The sun., 1919-06-27
FINANCIAL NEWS
AND COMMENT
Trading in Stock Market Still
Continues Quiet, but List
Is Stronger.
MOST SHARES IMPROVE
Copper Issues Are Firm and
Foods, While Less Active,
Are in Demand.
MOST SHARES IMPROVE


stock market continued quiet, due no
doubt to the uncertainty over the money
situation and the general desire OF Wall
Street to keep the market In a trading
era for some time to come. However.
the general list was very much stronger,
and. despite the fact that there were
still some weak spots among the
standard shares and In individual issues.
the greater number of stocks closed
the day with n substantial improvement,
particularly the motors. the coppers and
some of the food stocks, which recently
have come In for more than the usual
amount of attention at the hands of
speculative Wall Street The money sit
uation was still unfavorable to new
speculative commitments, that n to say
on a large scale. but II was not effective
In discouraglng a considerable amount
Of small buying. On the contrary. II
there was any real uneasiness over the
present course OF the money market, 1t
was manifest In the moderate turn
over for the day rather than In the
movement of prices.
There was no very important news to
influence the trading, that 10 to say out
side of the money situation. But this.
as has been pointed out all along, Is
due to perfectly normal considerations.
and was not Of any great influence ex-
cspt in 80 far az contracting the vol
ume of business. II might have been
expected that some attention would have
been paid to several Washington devei-
opments or the favorable statement of
steel conditions. but II these considera-
tons had any great effect on the days
trading II was not apparent on the sur
face of things. Indeed the market APP
peared to have definitely settled down
into trading era. similar to the one
from which 1t was dislodged early In
the year, before the last upward swing
in prices, and the trading element as
we'll as the outside public seemed we'll
content to let the market rest for the
time being before attempting a resump-
ton OF the kind of speculation that char
acterized the market all through both
May and the first half OF June. Trading
was still further reduced from Wednes-
days volume although that days aggre-
gate fell short of the million share mark.
The total volume yesterday was only
slightly more than 100000 shares the
smallest turnover for any day on the
Stock Exchange since the latter part OF
March.
But IL there was no large volume OF
business there were several spectacular
price movements The copper shares
were all strong again under the leader
ship of Cerro de Pasco. The food stocks.
while somewhat less active, were still In
demand, and likewise were some OF the
motors. Ono Of the most important
features. or rather one of the most spec
tacular, was Chandler Motors. which
closed the day at 234h. as compared
with the preceding days closing Of about
2l3. Otherwise. however. It was COM
paratively tame affair. Steel common
got up above l0s at one time. but II
failed to maintain its gains. while the
rails, with one or two exceptions, were
practically neglected. This was not sur
prising, though, In view of the strained
money situation and in view Of the de-
sire of the financial community to give
the market a resting spell preparatory
to a resumption Of the forward move
ment some time later In the year. All
signs continued favorable. as has been
the case all through the last two weeks,
but there was no initiative except in SO
far as the specialties were concerned,
and even in the case OF these shares there
were individual considerations to ac-
count for the movement OF prices.
Although the money market was very
firm again at the opening there was
distinct improvement at the closing.
Call rates were quoted as low as to
5l5 per cent. at the finish. But there
was great difference OF opinion as
to whether the easing OF rates had any
significance, inasmuch as the prepara-
tons are still going on for the July l
dividend payments and inasmuch as the
more conservative bankers believe that
there can 'be no real improvement in
money until these payments have been
completed. But however that may be.
the worst has undoubtedly passed, for
the money market always discounts
large movements of money Just In the
same manner In which the stock market
discounts ahead of time periods of pros
perity and likewise periods Of depres-
sion. The foreign exchange market was
still unsettled. sterling was lower and
francs and lire were firmer, but did
very little The weekly statement OF
tho Bank Of England disclosed proper
ton of reserves to liabilities of 1910
per cent. against 1919 per cent last
week Government deposits increased
S4S, 600, 900.