The sun., 1919-04-11
FINANCIAL NEWS
AND COMMENT
Trading, Although on Broad
est Lines of Year, Slows
Down in Afternoon.
PRICES LOWER AT CLOSE
Heavy Selling Of Steel Results
in Drops in Industrials
and Standards.

There was moro than q little Of every
thing in yesterdays stock market
Owing to the rather abrupt slackening OF
activity in the afternoon by the way OF
reaction from n violently busy frst two
hours the trading during the latter half
Of the session was on a considerably
smaller scale than the average OF recent
markets, but the sessions made up In the
range OF prices for any allowing down
there may have been in trading. The
market was on all acoords the broedest
of the year. although there was still a
striking lack OF uniformity In the de-
velopment OF its breadth Tho forenoon
and early part OF the afternoon were
given over TO the rushing UP Of group
OF various industrials and speciality
shares which have been favorites m the
Wall Street market recently. In the
afternoon stock came out on the market
or rather freely. the fnal prices gener-
ally being about the low Of the day,
especially in tho case OF the active
speculative features
The principal development in bringing
about the reaction in the afternoon was
the publication of the monthly tonnage
statement of the Steel corporation. This
was about as expected and the market
for a time continued its rise. Steel common
kOluB dDoNcpdI again But inc Ieal SlHnIu-
cameo OF the statement was not disoov-
cred until the last hour. Then Il was
realized that the steel industry Is practi-
cally ut a deadlock and that the various
problems are apparently no nearer solu-
ton than they have been at any other
time since the signing Of the armistice
All OF this. of course, was reflective of
what may happen In the latter part Of
the month. when the directors of the
corporation meet for consideration Of tho
dividend With the tonnage still falling
of and with the practical certainty that
the earnings will show n further decline
which may make It advisable to reduce
the dividend again the professional ele-
ment was not disposed to change its view
OF the situation. notwithstanding the
enthusiastic bidding up OF the stock in
the afternoon. The technical situation
and the heavily overbought condition OF
the market were undoubtedly further
factors in bringing about the expected
reaction. although the principal consid-
GRAFTON, OF course, was the steel state
ment.
1t was noticeable during the early
part of the day that the advancing
movement was more uniform than pre-
viously; likewise SO the reaction In the
afternoon. Steel common was heavily
sold and nearly all of the minor indus
trials, and. in fact. most Of the standard
shares sold Off at the close along with
steel. The reaction. however. here WAS
not so pronounced as It was in other
quarters OF the list. American Inter-
national in which announcement was
made of the calling of the final install
| ment Of 40 per cent on the stock expert
| enced particularly sharp break, while
| heavy realizing sales we're plainly under
way again in the equipments, which
were the features of the rising market
on the preceding day. Chandler afo-
tors and the rest OF the motor group
went ahead sharply In the forenoon.
| and along with the rest OF the market
reacted abruptly In the afternoon. The
fact that stocks reacted was perhaps
| one OF the most reassuring things about
the dealings, for II showed a sensible
recognition of the overbought condition
of the constructive side OF the market
and also disclosed an apparent desire
to bring about a more balanced posi-
ton.
Call money was trife hrmer through
out the day. ruling at to 6h per
cent. and so was time money. This
was reflective of the proximity of the
next Government loan and the prepara-
tions on the part of the banks to dis
tribute the bonds. The foreign ex-
change market was heavy again through
out the day Francs and sterling broke
further in the forenoon, but showed a
somewhat steadier tone In the last half
OF the day. The weekly statement of
the Bank of England disclosed proper
ton OF reserve to liabilities OF 1880
per cent, against 1871 per cent last
week. Circulation decreased $1,000, 900
and bullion holdings increased $500, 900,
carrying that item to about S425, O0O,-
600. Government loans contracted $45,-