The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-30
FINANCIAL NEWS
AND COMMENT
Trading in Stock Market Less
Active, but Prices Hold
Up Well.
STANDARDS SHOW GAINS
Weakness of Marines Checks
Upward Movement Toward
Close Somewhat.
STANDARDS SHOW GAINS

Trading in yesterdays stock market
was naturally somewhat restricted and
more or less confused on account Of the
three-day holiday over the weekend.
But considering the amount of selling
which the market had to contend with
and the various cross currents in the
dealings. the market as a whole gave q
fairly satisfactory account of itself.
Reactionary tendencies were still in evil
dence in many parts of the list, but
n great deal OF tho profit taking and
evening up transactions on which Wall
street had been counting had been SO
well cleaned up in the two preceding
sessions that little remained to be done
yesterday. At any rate, whatever there
was was unimportant and the general
market. while displaying no indications
OF aggressive buying. except in special
directions, maintained a fairly good
aspect of stability throughout. There
were still numerous points of weakness
but In the main the general tendency was
to continue the advance which has been
under way lately and at the closing the
greater number Of standard Issues
showed net gains.
lnasmuch as yesterday was the last
business day OF the week 1t was natural
that there should be some selling, The
thing that made the session remarkable
was that the pressure was SO limited
and that whenever there was much ao-
tlVity the tendency OF prices was in the
direction OF higher levels. 1t might have
been supposed that the prospect OF nm
favorable developments In connection
with the peace situation or that the I'M
healthy technical situation in the ma
| lorlty OF standard stocks might have
hau the eject OF restraining the enthus-
iasm in some direction. But IL these
| considerations had any pronounced ef-
rect on the market yesterday It was not
apparent on the surface OF things. In
oeed had II no been for the prospect of
the three-day suspension OF business
over the weekend the market undoubt
edly would have been as buoyant and
as enthusiastic as ever. As II was how
ever, the market gave a satisfactory ac-
count of itself under the circumstances
OF the continued profit taking and in the
race of considerable weakness In the
marine shares, which had the effect of
restraining the upward movement to a
more or less important degree in tba
last two hours of business.
mere was no general renewal OF thu
upward movement OF course in SO far
| as the market as whole was CON-
cerned The steel shares wero heavy
throughout the best part of the day
Inc equipment issues did little more
.nan maintain the progress made on
,he preceding day and there was heavy
.iauidation during all Of the trading in
the marine shares on the theory that
| the statement to be made after the close
OF the session might upset the whole
Marine deal again. But whatever was
| lacking In this connection was more
IMAM made up for by the strength in
other directions. The traction shares
Were all strong again on the statements
created TO Public Service Commissioner
| Nixon with respect to his attitude on
increased fares. The motors, tho rub
oers and the food specialties all came
pack in favor In the last hour, particu-
larly Stpdebaker, while more than the
usual amount of interest was manifested
In the rails. Southern Pacific was
strong all day and there was excellent
| ouylnB again In some of tire other issues
OF the type of Reading and Union Pa
! cific.
There was no special change In the
foreign exchange market nor in the
money market for that matter. Money
was easy all day in spite of the demand
Tor over the holiday. The foreign ex-
! change market, while somewhat easier
displayed no important weakness or
strength. 1t was purely a pre-holiday
anair and outside of one or two rates
| most or the exchanges closed at about
the same levels as the preceding day. The
Benk OF England reported a ratio OF re-
serve TO liability of 1920 per cent, COM
pared with POLO per cent last week. and
| lI5O per cent in the corresponding
week year ago. No change was made
IN the discount rate. Increases were
disclosed in circulation and bullion. The
Bank OF France statement placed gold
holdings at 6.o49. 100000 francs The cot
ton market was quiet and steady after
carly heaviness. All exchanges will be
closed both to-day and tomorrow,