The sun., 1919-08-15
FINANCIAL NEWS
AND COMMENT
Outside Interest Lacking
Again, With Bears Show
ing Activity at Finish
BEST UNDERGONE IN OILS
More Interest in Foreign Ex-
change Fluctuations Than
in Stock Prices.
BEST UNDERGONE IN OILS

Outside interest continued at, mini
mum in yesterdays highly professional
market in the New York Stock Ex-
change. and bears again seized the OPP
portunity provided by thin demand for
stocks to cause a general reaction in the
last hour and a half of trading. De-
clines In the active list ranged from a
fraction to points. the only noteworthy
exceptions being a net gain of 2k points
| in American Telephone and Telegraph
after 1t had been driven from around 100
to 96A, a new low on the present move.
and a net gain OF fraction in New
Haven.
The best undertone was shown by the
oil group. which declined only fraction
ally. United States Steel common lost
accumulation in Royal Dutch, Pan
American and Transcontinental OIL. the
| last named In its initial trading selling
as high as ASK and closing at ASH.
There was a lack Of constructive de-
velopment, the bulls at the same time
being displeased by the PETERBOROUGH
wage increases and by the announcement
in Washington that the Federal Railroad
| Administration would place no orders for
much needed railway material, awaiting
the return of the roads to their owners
on January 1. The delay In placing
orders for steel rails and other materials
and supplies was harmful only psyche
| logically, as the steel industry seems to
\ be In n strong position. Nevertheless
steels and equipments were among the
| weakest issues OF the day.
At the opening the market showed
signs of strength. but the appearance
| was deceptive, recessions being general
| throughout the list in the first half hour.
| During the second and third hours the
trading was dull and fluctuations gem
orally were within a narrow range In the
| issues which possessed broad market
| Strange to say American Locomotive
reacted after the announcement of an
increase in the dividend rate to 6 per
cent. The only feature seemed to be good
buying IN the oil shares. In the late
| trading, however, the lowest levels of
the day were reached, with slight in
| crease in activity on the decline carry
ing the volume of trading close to the
million share mark.
! II was plainly the result of an attack
by the bears, who noticed the absence
| OF demand. The cessation Of trading
| from the close to-day until Monday
morning, with the possibility of adverse
developments containing little nf a con-
| structive nature in sight, is expected to
cause considerable evening of commit
ments to-day. However. the publica-
ton late yesterday of dispatches from
Washington indicating that an important
| conference regarding the extension Of
| foreign credits had been concluded may
prove helpful marketwise. 1t is I'M
| likely, however. that there will be any
, increase in activity or any departure
| from the backing and filling In price
movements before the double holiday.
There was more interest In the foreign
| exchange market than in stock price
fluctuations, rates on France. Italy, Ger
many and Austria goinE-to the most I'M
favorable figures yet recorded, with a
| small recovery In the late trading.
| France got as low as 1856 francs to the
| dollar, lire to 9.17 to the dollar
The fresh declines in French and Ital-
ian exchange strongly emphasize again
the vital necessity of prompt action in
financing Europe, a necessity recognized
by the conference in Washington yester-
| day between Bernard NJ. Baruch, former
chairman of the War Industries Board
and economic adviser to the American
Peace Commission at Paris: Thomas w.
Lamont of J. z. Morgan & Co, an ex-
pert adviser of the American Peace Mis-
| sion; Secretary of the Treasury Glass,
Secretary OF Commerce Redfeld, Secre-
| tary of State Lansing and other Govern
mAnt officials Any action taken by the
conferees should prove beneficial both
| to foreign exchange and to general bust
! ness.
Call money loaned again as low as u
per cent. with an easy tendency. There
was virtually no business in time money.