The sun., 1919-01-29
FINANCIAL NEWS
AND COMMENT
General List Moves in Narrow
Rangc-Stcel Makes Only
Fractional Advance.
MARINES GROW WEAKER
Interest Is Displayed in Some
Spccialties-TractiOns Have
Firmer UndertOne.
MARINES GROW WEAKER

While awaiting the outcome OF the
Steel meeting Wall Streets attitude to-
ward the stock market was governed
chiefly by the idea that II the action was
at all favorable 1t might produce tenn
porarily some revulsion of the bcarish
feeling which has prevailed in the finan-
cial community for the last fortnight.
This feeling was not altogether COP
firmed by the actual announcement at
the closing, but the share list was dis
posed TO be strong throughout the day,
and considering all phases Of the trad
ing the markets action as n whole still
constituted an expression OF confidence
in the underlying financial situation.
Trading. which has been on the decreas-
ing scale all this week and for the
greater part of last. contracted still fur
Their. and Wall Street had no complaint
to make over the slackening OF activity
while the question on which so much
hinges was being decided.
Although not unexpected the result OF
the meeting was undoubtedly disappoint-
ing to the majority Of financial interests.
1t had been anticipated that the divi-
dend might be reduced TO 10 per cent.
basis. which would have been considered
favorable from long distance view
point. But the fact that It was cut to
9 per cent. annually showed distinctly
that the directors have no intention
whatever of maintaining the dividend on
anything but a per cent basis no mat
ter what the cash position of the COM
pany may be. The decrease in earnings
a 10 en- ma
corporation is going through the period
of transition 1t was to be expected that
there would be a sharp curtailment of
earnings, and, moreover, II would not be
surprising to those who are familiar
with the corporations affairs II the next
announcement contained even further
decrease. Under the present circum-
stance this Is not considered as having
great Significance so far as the stock
holders are concerned: for with the cor
poration's strong financial position Il
would seem that the only loser in the re-
duct!on of earnings will be the Govern
ment in the matter of taxes. At least
this is the view OF the great majority OF
conservative interests.
with attention still centred on the
Steel meeting the individual movements
Of the market were not of a great deal
of Importance. While maintaining de-
gree of strength throughout the day. the
general list for the most part continues
to move within very narrow range
This was particularly true OF Steel com
mon, which. after show Of considera
bic strength. closed only fractonally
above the preceding days closing. There
| was some interest manifested In the
! specialtes. such as National Lead. the
| food stocks, Mexican Petroleum. the In
| dependent steels, st. Paul preferred anu
| other issues, which were affected chiefly
| by purely local developments during the
| rading, but the general market was
quiet. Further weakness developed II,
the marine shares. and there was a dis
position to take profits I'm Texas Com
pany and some of the other oil stocks,
which attracted considerable attention
on Monday by their unusual strength.
Consolidated Gas recovered fractionally
In most OF the fractions, although they
were for the most part quiet.
No opportunity was afforded to test
the money situation by reason of the
qu!etness OF the trading. There seemed
.owever, to be a sufficient supply availa
Bile OF both classes of funds in spite OF
the fact that the Government is making
further large Withdrawals from loca.
banks this week. The closing was 8 tu
81. for call money. The foreign ex-
change market continued quiet, with fur
Their weakness in neutrals These rates
are still above normal. and apparently
are gradually drifting back in anticipa-
| ton of more extensive trade relations
| between neutral nations and the Unitei
States The cotton market was activ,
| and strong. with prices reaching the
high level Of the day in the late trad
ing.