The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-25
FINANCIAL NEWS
AND COMMENT,
Stock Market Reacts Under
Heavy Profit Taking
Transactions.
STEADIER AT CLOSING
Dealings Contract on Pre-
Holiday Trading - Some
Shares Continue Strong.

Stocks acted yesterday much as might
have been expected as a sequel to such
violent speculation for a rise as was car
ried on in tho steels last Friday and
again at tho outset on Saturday. The
fact was q reactionary tendency was re-
ouired to make itself manifest during
the day was one of tho most reassuring
things about the trading, for It showed
sensible recognition OF the weakened
technical position. Most of the selling
converged. as It did In tho last few
minutes of Saturdays dealings, on the
standard steel group and the higher
priced speoialties. But there was no in
dication of anything beyond realizing,
and q great deal OF pressure seemed TO
be in the main the result of continued
profit taking on the part Of traders who
neglected to realize on their stocks last
week. and who make It a rule never to
carry stocks over period of suspended
trading. Tho tone was steadier at the
closing, although not strong by any
means
Speculative sentiment was still favor
able. but the fact was not to be over
looked, nevertheless. that the sharp rise
last week had dampened somewhat the
ardor of enthusiasm in some quarters
This was due more particularly to the
technical position than It was to the
news Developments over the week end,
although tho turn OF affairs in Europe
undoubtedly had a sentimental effect on
the trading. in that 1t probably added
impetus to the reactionary movement.
But the general situation remained pre-
cisely as II has been all along, in spite
of the extent of the rise IN the general
market, and in spite of the fact that
feeling in some quarters favored more
substantial setback than has been ex-
perienced thus far in the rising move
ment. The steel situation was less of a
factor than last week. but new evidence
of the gradual Improvement in the In
dustrial outlook came to the front in the
copper market. where increased sales
were reported for the first time since
the signing OF the armistice. This was
effective in Strengthening the coppers for
a time. but in the afternoon a further
cut in the Ananconda dividend tended to
offset whatever speculative enthusiasm
that may have been created in this con-
nection.
The extent OF the days losses in the
standard shares averaged about point
all around. Pressure was the heaviest
in the steel group, as was to be ex-
pected on account of the extent OF the
rise which tnese
experienced. There was continued pres
sure in the Mexican shares. the marine
ste ks and some Of the higher priced mo-
tors specialties OF the type of the motors
shares. But at the same time fresh buy
ing power was apparent in the food
stocks. especially Wilson & Co. the
sugars. and also in some OF the individ-
ual shares like United States Realty and
Improvement. In the forenoon there was
rather sharp turn of strength in the
coppers following a report that approx
mateIy 100000 pounds, Of the red
metal had been disposed of recently at
higher prices than have prevailed in the
metal market of late. This strength
continued throughout a good part Of the
day and early afternoon: in fact, until
the announcement came that Anaconda
had cut its dividend 81 more a share.
The stock Is now on a - basis, as COM
pared with IS In the previous quarter
and IS in the quarter preceding that.
Notwithstanding the weakness in the
marines. American International con-
tinued strong.
The money market was unchanged,
call money continuing easy in spite of the
loss in reserve as reported in the bank
statement last Saturday. The foreign
| exchange market was again disturbed
and erratic. with quotations fuctuating
widely during the day. There was a
further break in sterling at the outset
as we'll as In other exchanges. but in the
afternoon there was a steadier tendency.
! particularly in sterling itself. and toward
| the closing II showed some recovery.