The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-28
FINANCIAL NEWS
AND COMMENT
Stock Market Is Quiet While
Waiting Announcement Of
Steel Dividend.
STANDARD SHARES FIRM
Irregular Tendency Marks the
Marine and Speciality
Departments.
STANDARD SHARES FIRM

The indisposition OF Wall Street to do
much In securities In face OF prevailing
uncertainties was intensified yesterday
by general desire to await develop
ments in connection with to-day's Steel
meeting. The first effects OF the re-
moval Of speculative restrictions on the
| money market seemed to have worked
off and in a session of marked irregu-
larity prices were disposed to move
within very narrow range. The stand
ard list was firm and rather strong to-
ward the closing. but there were nu-
merous points OF weakness among the
speciaties which tended TO give the
market an aspect of great irregularity.
whereas. as matter OF fact, the mar
ket held as well as could be expected
under the circumstances. Those inter-
ested in the surface fluctuations were
inclined to view the trading with good
deal Of optimism. but pending the Steel
meeting experienced observers were In
clined to suspend judgment at least in
so far as the standard shares were con-
cerned.
How much the future action OF the
market hinges upon the Steel meeting
was plainly Indicated by the sharp con-
traction In dealings. The aggregate yes
terday did not quite exceed the 10000
mark, whereas ON Saturday this figure
was exceeded by a considerable margin
in only two hours of trading. There
were all sorts OF guesses as to Just
what is expected to happen at the meet
Ing. These ranged all the way from
complete suspension OF the extra to I.
continuation of the rate at the present
i figure. But mono of these seemed to
! have much foundation except those
which referred to the declaration OF an
extra such as would place the stock
upon 10 per cent. basis. There was
still a wide difference of opinion as to
the removal of the money restrictions
and for the present 1t would seem as
though most of the short sighted inter-
| ests, that is to say. the professional ele-
ment, were disposed to take a rather
unfavorable view of the action. THIS
opinion. however, is mainly confined TO
the speculative element. for those who
are usually responsible for the impor-
tant movements continue to look upon
steel as Indicating a grad ,al return OF
conditions to normal as highly favor
able from a long distance viewpoint.
With interest centred upon the meet
ing OF the Steel directors to-day It was
not 10 be expected that the favorable
viewpoint would be allowed to dominate
tba days business. From the outset
there was an irregular tendency, which
was helped by numerous Individual de-
velopments. such as the announcement
of n sharp cut in shipping rates by the
British Government. This was followed
by sharp break in the Marine shares
and also In the other marine issues on
the presumption that the United States
Government would follow this course In
Fall probability. The standard list, in
Guiding Steel common in particular,
moved within narrow range until the
closing. when strength developed in a
few descriptions. The oils were highly
irregular While Mexican Petroleum
continued heavy. Texas Company on
the other hand. was quite strong, fol-
lowing the publication of story that
the company had brought in another
large well on its Texas property.
Strength here was naturally reflected
in Texas and Pacific.
The money market was quiet and
gener ally unchanged. but 1t was sig
nificant IN indicating at least one thing.
That was that the removal OF specula-
tive restrictions had not resulted any
higher rates for the present II any
thing. the trend In this department was
easier. The foreign exchange situation
was likewise unchanged. Neutral rates
continued easier. Not a great deal is
expected, however, in this department
until peace has been signed and trade
relations become more normal. Still the
release OF shipping Is beginning 10 have
some effect on neutral rates. at least
this Is the explanation OF the continued
tendency OF these rates to move to lower
levels. The bond market was quiet, re-
fiecting the inactivity in other depart
ments Of the financial markets.