The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-03
FINANCIAL NEWS
AND COMMENT
Anxiety Over Situation in the
fractions Put Quietus on
Stock Market.
MEN. PET. FEATURES DAY
Trading Exhibits Little Trend
Except in Specialties and
Pool Issues.
MEN. PET. FEATURES DAY

Trading was very much quieter In the
stock market yesterday due to the gen.
eral desire to await further develop
ments in the traction situation and the
absence Of the large volume Of tax SELL
ing which agitated the share list all last
week. There was some further irregu-
larity in the standard list during the
morning and early afternoon, but as a
rule the general market displayed very
little trend except by certain speoialties,
such as Mexican Petroleum and the pool
stocks, which were carried to higher
levels. Heavy liquidating sales were
plainly under way again in all Of the
traction shares, but in all other respects
the days transactions constituted a con-
tinued expression OF encourag cement, an
expression which was obviously tenn
pered, however. by conservative re-
gard for prevailing uncertainties. The
fact that Tuesdays rally was not car
RED further was of course disappointing.
although under the circumstances the
market did about as we'll as could be
expected
Had it not been for the news of the
Brooklyn Rapid Transit recelvershlp
over the holiday. in fact. the market
unQuestionably would have continued
It's rally. As it was, this development
tended to discourage those who were in
favor Of continuing the movement. In
reality, however, there was not nearly
50 much alarm felt in conservative cir
cles over the outcome Of the traction
difficulties as there was prior to the APP
plication for a receivership. 1t was
considered that the receivership for that
property had at last brought the matter
to a head and that action could be ex-
pected now sooner than had been an
tcipated. Moreover. there was unmis-
taxable announcement in what Gov,
Smith had to say about the public util-
ity companies in his address on the day
before and the rumor again persisted
that an agreement had been reached
with respect to increased fares that had
overcome all political opposition which
has existed heretofore toward the plans
to increase the income OF the local trac-
ton companies There was still no con-
tirmation forthcoming, but the rumor
was responsible for an improvement In
sentiment in the afternoon and tended
to overShadow the less favorable as-
poets of the general industrial situation
which remained as It has been all along
III spite of the more favorable attitude
of the Street toward the market.
Those considerations, however, were
rather aside yesterday from the ma in
points in yesterdays session. for al
though there was no change in the diSpo-
sition to regard the market outlook with
conservatism. the feeling still persisted
that the market had been greatly over
sold in the sessions of the past month
and that on technical considerations II
was obviously due for a rally. Such
manifestations were not very much in
evidence during the day, but on the
other hand there were no reasons why
b. In lal mi Sh,1I rh
is mind in that respect. on the con-
! trary, the general list OF securities
while highly irregular for the best part
| of the day, held their own fairly vel
on the days business as a whole. be-
coming rather firm in the last hour The
traction shares were distinctly weak
going TO new low levels again, espe-
| c!aliy Brooklyn Rapd Transit, which
sold just a fraction above 20 on the low
OF the session. Whatever effect this may
have had on sentiment, however, was
offset entirely in the Last hour by con-
tinued strength of the oil shares, includ-
ing particularly Mexican Petroleum
F., which came within sight OF its previous
high record. AS "A matter Of fact all OF
| the specialties were active again.
The fact that the rally tendencies did
not materialize as expected may have
been due also in small part at least &c
| the continued frmneSs of the money
market Although there was some change
| for the better in the last hour the indica-
tons We're not important enough to war
rant those who were figuring on a rally
| in the next few days to place any large
commitments on either side OF the mar
ket. although it is expected that after
the turn of the week the market viii
again present more normal aspect
! that is to say. temporarily at least The
foreign exchange market was quiet, and
! there was very little trend to most OF
| the important rates.