The sun., 1919-08-16
FINANCIAL NEWS
AND COMMENT
Stock Sales Are Lowest for
Full Session Since March,
With Demand Thin.
LABOR'S UNREST Is. FELT
Generalization In Foreign Ex-
change Kills Chances Of
Bull Movement.
LABoR's UNREST IS. FELT

Speculative activity was further re-
stricted in yesterdays prc-holiday mar
ket In the New York Stock Exchange
to a point where the volume was one
Of the smallest Ave hour days since
March. Price movements. which were
right In line with the conditions
created by the evidences of national I'M
rest and with those usually observed
on the. eve o, a holiday. were generally
without significance. The only impulse
on the constructive side was the desire
OF the professionals to even up tieir
commitments. despite the fact that the
line Of least resistance seemed to favor
the bears.
There a number OF constructive
Developments, but taken 1. altogether
they failed to oversize dow the menace
contained In the present unrest Of labor.
The announcement Just before the
closing that a strike OF marlborough
Rapid Transit employees Is scheduled
for Sunday was not helpful, although
It came too late to AFFECT market values
in the fractions to any large extent.
From the outset price fluctuations
were mixed and at times the market
was in a sluggishly unsettled state.
Strong spots appeared here and there
in the active list. but the tone on the
whole was confused. The best under
tone was shown BY the oils and II was
observed that on a decline in any issue
the active list became dull.
The fact is the demand for stocks was
exceedingly thin and the desire to dis
pose of holdings was shown only by the
professional traders. The market ended
the day as It began. with irregular net
changes in price.
The total number of shares which
a.. kn1
There was considerable Improvement In
the time money market. which was ac-
tive. with several millions loaned at per
cent. and 6h per cent Call money
loaned as low as 81 per cent
The real feature Of the day In Wall
Street was the movement Of foreign ex-
change, the Generalization In all the
rates causing little surprise but remov-
ing one OF the props from the possibility
of resumption OF the bull market. which
now seems at an end. On Thursday rates
on France, Italy and Germany declined
to the most unfavorable on record, al
" we'll.
Sterling. however. swept downward
yesterday with great violence. touching
s4.27la to the pound before the closing.
This rate compared with $4.351a last
week and Is within two cents of the
recent low figure established on July IT.
Local business In sterling exchange
virtually ceased yesterday when the
cables brought the orders for transact
lions from the other side. which oper-
ated to depreciate the value OF the
pound sterling as expressed In dollars.
At the same time the rates on Paris
Rome and Berlin went to points more
unfavorable than the low records OF
Thursday.
This decentralization in exchange serves
as most positive sort of warning
that time lost in arranging credits for
financing European needs may produce
4 crisis that will have harmful effect
States to say the least Europe relies
on shipments of American merchandise,
but she will be unable to get them un-
less the credits are arranged.
The trade reviews for the week were
reluctant to estimate the change in the
status OF business which has been
brought about by the nationwide price
agitation. but they note that while signs
Of hesitating markets do not appear In
every quarter the prices OF hides, tex
tiles, leather ard some other commodl-
ties have displayed yielding tendencies.
Brddstreet's calls attention to the fact
that Industrial unrest is still widespread
and says that the prices of many staples,
especially in speculative markets. are
still unsettled. Dun's Review finds a
pronounced revival OF construction ac-
tfyifiea