The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-10
FINANCIAL NEWS
AND COMMENT
General List Sells OFF at Close
as Weakness i'm Standard
Stocks Continues.
SETBACK ONLY MODERATE
Steel Corporations Failure TO
Give Out Price of Employees
Shares an Influence.

Further progress was made in the
stock market yesterday in a number Of
the speciality stocks, upon which large
part of the activity has conver2ed in re-
cent sessions, But at the same time the
weakness OF the standard shares In
creased. and in the afternoon. when the
upward impulse slackened. stock came
out on the market and the general list
sold Off rather freely at the closing. In
proportion to the advance which has
taken place IN tho main speculative po-
sltion as well as IN the miscellaneous
stocks. the setback was moderate and
nothing more than might have been ey-
pected on technical considerations alone.
The fact that the speculative leaders,
including steel common. were disposed
TO he heavy, however, tended to weaken
the financial community's confidence in
the market, and Notwithstanding the
sustained Improvement In the specialties
the closing presented a rather unsatis-
factory appearance to experienced OBJ
servers.
Perhaps the most important influence
at work IN the days trading to produce
a lower range OF quotations was the
failure OF the Steel Corporation to an
iseunce the price at-xhich 1t will offer
its stocks to employees. Wall Street
for more than Il week. and when tho
report came out on the tiokers yesterday
afternoon that tho company officials
had decided to walt still longer traders
Immediately seized upon the opportunity
to sell steel, along with the rest OF the
market Added to this influence was a
damaging rumor. which could not be
traced. to the effect that a prominent
Government official had met with Sc
rious accident. There was no confirma
ton of this report. of course. but COM
ing at a time when tro latest bulge In
the spe cialties had made them too profit
able TO carry any longer, and when the
standard steels and coppers presented a
heavy appearance professional traders
were afforded all excellent chance to de-
press the market. This resulted in re-
ducing most of the gains in the !ndivid-
ual shares. but nowhere except in the
stee!s did II bring about anything like
a sharp decline. On the contrary tie
average change at the closing was only
fractionally lower, while in the case OF
Tn. speciaities some substantial advances
were recorded.
Nevertheless the ease with which the
standard stocks receded when there was
much activity tended to evoke consid-
erable amount OF unfavorable comment
also had the effect OF dampening the
ardor of the speculation IN the oils and
specialties still all OF tho individual
shares showed n fair degree of strength
All through the session. including in par
ticular American can. Hide and Leather
L.nseed Associated Dry Goods, Stude-
baker. Mexican Petroleum. United Cigar
Stores, General Cigars and. in fact, all
other stocks which have had d'stin-
cuished speculative activity in the stock
Exchange within the last two weeks
American Beet Sugar had another sensa-
tional rise following report that the
company was about to drill for oil on
some of its Western property. Aside
from these shares there was noticeable
change in underlying conditions. The
weakness of the standard list. while dis
appointing. revealed no new develop
ments in connection with the situation.
Nor was II surprising to those who have
been following the progress of the peace
readjustment.
The money situation showed a Sigh;
Improvement in that call money was a
tr.he easier as contrasted with the pre-
vailing rates on Wednesday, The change
was unlmportant. however, and as
compared with last week the average
quotation yesterday was still consider
ably above the average OF last week.
Foreign exchange continued quiet. Guild
ers were slightly .irrner, but aside from
these rates were about unchanged from
the previous days closing. The Bank OF
England statement reported rise In re-
serve ratio to l1is per cent, against 1ls4
last week. This was accounted for IN
the rcadjustmeat back to normal Of bal
ances IN Great Britain after the January
g,,ta