The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-02
FINANCIALNEW
AND COMMENT
Prices Hold Well, Although
Heavy Selling Continues
in Steel.
DEALING rs CONTRACTED
Traders Turn Attention Again
to Shipping Shares and
Food Stocks.
DEALING Is CONTRACTED


days excited movement OF prices was
not continued. The session was quieter
and steadier from start to finish than for
several days past, although total deal
ings made a respectable showing and
denoted a fair degree of activity under
the circumstances of the unsettlement to
which the market was subjected on the
preceding day. Trading was moro brisk
IN the afternoon and the trend of busi-
ness was to pick up around the best
prices OF the day. In the main the mar
ket gave somewhat encouraging i'm
preston Of its position materially for the
better. and the general tendency, despite
a good deal Of irregularity. was dis
tinctly upward, with Anal prices showing
net gains rather than declines The
indications were. In fact, that tho uir
doing OF much OF the reckless specula-
ton Tor rise had been pretty well ac-
complished, and at the closing the stand
ard list appeared to be in a much better
condition than It has been at almost any
other time since the beginning OF the
current upward movement.
The fact that the reaction was not
varied further undoubtedly. was disap.
pointing to traders who threw their
stocks overheard on Wednesday with the
idea that the upward movement had
come to an end But Il was a perfectly
logical development In the light of recent
events All that had been hoped of tho
Steel dividend was that It would pro-
nuce a more substantial reaction than
had been thus far experienced. There
was no special new buying yesterday II,
the steel shares, but 1t did not appear as
though traders had any intention of
pressing their advantage gained on tn.
short side Of Steel in order to force a
general break in the rest of the list In
ueed, the whole intention OF Wednesdays
selling was to place the market in a
sounder technical position, and when this
had been accomplished. as II appeared
to have been in the last hour yesterday,
traders again turned their attention back
to the specialties which have been the
main centre OF attraction during all of
the last fortnight or so. Trading was
considerably In excess OF the million
share mark, but as compared with Tues
day and Wednesday the days volume
was very much quieter. a circumstance
which evoked a good deal OF favorable
comment and which at the same time
was rather reassuring to Wall Street
after the plunging activity and price
| movement of the last few days.
The only really weak features OF yes
terday's market were the steel shares
In this department traders pressed their
advantage and Steel common sold down
below 81 for the first time in several
weeks But while this was being ac-
complished fresh strength developed in
the shipping shares. the food stocks and
some OF the oils which have been rather
active In the trading recently. One of
the disappointing things about the days
business was the failure of the rails to
respond to buying in the early afternoon
A feeble attempt was made in this direc-
ton to stimulate interest. but the only
response that was forthcoming was In
the lower priced Issues. such as St Louis
and San Francisco and one or two others
| about which much has been said re-
| Gently as to the possibilities of making
oil strikes on some of their properties In
the Southwest There is still q good
deal of discussion in brokerage circles
! about the rails becoming more active
features in the current series OF mar
ket. but whenever any attempt Is made
to stimulate interest in this direction the
| market Immediately meets stock.
There was no important change In the
money situation, although indicati lions
continued in some directions of attempts
on the part of the banks to discourage
reckless speculation in security markets
The foreign exchange market was weak
Francs were under pressure, as were the
| neutrals and lire. Sterling continued
nin' pelHg III iact ABOUT the only impor-
tant rate to show any marked stability
| during the day. The Bank Of England
| statement disclosed proportion of reserve
to liabilities Of 1910 per cent, against
1880 per cent last week. Government
loans declined s24 900. 900 and public de-
posits $4,000, 900. Other deposits in
creased s37.500,000 Bullion holdings
gained s2.700,O00. There was very little
OF interest in the bond market. Trading
was very broad and active - the Lib
erty bond department. but so far as
other bonds were concerned the market
might just as we'll be closed altogether
for all the interest that is being mani
tested in them