The sun., 1919-02-21
FINANCIAL NEWS
AND COMMENT
Heavy Trading IN Stock Mar
ket Slackens But Prices
Drop Only Fractionally.
PUBLIC INTEREST wIDENs
Steel, Equipments and Minor
Industrials Advance as
Copper Declines.

There was a continuation OF the ad-
vancing movement on the Stock Ex-
change at the outset yesterday, but the
pace was entirely too fast to be main
tained. Stock came out on the market
In the afternoon, overtaxing temporarily
the absorptive capacity and the upward
impulse slackened, prices, with some
exceptions, selling OFF rather freely at
the closing from the high of the day
Tho losses were for the most part frac-
tional. however. and only In a few cases
did the reaction amount to anything
more than substantial part OF the
early gains. the profit taking and other
selling pressure being partly offset by a
broadening Of public interest In the deal
ings. But this was not suff1cient to
maintain advances on any such volume
Of business as was turned over during
the first hour. The result was that when
no further buying power was forthcom-
ing to sustain advances traders saw the
chance they have been looking for to
bring about the long expected reaction.
The session was remarkably encour-
aging, however, considering the extent Of
the advances in some directions and the
fact that no important reaction has &C.
CURED for more than a week. Moreover
the dealings also gained increased sig
nificance from the fact that traders were
disposed to disregard the double holiday
at the end OF the week. But this was
rather aside from the main point. The
advance was entirely too rapid under
present conditions. and 1t was considered
In we'll informed quarters at the close
that, technically at least. the market
should have a further reaction before
he advance was continued. While spec
ulative interest undoubtedly has broad
ened during the week. still It has not as
yet reached sufficient proportions where
anything like a sustained advancing
, movement could be maintained for any
length Of time. For that reason there
was disposition to counsel profit taking
at the closing except in certain direc-
tons where the prices were entirely I'M
der the influence of pool operations
Sentiment was bullish. and 1t was not
considered that the news with respect Ia
| the change in plans for the new loan
had been discounted by any means. but
taking into consideration the weakened
| technical situation, the general opinion
seemed to be that a further reaction
would not be out of order.
While the movement lasted II wa:
somewhat broader than on previous days
this week. Steel was marked up to "a
and all Of the equipments and minor in
dustrials which have been in any way
active recently went higher. Further prog
ress was made in the tobaccos. motors
| equipments. fractions and other special
ties, with Royal Dutch again an activ,
feature of the trading, but the volum,
Of activity. which was on the larges
ecale of the year. invited profit taking
as we'll as other selling pressure
Toward the closing professional selling
also developed in the copper shares. mos
Of which closed the day substantial,
rLA Ant 90
due to a combination OF circumstanc
In the first place the price of cope
metal was reduced again. while for tn
rest the pressure probably reflected tn
fact that the quarterly reports of tn
porphyry companies will be made publ
to-day and are expected to make a yer,
bad showing. Utah was an especial
weak feature, losing more than a poin
on the day Liberty bonds were activ
and stronger. rejecting the progress
made in Congress toward the passage Q
the new loan bill.
The money market continued firm
again reflecting the increased activit
on the Stock Exchange and the NOR
active demand for funds. This was I
no way allowed to interfere with tn
dealings, for II is realized that thes
Is plenty available and that 8 per cen
Is not an eXorbitant rate under exlstin
circumstances. Indeed 1t is felt in bro
kerage-circles that s per cent. rat
would be favorable providing a suppl
could be assured. The foreign exchang
market was quiet and without any ept
| cial change except for a slightly frme
tone in Swiss francs and Spanish pesetaI
The cotton market was active. with price
generally higher at the closing. Graf
also was strong. with advances of fro,
| 1 to 2 cents q bushel In corn.