The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-19
FINANCIAL NEWS
And COMMENT
Stock Market Turns Dull on
Dccline-MOre Action on
the Rise.
GENERAL PRICE RALLY

Overnight advices bearing on the in.
te%rnational political situation furnished
no occasion for change in the gloomy
considerations which spectators for the
decline had been urging on stock mar.
ket attention. At the same time the
Stock Exchange session yesterday gave
further evidence that apprehension ovei
the diplomatic controversies which
Washington has or it's hands was limited
10 professional traders DESTROYS Of In
to cover their own commitments at q
proft. Real financial Judgment. Will,
not ignoring all the adverse contin
gencies Of a policy Of neutrality TOWARD
the European war. has not at any tim,
40 far included In it's calculation of prob.
abilities an expectation that either bel.
ligerent side would risk an u%nfavorabl,
alteration In its relations with the United
States.
Transactions contracted further IL
volume. the tendency Of the market
toward increasing dulness this week
when SO much professional effort wa,
engaged to depress prices. having beer
its most significant feature. Selling
again was largely OF professional trad
ing origin. with signs that there was
more substantial element in the buying
although "A large percentage OF shor'
covering entered into the days pur
chases. Dulness grew more pronounced
after early forenoon recessions were in
duced and there was more disposition
toward activity when the market ex
hibited symptoms Of all around harden
ing in the afternoon. With the excep
ton Of a very few war specialtiee ther'
was little weakness In the list. and ever
in the heavier descriptions weakness di,
not carry very far. while rallies in mos
eases ensued before the end of the day
There was a total lack of spontaneous
selling pressure.
Metal stool provided the LEADING
features OF particular strength. Shares
Of zinc producing corporations wer'
foremost in this group. well supporte'
by the coppers. United States Steel an'
kindred issues. The miscellaneous In
dustrial list displayed more irmness
as did leading rails. There was no ev.
dence. however. that the market ha'
lost its trading character. and observ
ers assumed that the upward trend q
prices for the day was largely he re
suit of an evening up process fatnilla
toward the week end. the last few day,
having been days of decline.
An interesting side ligh; ON the in
vestment situation was Afforded by tin
announcement that the United state
Steel Corporation had purchased for 1t
sinking FUND the $22.s00,0o0 of frs
mortgage ) per cent, bonds OF tn
corporation formerly owned in Scotlan,
and sold in pursuance Of the British
Governments mobilization OF foreigl
securities TO assist In financing the war
The purchase was a striking tribute I,
the buying power which the economj
consequences of the war havc conferred
on our corporate enterprise.
incidentally some further reports o
industrial corporations for 1915 wer
published during the day which adde
to the accommodating evidence of tn
profitable nature of last years bushes
expansion. The Central Leather Com
pany showed earnings for the ear u
about 1913 per cent. on the commo
stock. compared with less than 6.5 ne
cen in the previous year. the earn
ings for the December quarter havlnI
been at the rate of more than 81 pc
cent for the year. The g.. r. Goodric
Company reported earnings availabl
for common stock dividends exceed.n
II per cent. or more than three time
the surplus in 1914.