The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-15
FINANCIAL NEWS
AND COMMENT
Profit Taking Checks Advance
and Prices Generally
Sell Off.
TRADING Is PROFESSIONAL
Marines Exhibit Strength and
Oils Rise as Interest Turns
to Specialties.
TRADING Is PROFESSIONAL

Trading on the Stock Exchange yester.
day was maintained on fair scale of &C.
tivity. although about half of the day.
business was owing to transactions OF the
first hour or so. The sudden expansion OF
dealings to an aggregate fully twice al
large as the average Of recent volumes
however. brought large supply Of
stocks on the market in the Afternoon
and the upward impulse slackened
prices with some exceptions selling of
rather generally. The reaction was mod
crate. and II was noticeable that the
market tended to become inactive wher
any large amount OF stock was pressed
for sale. This feature OF the tradhe
continued to suggest a good deal Of
speculative confidence, and at the same
time conservative regard for tho re-
straints provided by the doubtful pos
ture of the price situation. At all events
1t was an irregular session, with good
deal OF special strength and quite q
little general heaviness-
Dealings were still highly professional
and the spectacle OF higher prices did
not seem to have attracted the slightest
attention OF the outside interests. AZ @
matter Of fact the situation with respec,
to stocks remained precisely what Il
has been all along. On one hand. the
speculative element realizes that pr1cel
have pretty generally discounted all that
Is to come in the way OF readhlstment
and that henceforth the short side OF
the market will become more dangerous
daily from tho viewpoint of trading
operations. On the other hand. the gen.
eral situation Is still so uncertain as &c
attract practically no so-cal3ed outside
buying whatever. The result is that the
market at present has to depend for it,
strength very largely. first. upon the
short interest, and, secondly. upon the
current news Developments. These. how.
ever. for some time past have been en-
tirely OF a bearish nature. and inasmucf
a the market is supposed to have en-
tircly discounted the unfavorable devel-
opments, the ordinary news of the dA5
is having very little. II any, effect OF
the trading At least this seems to ps
the consensus of opinion in we'll In
formed brokerage quarters.
Further progress was made throughout
the general list at the outset in con-
tinuation Of the movement which was
under way on Thursday. But as soon as
the high price of the day had beer
reached profit taking set in and irteres,
shifted to the specialties. In that De
partment there were several outstand-
ing features. In the first place an optl-
mistic interview with Chairman Hurley
of the Shipping Board with respect &c
the Marine deal impaired tone OF
strength to these shares, while con-
tinued absorption of the oils. particu-
larry ROYAL Dutch, resulted in a spec
tacular advance All OF the tobacco
shares gained ground again and the
process of running in the shorts in Amer
lean Hide and Leather Was continued
Tho general list Of securities, while dis
PLAYING much resistance to the profit
taking and other selling pressure. was
disposed to be heavy at the closing
which was about the lowest OF the day
in the case OF Steel and few of the
other stocks which attracted so much at
tenticn on the preceding day. Heaviness
again characterized Liberty bonds, par
ticularly the fourth las.
The money market was trtfle f'rmer.
although no great amount OF attention
was paid to 1t under present circum-
stances. The foreign exchange market
vas quiet. with neutrals generally easier.
Considerable interest was manifested In
the remarks of the Secretary of the
Treasury on the preceding day as to the
next Liberty Loan, although they were
rot of much Importance from the stock
market point of view Bank clearngs
for the week aggregated s5,421 ,992, 900.
a loss Of 213 per cent. from the preced-
ing week. but gain of l3.4 per cent.
as compared with the corresponding
period last year.