The sun., 1918-12-27
FINANCIAL NEWS
AND COMMENT
Food and Copper Stocks Gain
in Afternoon When Sell
ing Pressure Lessons.
STANDARD ISSUES HEAVY
Steel Shares Again Object OF
Attack-Average Declines
Are Fractional.
STANDARD ISSUES HEAVY

While somewhat more active. with
wider range of interest. yesterdays stock
market did not differ materially from
those OF Immediately preceding days this
week. There was the same reactionary
disposition in the morning hours, ac-
companied by rather heavy selling Of
few standard shares. In the afternoon the
pressure subsidized, but IL failed TO bring
about any recovery except In a few Bpe-
cial descriptions such az the food stocks
and coppers. The most conspicuous
pressure was again directed against the
steel shares. In the main, however. the
average of listed securities continued
along the line at which they have been
holding for the past week or more.
and II could not be said that the share
list gave any definite indications of
developing a pronounced tendency either
way, although admittedly the processes
were more obviously at work at the last
hour to correct the rather overcrowded
position on the selling side OF the market
Despite the disappointing features OF
the trading, there Nas slightly better
feeling at the closing. This was the
result of the continuation of the regular
dividend on Inspiration. whereas Il had
been generally expected that the COM
panye directors would follow the steps
taken in the case of Anaconda a few
days ago and reduce the dividend. In
spite of the temporary improvement in
sentiment. the general situation remains
precisely the same as 1t has all along
and although there is a view in certain
financial circles that Wall Street has
about discounted the worst that can DOS
eioly happen in connection with the
peace reimbursement. there is still no dis
position whatever to anticipate aggres-
sively constructive features The sub
stantial selling of the last few DAVIS
however. would seem to have created n
rather unstable position on the selling
side or the market. and 1t goes without
saying that a trading rally of a more
important character than that which
took place in the last hour yesterday
would seem to be in order under the
circumstances that is to say II the short
interest is actually as large as IL ap-
pears to be on the surface Of things.
Whatever the outcome of the present
situation, diminished pressure was in
evidence at the closing, and stocks such
as inspiration which were directly af-
! tected by the days news rallied rather
sharply. Steel, however. and a number
81 other standard shares which have
oeen conspicuous recently for weakness
failed to recover any substantial mart OF
the days decline. The rails were heavy
again without experiencing any great
losses, and there was renewed liuuidatio
IN the fractions during the early part OF
the session. With respect to these is
sues feeling was generally improved and
n great deal is being looked for in con-
nectlon with the measure that will be
introduced into the State Legislature
within few weeks relative to the relief
OF local fractions companies and other
public utility concerns BuyinR OF a
substantial character again took Mac.
in the food stocks and Individual sne-
I cla!ties, which provided about the only
consistently strong features of IN. day'.
trading Liberty bonds developed weak
ness again in the afternoon. Nearly all
or the issues reacted TO the low levels
made earlier in the week
Inc money market was firmer, re-
nectlng the payments made on the last
issues OF certificates of indebtedness ana
the usual year end considerations In
VOWED In the January 1 disbursements
! Call money loaned as high as to sIh
( per cent. as compared with Az To II
/ on Tuesday. The foreign exchange mar
| ket was quiet and generally strong. In
| this department also the usual year end
! developments are tending to influences
! rates just at present, particularly nell
! traIs. No conspicuous change took place
: however, in any department, and excen,
I Tor f1rmer tendency most of the rates
remained at about the same levels az al
/ the closing OF Tuesday. The coffee mar.
! ket was opened for free trading for tn,
! nrst time since October, when II was
! closed by order Of the Food Administra.
, t4on' ana prices advanced all around