in the negotiations told the
d writer today that the rumors relative
b IA the Associated oil being offered
4 stock and having turned It down were
without foundation.
The Street accepted the resumption
81 steel, common. dividends at the
81 rate of & per cent, a. year as a tactt
a expression by the directors who in
~ eltde many of the greatest business
men tn this country of their conf
dence in the soundness of the good
business being done by the United
4 states. Brokers believed that the an
81 r1rt1rcerrent of the largest earnings
for any quarter by the Steel corpora
ton should impress more wildly than
4 raising stock prices the prosperity OF
sss our large corporations.
d Rails Unperturt,ed.
sags The rails were unperturbed by the
strength OF Steel notwithstanding that
our arteries Of commerce must neces-
sarily reflect the prosperit" OF the
corporations with increased hauls.
81 with but two or three exceptions the
! STANDARD rails closed with net frac-
~ sional losses. Union Pacific acted In
contrast with the general downward
tendency of the railroads. and ad-
sanced fractionally. The basis for
its bstterment WAS found in the pub
j ncatton of December earnings show
ing a gross increase OF s1,se8.37 and
Nh a net gain of s1.025.43s.
~ Northern Pacific also rose frac-
~ fion owing TO gross increase of 81
.mOaS.e 600 Increase for December.
Atchison closed under Monday +
final, despite gain in gross of ST.
s fe1.B52. and an expansion IN net Of
rs 3i.Ii5.562.
United States Industrial Alcohol de-
6. cline more than points The direc-
tors met but failed to make any an
C hotncernent relative to the company
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