Evening star., 1919-12-07
IRREGULAR RALLY
!: FEATURES MARKET
Railway Shares Only lmpor-
tant Exception to Gen.
eraI Improvement.

NEW YORK, December 6.-On a
comparatively moderate turnover.
this weeks stock market made a
further irregular recovery of the
ground lost in the severe declines of
the preceding months, railway shares
proving the only important excep-
tions to the general Improvement
Reasons for the sluggishness of
transportation issues were found in
the acute coal situation, which ne
cessitated further curtailment of rail-
road operations, and the more uncer-
tain status of federal legislation deal
ing with the immediate future of
these properties,
Issues Reach Lowest Marks.
The investment situation. as ex-
pressed by the heaviness of high
grade bonds and government war tlo-
tations. also left much to be desire,
from the bankers point of view, some
or these issues receding to the years
lowest quotations.
Technical and speculative condi-
tionS were undoubtedly strengthened
q! tne further contraction of brokers'
iotns and the occasional a"tiyitv of
the shtft interest IN MANY of TIE
stocks which featured the recent me-
teoric rise.
Week Like November's Boom.
In it's broader aspects the weeks
trading differed very sl:ghtl4 from
ihat OF the November boom, in that
ieSs tEan score of popular stocks
cohtriouted an overwhelming per-
centage to each days operations.
Ihese were represented chiefly by
.ne familiar oil, motor, steel and
equipment shares, together with sun
ory specialties having more or less
relation to those groups.
Inc pronounced strength of oils
ana motors rested mainly on genuine
~ favorable trade conditions. while
sions by interests which professed to
oelleVe that the early weeks of the
coming year will witness a demand
for finished products in excess of the
supply. The country's expanding for
eign trade directed renewed attention
to the question of accompanying cred
it's. but the steady decline. of ex-
change to almost incredible discounts
indicated that the proposed interna-
tional trade loan project had not ad-
discussion.
Stocks Become Fairly Active.
Stocks were dull and uncertain of
tone at the outset of today's short
session, but became fairly active and
firm toward the end, short covering
accelerating the irregular rally.
Recent favorites in the motor and
standard rails. notably the Pacifics!
tobaccos and food and sugar shares,
the latter making significant response
on greatly enlarged dealings to the
approaching withdrawal of federal
control "
The coal situation and Mexican affairs
again were included among the restrain
ing influences Of the day, although in
less degree than recently. Heaviness of
oils with Mexican connections was at
tributed less to political than technical
conditions
Several Of the steels and equipments
were under pressure as a result of re-
ports Of new financing or recapitaliza-
ton plans. but extreme losses in most OF
those stocks were partly retrieved at the
end. Sales amounted to 100000 shares
Lively Trading in Bonds.
There was active trading in bonds,
especially liberty and victory issues at
concessions, but internationals made
slight improvement. Total sales. par
value. aggregated $I2.25O. 900. Old United
States bonds were unchanged on call
during the week.
Foreign exchange was once more de-
moraliZed and trade reviews referred to
further reduction of steel and iron pro-
duction, but record bank clearings re-
flected the mounting retail holiday bust
ness all over the country.