The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-26
FINANCIAL NEWS
AND COMMENT
Specialties Continue Advance,
but Irregularity Of Gen
eral List Increases.
TRADING QUIET AGAIN
Report That Deal Is OFF
Causes Sharp Declines in
the Marine Shares.
TRADING QUIET AGAIN

Several OF the speculative features
which have been active In Wall Street
'"tely carried forward the movement
again yesterday. although the Irregular
ity of the market increased. But the
trading was very much quieter than the
average of recent sessions, and there
seemed TO be a disposition among the
speculative fraternity to bring about a
more balanced position In the general
list before attempting a resumption Of
the rising movement which has been
underway for the greater part OF the
past week Dealings were quiet on the
reactions. and no great amount Of SELL
ing pressure was in evidence. except that
which came from the realizing OF &C.
counts, which tho latest bulge In prices
made too profitable to carry any longer.
There was no real liquidation. however
and the course of prices seemed to be in
the main the result OF continued profit
taking. although in the last hour the
tone improved. and the market at the
closing seemed TO present satisfactory
evidence as to It's stability.
The main factor In the days business
obviously was a desire TO produce a bet
ter balanced position in the list The
sudden rise Of call money to ~ pei
cent on the preceding day, together witt
the deferring of the Interborough divi'
dend. and the weakness In the marine
shares. may have had a sentimental eff
feet. but they were hardly IMPORTANT
| enough to have any wide influence on tn,
days trading. The first Of these wal
undoubtedly very much overrated In s,
far as 1t affected the market. Thos
| who had believed that II meant the ap
plication OF the brakes failed to talk
Into account the fact that as vet Their
has been very little expansion in specu
lative activity. and, secondly the state
ment from members of the money com
mittee to the effect that trading woul,
have to increase a great deal more thai
II has In the past week before the none!
committee could be induced ito take an
steps to curb speculation. AS a matte
OF fact, Wall Street found, on secon
consideration. that there was nothing a
all strange in the rise in money rates
This was to be expected with the In
| crease In speculative activity. The thin
| that made II seem more important tina
| II really was probably was the fact tina
| IT was the first time that there has bee
demand enough for call money since tn
removal of money restriction to make /
necessary to bid up rates.
AT any rate there was no indica ton II
yesterdays market that Wall Street wa
disposed to pay much attention to II
The general list opened slightly lower, a
was to be expected after the sharp ris
which 1t has experienced during the las
Few days. But while the standard -
was reacting several of the Other spe
cialties which have Jagged behind cam
to the front, making up In part at leas
for any loss of interest in the standar,
list All of the motor shares wer,
! strong. particularly Studebaker. whicl
made a sharp gain during the trading
The sugar shares were strong feature
again. Toward the closing a story whicl
! appeared on one of the news tickers t.
the effect that the marine deal negotia
tions had been called of brought abou
sharp decline in both classes OF stock
This tended to weaken somewhat the DO
sition OF the rest OF the market for
moment. but in the last few minutes tn
tone improved. and the market, will
| some exceptions, closed the day at abou
the sessions highest.
The money market was easier through
| out the day Call money closed, for in
stance. at from 5ia to per cent, a.
compared with to IA per cent. at tn
4 end of business on the preceding day
and bankers were inclined to believ
that unless something unforeseen occur
money rates are likely to be easier 70
some time to come, at least until tn
next block OF certificates of indebtedness
is announced. Mondays transaction
| above 6 per cent. were made solely b
one bank. and II IL believed that II tn
rate reaches that figure again 1t will re
suit In an influx OF money from othe
parts of the country. which in turn will
Immediately adjust the situation here
There was a strong tone again yester
day in Spanish pesetas. but the rest o
the foreign exchange market was abou
unchanged from the preceding day
final, although firm for the most part