The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-09
FINANCIAL NEWS
AND COMMENT
Weakness i'm Shipping Shares
Has Tendency to Unscttle
Rest of List.
TRADING REMAINS QUIET
Bank Statement DisclOses q
Decrease in Surplus of Close
to S29,OOO,OOO.
TRADING REMAINS QUIET

With very few exceptions. yesterdays
stock market witnessed a further display
OF weakness throughout the general list.
This activity converged. as 1t has right
along, however, for the most part upon
the softer looking positions in the mar
ket. in which reason for professional
operations could be found in the days
news developments. Yesterday 1t was
the shipping shares rather than the cop
pers, on account OF reports In the morn
ing papers that the Atlantic. Gulf and
West Indies had been forced to suspend
operations Of one of its coastwise sub
salaries The weakness here naturally
tended to unsettle the rest of the list. al
though considering the session as
whole no great amount OF progress was
made except in special descriptions.
Trading was on a quiet scale again. even
Tor Saturday session, the aggregate
Of transactions for the two hours OF
business being only slightly In excess OF
the $50, 600 share mark.
Evening up transactions for over the
holiday undoubtedly represented the
largest part OF the dealings for al
though considerable weakness was dis
played In the shipping shares no great
/, disposition was shown to sell the rest or
the market. AS n matter of fact, the
stability Of the leading copper and stee,
shares again afforded ample testimony
, Of the oversold condition OF the market
and It's improved technical position
! Sentiment. however. was bearish AGAIN.
and most of the news developments We're
unfa vorable. although no great amount
! OF Importance could be attached TO them
| from the stock market point of view.
| Reports were In circulation again or
lower copper prices one OF the rumors
| having Il that the metal had charged
hands as low as - cents. against Is l..
cents, the price fixed last week FOR the
metal by the leading producers and sell
ing agencies This was bearish on the
surface, but IL continued to show a dis-
position on the part OF the producers "a
bring tie price down to where II will
attract the attention OF consumers
which Ia considered in the long run a
highly satisfactory development from
the stock Exchange pont OF view Al
least this Is the opinion Of the brokerage
community.
The initial outburst against the ship
ping shares resulted in a fairly genera
decline In most issues. Atlantic GU,
went off more than . points. ana so d'o
United Fruit. whi'A the marines W'''
off in sympathy. The rest OF tn" mar
ket was disposed to sell on rrac; onaiS
until the last nOuT' WHEN IL hi '"'
was In evidence and some recovery toor
place. The standard shares shared
more Importantly in this rally than dlo
the shipping stocks, although as a rule
these issues showed an upturn at the
closing of about a point from the 10"
OF the day The copper shares. CON
sIdering the weakness OF the genera
market. were disposed TO display fan
amount OF strength, particularly Amer
lean Smelling, which closed the day viii
a fractional gain. The sugars were alsC
firm. and so were some of the lowe
priced specialties, including few OF tn
rails. The great majority of the rails
however. followed the trend in the res
OF the market, and at the closing aver
AGED a substantial fraction under Thu
preceding days closing. Liberty bonds
were weak, the Fourth A.. making an
other new low record.
The bank statement disclosed a de
crease in surplus reserve of approx
mately $2s. 900. 600. In spite OF "A reduc
ton in loans of $50 100000 and deposit
Of 81 900 900. This was due TO re
duction in reserve credits at the Fedora
Reserve Bank OF New York of abou
$40 900 900. The market for foreign
exchange was quiet There was a lttl
Improvement in the tone OF Swiss francs
but most OF the other neutral rates con
tinued to display weakness. This ha
been characteristic of them Throughout
| | the past week. Bank clearings for tn
week totalled s6,955.104.lS3 ago'ns
SIS. 690.330,4l7 last week and $500 07
Jls IN the corresponding week last year