The sun., 1919-02-01
FINANCIAL NEWS
AND COMMENT
Stock Market Shows Tendency
Toward Heaviness at the
Sessions Closing.
LOSSES NOT IMPORTANT
Trading Is Dull and Volume
Is Small-Marine Shares
Are Weak.
LOSSES NOT IMPORTANT

After moving In n more or less uncer.
tain way during the early part of the
session the stock market yesterday
turned reactionary in the last hour. apd
without much activity proceeded TO sag
to a somewhat heavy close. Dealings
seemed to be augmented by n certain
amount OF disappointment over the fail
ure OF the Olarket to reflect further the
apparent improvement in the technical
situation. particularly with respect to
tho Steel shares, in which a few days
ago the speculation for a decline became
manifestly congested in anticipation of a
more extensive readjustment OF prices
Prices declined rather easily in some d.
rections at the close. But there were
numerous other points of strength
among the so-called speciality shares
and in the main the customary Stats
teal averages failed to reveal any very
important losses except among a few
OF the individual shares, which were OBJ
viously influenced by the days news
On the whole. the most distinguishing
feature about the trading probably was
the dulnesS. The aggregate of transac-
tons was materially reduced from the
preceding day, and except for Monday q
volume, when the market was awaiting
the outcome of the Steel meeting, the
days business constituted the smallest
total of the week. What this reflected
for the most part was the continued in
disposition of Wall Street to do much In
securities before prevailing uncertainties
have been more definitely removed. The
Of ha Na eatd co.
the solution of the railroad problem
which Is by far the most constructive
plan yet offered to the Senate Interstate
Commerce Committee might have been
expected to clear away some OF this un-
certainty under ordinary circumstances
But there Is n wide difference between
the presentation of a plan and its actual
passage. and for that reason the flnan-
cial community was disposed to await
more definite indications as TO its re.
ception in Washington. Nevertheless
there were certain points about the plan
which are exceptionally favorable, and i,
was gratifying to the speculative COM
munity to know that they had been a,
least placed before the Government for
consideration.
Cnimportant as the session was, there
were features in IL which continued 10
indicate general Improvement in sent!-
ment. Prices held we'll until the last
hour and even during that period no
great amount of pressure developed ex-
cept that which came from the profess
sionals in an effort to press the market
lower on account of its dulness In this
they were aided somewhat by the weak
ness of Mexican Petroleum. and the
marine shares, which reflected the I'M
favorable points of the shipping situa-
tion as outlined in THE Sun yesterday
On the other hand, there were several
fa'r'y strong points among the special.
ties. Distillers. which showed signs OF
| Improvement on Thursday. again re.
corded a substantial gain. while during
the carly part OF the day most of the
motors, including General Motors. Stude.
baker and Willys-Overland came in fol-
more attention than they have expert.
enced recently. Steel common and the
industrials held we'll to the last hour
when the heaviness developed
There was no important change again
| in the money situation. Both classes OF
funds seemed TO be in good supply a,
rates that were as reasonable as could
be expected under present circumstances
Weakness in neutrals continued to
feature what little there was to the
foreign exchange market. Swiss francs
and guilders were both fractlonally
lower, while Spanish pesetas, on tn.
other hand, were disposed TO be firm
The weekly bank clearings for the weel
ended Thursday aggregated $685., 093,-
900. decrease OF 10 per cent from la
week, but an increase OF eS.s per cent
over the corresponding week last year
Outside OF New York the total was So,
I5o,Sl1 900, loss of 1l2 per cent from
last week, but gain of Is per cent. over
the same week a year ago.