The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-18
FINANCIALNE
AND COMMENT
Market Is Quieter With Heavy
Profit Taking in the
Standard Stocks.
INTEREST IN MARINES
Bank Statement Shows Gain
in Surplus Reserve of About
$15,O00,00O.
INTEREST IN MARINES


ket yesterday, without, however, any
marked continuation of the weeks ten
dency Of prices to advance. There were
several groups of special stocks and a
few railroad shares which stood out
above the rest of the list in the matter
OF strength, but by far the greater num-
Der of standard issues either stood still
or else showed fractional price changes
from the preceding days closing. Most
Of the higher priced railroad shares were
plainly under the influence of profit taxi
ing and other selling pressure through
out the best part of the day, while fresh
speculative buying appeared in several
new directions. such as the Marine
shares, American International Corpora
ton and one or two OF the lower priced
railroad issues, which were rather neg
lected in the broad advance on Friday.
But in so far as the general market was
concerned there was no manifest dispo-
stion to increase commitments for over
the holiday among the speculative hold
ers Of stocks, although considering the
session as a whole fair volume Of bust
ness was turned over for a Saturday.
Profit taking and the usual week end
evening up transactions undoubtedly ac-
counted for the most part for the slower
pece Of trading, but the excellent and
substantial absorption which has been
going on in stocks also provided a Arm
basis for whatever selling pressure there
may have been. The wonder was that
the market held so firm in face OF the
tremendous advance which has taken
place in all parts Of the list with the ex-
ception of the railroad shares and the
broadening out of the speculative en-
thusiasm. At any rate, there was little
real selling Of securities yesterday in
any part of the market and indications
| continued of scale buying of most Of the
investment issues. that Is to say the
railroad shares in particular. Other
wise there was very little interest in the
| trading. Notwithstanding the sustained
| volume of activity and the breadth of
| the transactions. 1t might have been
| supposed that Wall Street would have
paid more attention to the opening OF
| Congress on Monday in SO far as the
trading in the railroad issues was con-
| cerned. Yet taking the session as a
whole the financial community seemed
| we'll satisfied with the slower pace OF
activity after the plunging speculations
which have been experienced throughout
the list for the last three months
| The feature of the special stocks was
| the movement IN the Marine shares the
| signal for which was provided by the
announcement that President Franklin
is nearing port with some plan concern
Ing the Marine company. Wall Street
Immediately jumped to the conclusion
| that the deal for the sale OF the British
! ships had been concluded. According 10
interests in close touch with the COM
pany, the plan which President Franklin
| will bring back from Europe will have
/ nothing whatever to do with the long
talked Of sale of the ships. What Mr.
Franklin 'eally went abroad for was
! to gain control OF the money which
has been tied up in the treasures OK
| the various British subsid!ari es ever
since the beginning of the war, and II
the action OF the stocks yesterday can
| be taken for anything the negotiations
to this end have apparently been salts
! factorily concluded. The rails were the
I only other stocks to show any marked
strength, that is to say the lower
priced issues. The rest OF the market
backed and filled most of the day and
trading was tame in comparison with
what had been witnessed earlier in the
week.
| The bank statement showed an In
crease in surplus reserve of approx
mately s15,O00,000, which brought the
aggregate reserve back close to $50
100000. The improvement in the re.
serve position was accounted for partly
by an increase of Sl3,SO0, 600 in cash
reserve at the Federal Reserve Bank
and partly by a decrease Of s2.ss3. OOC
in demand deposits and s10.576.OOO in
time deposits. The most important fea.
ture Of the bank statement. aside from
\ the increase in surplus reserve was the
indications of more conservatism on the
part of the banks in the matter OF
brokerage loans The statement showed
a decrease in the loan item OF more
than 100000. which reflected the
steps taken earlier in the week TO check
the violent speculation in the oil shares
The foreign exchange markets were still
weak. France made another new low
record and so did Italian lire.