The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-14
Stocks, Awaiting Development
in General Business, Con-
tnue Quiet.
MARINES UNDER PRESSURE
List Holds Reasonably. Steady
and Shows Fractional
Gains in Standards.

Trading IN the steuk market yesterday
continued quiet due to general desire
10 await further Developments IN ocnneo-
ton with the confused and somewhat
disquietins Industrial and financial out
look Those interested IN surface fiuc-
! tuation were inclined TO take a slightly
moro hopeful view of the market for the
immediate future on account of technical
considerations. This, however. was
purely transitory sentiment, which took
into account tho fact that the standard
shares have been sold heavily and have
gone down continuously for week or
moro and that an upward reaction might
occur easily on the slightest provocation.
Tho fact that number OF the higher
priced steels and rails were disposed
to be firm tended to strengthen this tho
DRY, although in reality trading was too
quiet to indicate anything one way or
the other beyond a continuation Of the
| same sort of trading which has been the
rule In Wall Street now for month.
Nevertheless. there was a distinct i'm
provement In sentiment. and the belief
continued to be expressed in many quar-
ters that stocks have now gone down as
far as they are expected to. Still there
was no great manifestation Of tendencies
to indulge in speculation on any larger
scale than In the last few days, and so
far as the greater part of the profess
sional element was concerned, II looked
as though this element had decided def
nitely to await tho action Of the direc-
tors OF the Steel Corporation later In the
| month before taking a stand on either
side OF the market. There has been as
yet no indication as to what may happen
in this respect, but IN well informed
quarters the view is entertained that the
extra disbursement will be reduced to
per cent annually. This would be con-
sidered satisfactory TO the financial dis
trict In view of present uncertainties,
and might be regarded as a step to place
the stock on a regular 10 per cent. basis
rather than q reducement on account OF
business reasons. Some little interest
continued TO be displayed In the railroad
hearing In Washington. but outside OF
this instance the news OF the day ac-
counted for very lHte in a stock market
sense.
So far as the individual movements
were concerned. there was nothing OF
any special Interest except in the marine
shares, which were under pressure for
the best part of the day on account OF
unfavorabie reports as to the status Of
the deal for the sale OF the company's
tonnage under the British flag. The
steel shares and rails maintained q fair
degree os stability. as did the higher
priced specialties which have been the
main centre 81 attraction Of the specu-
lative market recently. But the coppers
were disposed to be heavy. although
they lost only fractionalIy at the clos
ing. There was continued selling OF
Cuba Cane Sugar, Hide and Leather
and also some profit taking in D!stillers,
which tended to give the market an ir-
the market held its own as swell Is
could be expected under the circumstan-
ces. and at the closing a few of the
More important standard shares showed
small fractional improveent on the
day.
There was no change in the money stu
alton. which continued easy as was 10
be expected in view Of the reserve po-
siton as shown IN the bank statement
on Saturday. The same thing was true
OF the foreign exchange market, which
remained at virtually the same levels as
at the closing on Saturday. The an
nouncement that the next Government
loan will be foated beginning April s,
which Is the second anniversary OF the
declaration of war. was regarded with
great interest, although no real details
were forthcoming az to the interest rate
and the terms of the loan. This Is a
situation which Is giving bankers
great deal OF concern. and which also
is tending to hold back any speculative
tendencies that there may be.