The sun., 1919-01-24
FINANCIAL NEWS
AND COMMENT
General List Fairly Strong,
With Rail Stocks Disposed
to Be Firmer.
SENTIMENT YET BEARISH
Bethlehem B Has Spirited Rise,
Although Other Steel
Shares Are Heavy.
SENTIMENT YET BEARISH

Proof seemed to be furnished in yes
terday's stock market that the share list
Is not in particularly sensitive position
for further reaction on the selling side.
Experiments on part of traders In an
effort to get the market down continued.
but although some progress was made in
number of special descriptions. the
general list as a whole displayed a fair
amount OF strength. The trading was
further signalized by a rather emphatic
turn of strength In the railway shares,
which were the principal targets Of the
bearish speculation on Tuesday. Tho
fact that these shares were disposed to
he strong was gratifying TO the banking
and brokerage community. which has be-
lieved all along that the time was ripe
for such a diversion OF interest as
would help place the market in a more
balanced position. and also believed that
developments In the near future in con-
nection with the rails are likely TO bring
them in for more serious consideration.
In spite OF the improvement In the
rails speculative sentiment was still I'M
Fmistakably hearish. and the general dis
position continued to be n waiting one.
This feeling was undoubtedly intensifed
by the proximity of the Steel dividend
meeting next Tuesday, by the failure of
the directors of Bethlehem Steel Cor
poration to announce the result Of their
meeting during the session. and also by
the failure OF certain developments in
connection with the railroad situation
to materialtZe. In connection with the
latter consideration It was learned on
good authority that tho announcement
had merely been delayed and not put off
altogether. and that moreover, unless
something unforeseen happens. the plan
which Wall street has been waiting for
all this week Is likely to be announced
to-day. Much was heard again in broker
age circles as regards another modifica-
ton of the money committees ruling with
| respect to Stock Exchange loans, but
nothing definite could be learned as to
what this will involve. The rumor per-
sisted. however. and although members
Of the committee denied that any such
step was contemplated, It was received
with good deal Of credence in some
speculative quarters.
While the general market was dis
posed to be quite strong throughout the
day the steel shares were heavy, with
the exception of Bethlehem Il, which en-
joyed rather spirited rise. The ex-
PLANTATION of the heaviness of the steel
| shares Undoubtedly was to be found in
the waiting attitude OF the professionals
for the Steel dividend meeting, while the
| strength of Bethlehem was predicated
largely upon an announcement, which
| came after the closing of the trading, of the
fact that dividends were to be continued
at the regular rate. The strength Of the
rails came principally from the short
interest which has been created within
the last few days and the fact that the
selling has not resulted In bringing out
any real liquidation. The movement was
rather general, but some issues made
| more progress than others. This was
particularly true of st. Paul preferred
and common, With respect to those is
sues, reports were current that the
roads officials had finally reached an
agreement with the Railway Admins
tration on the rental contract. and that
the contract would be unusually favor
able from the stockholders standpoint.
The money situation was about un-
changed. In this department, however.
great deal more interest was mani
tested in the report OF further modif-
cation OF loan restrictions than in the
rates themselves. There have been re-
ports current in the financial district for
several days that the restrictions might
~ removed altogether. but It was
learned that these have no foundation
whatever, and should not, be confused
with the stories as TO n further modih-
cation Of the ruling. The foreign ex-
change market continued quiet, and out
side of a trifs easier tone in neutral
rates. including in particular Swiss
francs. showed little change from the
preceding days closing figures Cotton
was weak, excepting a break which
went as high as $40 bale.