The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-02-24
FINANCIAL NEWS
AND COMMENT
Stock Market Dulness More
PrOnOunced-Only Trad
ing Pressure.
DIVIDEND IN WAR BONDS

nounced n significant feature of the
stock market on the resumption Of busi-
ness yesterday after the recess inter-
ruptions. Nothing under the circum-
stances could be a more seasonable and
appropriate Wall street development.
following the rebound early In the month
from the extensive January reaction
which succeeded the expansion Of values
last year.
Apathy was all the more emphasized
because Of the efforts Of traders to de-
press prices and induce liquidation
lately. Prevailing effort still persisted
In this direction. although at intervals
during the day special descriptions ad-
vanced easily oi relatively moderate
purchases. There was at the outset of
the session an apparently general ex-
pectation in professional speculative cir
Giles that apprehension over diplomatic
events would express itself In "A marked
Increase of liquldating sales, but there
was absolutely no pressure in the early
dealngs. Throughout the day II was
not evident that Wall Street was In any
mood TO work UP excitement over a stu
alton I'm which both the Executive and
Legislative branches OF the Federal
Government seemed anxious TO eviucc "A
pacific purpose.
The financial district as a whole found
II hard TO decide just where the contra
Nersial matters of international politics
stood. but the stock market seemed to
furnish the best clue as to the UNDER
lying Wall Street feeling. II there was
no inclination TO engage In constructive
operations tn aggressive fashion. there
Was still less any obvious inclination 10
indulge in acute uneasiness. although
the Washington dispatches teemed with
all the adverbs and adjectives In the
category of apprehension with which
they had been f~reighted ever since the
l.usitaHia Was blown w.
As against the speculative conjectures
of international trouble which were
urged on attention the stock market
had nothing to support II but the solid
facts Of enormous earnings reported
from the general business field with
large additions to profits in prospect
and the ease Of the money market. but
1t might bc inferred that these supports
were adequate. Possibly also Wal
Street was keeping in mind the approach
which is being made toward sprins. whsr
sometimes a rising trend develops out
Of stock market dulness toward tn,
end of February.
Al all events trading clearly failed
to reflect anything hut very general con.
siderations except in so FAR as the fur
Their contraction Of the dealings was q
response to the restraining influence.
of international politics. ON the dis
coyery in the first hour that little stocl
was Offering for sale. traders for III,
decline made covering purchases an,
there was some experimental buying fcl
the long account. The list moved up
ward rather sharply but around mid
session turned dull on the upturn. There
after, although the market as a who'll
displayed underlying steadiness. ther'
was "A somewhat irregular downward
movement toward the close. but withou
signs of any important weakness.
Reports OF gains by the German of
fensive in the European war on tn
western front produced no IMPRESSION ol
"A market which has not been particu
larry sensitive for some time 10 an.
kind Of news. favorable or otherwise
domestic adyices outside the domain -
politics were all encouraging Railroa
returns for January revealed large gam
in gross. although there was no cor
responding gain In net earnings hccats
railroad management have been NOR
liberal In allowance. for maintenance.
\ good deal Of interest Was taken /
rumors current that the long awaIte
decision in the Governments suit again'
the American can Company might h
handed down late in the day, for "A goo
deal of constructive enterprise is hel
in allegiance by the doubts which RENAL
: to he cleared up in judicial determine
tons Of the sherman law and inteIsta'
commerce act. Weekly reviews of III
iron and steel trade reported that u
tide of demand and prices was still ri
ing In the steel market and that a ne
pig iron movement was under way. !
the foreign exchange market tcrIni
bills continued the curious decline whit
has been the sequel to the brief rail
on the announcement Of German oittci'
Intentions to strengthen the information;
status OF marks.
1t might nave been expected tn
sooner or later some of the corporation
which have been engaged In the mani
faCture of war munitions for the Eur
pean belligerents would do a. the |
Pont Powder Company has just don
Its declaration of u 22ia per cent. ext
dividend, of which ~ per cent, is to
In Anglo-French bonds, calling for abo
Sl6,O 600 900 of the hond~, is coniir1nati'
= of the stories current last autumn tn
= the company had been one OF the large
m subscribers 10 the $500. OvO, 900 loan. %
= effect Of the action now taken, IT q
example II followed by other muniti'
companies which participated in 4