The sun., 1919-09-09
FINANCIAL NEWS
AND COMMENT
Principal Price Changes Are
Toward Lower Levels in
Professional Market.
DULNESS RULES SESSION
Only Strength Comes Near
End Of Period, When Oils
Lead in Recovery.
DULNEss RULES SESSION

fTOIosSlOnal ucailnSS IN n uull market
wero largely responsible for yesterdays
price changes. which were mainly down.
ward The volume Of business was
very much contracted from the average
in the surface fluctuations were in
clined to believe that the market. hav-
Ing had It's rally from the low Of two
weeks ago. had again sunk into the rut
Of inactivity from which It s1as pre-
maturely dislodged by the recent move
ment In the direction Of higher levels,
that Is to say, at least until two impor-
tant considerations the coming holiday
tomorrow and the steel strike. are we'll
out of the way. There was absolutely
no initiative one way or the other. ex-
cept In special directions such as Next
can Petroleum and Fisher Body. and
most stocks disclosed small net de-
clines at the end OF the day. But whatever
weakness there may have seemed to
have been due for the most part to the
lack of interest in the dealings rather
than to any real selling pressure.
At least that much could be said
In favor of the market. But the fact
remains that the trading was disap-
pointing. 1t had been expected that
Secretary Glass's optimistic statement
about the condition of the Treasury De-
partment. which was really quite
significant, would have created impetus
enough to have at least given the
market a tone of underlying hrmness-
But. such was not the case, so far as
the standard stocks were concerned.
The market seemed to lack initiative. and
in the absence OF which commission
houses pointed to the uncertainty over
the steel strike situation. TINS was
not changed over the week end. how
ever, and II there was any reason for
a change for the worse In the financial
districts views in this connection 1t was
not apparent on the surface of things
Undoubtedly most OF the hestitancy with
respect to securities came from the fact
that the Stock Exchange will be closed
tomorrow to observe Pershing Day.
Many traders cleared out their accounts
on Saturday. and did not bother about
coming down yesterday, holding that no
started In the meantime anyway,
which was Just exactly what was the
trouble with the market.
The market opened fairly firm, but sold
of after the first ten minutes, not under
any very heavy volume. but merely on
account Of q few scattered offerings from
professionals and commission houses
Steel got under 1o3 for the first time
since the big decline several weeks ago
and most of the other standard indus
trials were heavy In sympathy. although
very few displayed any marked weak
ness. As a matter Of fact the only really
strong periods OF the session were right
at the closing. when. under the leader
ship of the oils. Mexican Petroleum In
particular, the market firmed and recov-
cred q fractional part Of its early
losses Another strong group was the
tobaccos. which went higher under the
leadership Of United Retail. There ware
number of other specially shares which
were fairly strong on account of purely
individual considerations. but otherwise
the market was a very dull affair. About
the best that could be said of 1t was
that, although most stocks were heavy.
prices did not decline very far.
Tho money market was very much
firmer, especially at the closing. Call
money went to g per cent, circum-
stance which was rather surprising.
This is the week when the banks arc
supposed to be making arrangements
for the next tax instalment, but in
view of Secretary GLASS; statement In
the morning papers 1t was not supposed
that the strain on the banks this time
would be SO great as 1t was the last
time, when it came near upsetting the
big bull market that was under way. At
any rate II Is hard to sec the reason for
such firm money at this time. There Is
no special demand from the stock mar
kot for funds, and under ordinary cir
cumstances there should be plenty OF
money available without the necessity
OF lacking rates up to s or 10 per cent
in order to induce out of town bankers
to loan their funds in this centre. The
foreign exchange market was very quiet.
with most rates firm.