The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-29
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Generally
Quieter and Much Selling
Brought Out.
ADVANCES ARE CHECKED
Steel Comes Again Into Public
Favor and Touches o New
High Record.
ADVANCES ARE CHECKED

Trading on the Stock Exchange was
very much quieter all around yesterday,
due, no doubt. to the prospect of the
prolonged holiday over the week end.
RMS brought out a great deal of selling
that would have ordinarily been held off
until the short session on Saturday, and
tended to check whatever tendency there
may have been In some quarters to con-
tinue the advance in the general list. A
good part Of Wall Street was also under
the Impression that the German peace
delegates were scheduled to file to-day
their final answer as whether or not
Germany intends to sign the peace
treaty. This was of course, an erroneous
impression, for all that IL expected to
take place in this respect to-day Is the
filing of the German counter proposals
with the Allies, but 1t sufficed to bring
out moro than the ordinary amount Of
selling pressure. The markets answer
to this test was again satisfactory from
every viewpoint, and although the
general trend of the dealings was ir-
regular not a few OF the standard shares
made some progress during the course Of
the day, particularly the Steel shares.
Under the circumstances a further de-
cline was undoubtedly in order for the
day. The fact that it did not take place,
or at least was not quite so general as
expected, again spoke well for the
technical situation which had been
pretty well strengthened by the declines
Of the two preceding days. There Is no
question that the market Is still in q
weak condition in 80 far as the great
majority Of special stocks are concern
ed. but at the same time It is also clear
that something more than unconfirmed
reports Of unfavorable money conditions.
such as were created on Tuesday for
the sole purpose of bringing about a re-
action. Is necessary in order to shake
the public out of the tremendous profits
which they have rolled up in the last
few weeks. There were no such rumors
yesterday to create unsettlement. nor
was there any question about the salts
factory condition Of the money market,
but whatever favorable impression this
may have vreated was more than offset
by the evening up Of commitments for
over the holiday and by the reports that
Germany would give final answer to-
day on the peace terms. both of which
undoubtedly exercised an important in
fluence on the course OF prices during
the day.
In so far as the general market was
concerned there were no very much
outstanding features. The steel stocks
came back into public favor in tho
high record for the current movement.
but the strength, or rather the buying
movement, was short lived, as were the
attempts. to continue the advancing
movement In most of the other depart
ments, One thing that may have ac-
courted for the strength in Steel COM
mon was the fact that 1t sells ex divi-
dend to-day. The only really important
exception to the general trend was
Baldwin. which held Its strength
throughout the session. There was a
raurer spectacular advance in the ma
rines at the outset, but their strength
was not maintained. and subsequent
heavy selling pressure resulted In de-
pressing both issues to about the clos
ing figures Of Tuesdays market The
copper stocks were rather held in check
by the sharp break in metal prices, but
this was not regarded in well informed
circles as having any wide influence.
There was strength in the food stocks
again and in some OF the higher priced
rails during the earlier part of the day.
but their actions during the day. as
whole, were rather disappointing. par
ticularly SO far as Southern Pacific was
concerned.
The money market was easy through
on. the day, closing slightly firmer.
There were still some reports in GER
tain circles concerning the possibility of
restrictions on speculative operations.
but these were not credited in we'll in
formed quarters and had very little in
fiuence on the market 1t may be that
the present pace OF speculation is not TO
| the liking of some interests, but 1t can
be stated authoritatively that the great
majority of bankers are not in favor of
taking any steps at present toward
placing the Stock Exchange under any
further money restrictions. The for
eign exchange market was stronger
being featured by strength in francs and
lire. both OF which recorded substantial
Improvement. Sterling was slightly
easter, as were some of the neutra!s
Otherwise the market was quiet and
rates were about unchanged from the
preceding days closing. The cotton
market was firmer although not SO spec
tacular as Il was earlier in the week