Evening star., 1916-04-26
WALL STREET MARKET
QUIET; PRICES LOWER
Opening Is Rather Firm. But Bears
Are Encouraged by Lack of
Buying Orders.
Selling of Munition Shares Brings
General Reductions of Values of
From One to Three Points.

NEW YORK. April e6.-Latest for
eign advices. failure of the United
States Steel directors to increase the
common dividend and the more acute
phases of the domestic labor situation
accounted for the irregular tone of to-
days early market.
Declines of | to points were re-
corded by some of the more active spe-
cialties. notably Crucible Steel. Bald
win Locomotive. Studebaker. Mercan-
tile Marine preferred and New York
Airbrake. while others of the same
class lost substantial fractions.
United States Steel was under pres
sure, as were also leading rails.
There We're moderate gains in Pa
cif1c Mail, Mexican Petroleum. Indus
trial Alcohol and DiStillers' Securities.
Absence of Buying Demand.
The noteworthy feature of the fore
noon was the absence of the recent
buying demand. Further unsettlement
was occasioned when Crucible and
Baldwin, together with other active
munitions and industrials, were sin
gled out by the short interest.
New Haven. one of yesterdays weak
est features. denoted Increased pressure,
and other prominent rails were lower
There were counter movements in
marines and some of the coppers
Greene Cananea responding favorably
to prospects of an increased dividend.
United States Steel and other former
favorites were under steady restraint,
with renewed selling of the list at
noon.
Rather Peculiar Market.
II was. in a way, a rather peculiar
market, at times showing a fairly good
undertone and then again weak streak
without well-defined direction.
At the opening there were advances
The bears. after their wild covering of
Monday and Tuesday. in which large
line of shorts had been covered, with
some profits garnered. were hanging on
the fianks of the market and made capi-
tai out of the absence of increased dvi-
dend on Steel common. despite the fact
that there had been only the widest ru-
mors of an increase and despite the fact
that the earnings for the first quarter of
1916 were the largest on record, $60.113.
624: s10,000,0O0 greater than for the last
quarter of 1915.
Then, too. the corporation has Or
ders for the balance of 1916 and many
tons booked for 1917 delivery.
With such enormous earnings, which
must in time go to the common share
holders, the stock was weak and X
off at the low, but cane back a little.
Shading Follows Bear Selling.
Immediately following the firm open
ing the list was shaded with bear SELL
ing, selecting Baldwin Locomotive as
the market club. breaking it points.
later recovering all but II. of the
loss.
other war stocks acted much the
same way, but the pressure was not
continued and there were partial re-
coveries.
Crucible Steel lost Ia, Stude baker
lost points. Locomotive and Smelter
point and others " to point.
New Haven lost a point. while Read
ing and other rails lost fractionalIy
The market became very dull before
the end of the first D6ur of trading
and was slow thereafter into the aft
ernoOn.
Market Drags in Last Hour.
The total sales for four hours were
but $1,000 shares. indicating plainly
the dullness that followed the opening
half-hour Of the session
The market dragged in the last hour.
strength developing in Norfolk and
Western being about the only special
feature. this stock rising points from
yesterdays closing. on the expectation
OF an increase in the dividend rate.
Pittsburgh Coal also featured in a .
point rise.
Most of the industriais were un-
changed in the final hour. bur the r.,Is
ADVANCED fractionally.
The annual meeting of the BaIti-
more and Ohio Railroad Company is in