The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-21
FINANCIAL NEWS
AND COMMENT
Reports of a Likelihood Of a
Steel Strike Help to De-
press Prices.
SELLING rs PROFESSIONAL
Declines in Foreign Exchange
Add to Weakness, Felt
Most Near End.
SELLING rs PROFESSIONAL

Wall Streets waiting attitude was
maintained yesterday in the stock mar
ket. Events contributed nothing to the
formation of definite conclusions respect
Ing the financial situation, although II
may be reasonably supposed that the
dsquieting reports concerning the steel
strike situation accounted in large part
for the reversal in form of prices which
occurred in the general list toward the
closing
The fact that prices went down again
in spite of the encouraging rally at the
outset was rather surprising to those
who had figured that most of the SELL
ing had been completed previously. In
reality. though, the selling was nothing
more than what might have been ex-
pected as a sequel to Tuesdays recov-
cry ana In view OF the fact that the
stock market has demonstrated all along
that It is not ready to go ahead with
any resumption of the upward campaign
| until the various matters with which II
is now engaged have been more definite
ly settled. At least, this is the opinion
of the ma jorlty of commission houses.
The main factors in bringing about
the renewa of the selling movement. OF
course, were the dispatches to the effect
that the steel workers had decided to
day that Judge Gary of the Steel Corpo-
ration might issue statement later
which would tend to counteract whatever
unfavorable impressions may have been
created, but when this announcement
was not forthcoming the market turned
weak again, and professionals had little
difficulty in forcing prices downward
nywhere from one to as many as six
points or more.
The difference between yesterdays
selling, however. and that OF preceding
days was that 1t was almost all pro-
| fessional Whatever liquidations there
may have been in the recent declining
movement seemed to have been COM
pleted previously. so that yesterday II
was a case of short selling.
In this respect, at least. the day was
encouraging. 1t showed that although
the financial community was not ready
for a resumption of the buying move
ment conservative interests were equally
opposed to depressing prices any lower
than they are now so far as the great
majority of stocks are concerned.
The most peculiar feature about yes
terdays market was that 1t was the
steel stocks that held best. II there was
any group on the list that might have
been expected to decline sharply in face
voted to strike It was the steel group
yet their losses generally were small in
comparison with some other standard
issues, more particularly the specialties.
Whatever was lacking in this respect
was more than made up in the manner
in which the Individual issues declined
Keystone Tire was especially hard hit
and many other recent speculative IA
vorites went into a fresh etage of par
tial collapse. All the tcbaccos gave
ground again the equipments lost what.
ever they had gained in the recovery
ON Tuesday: the copper stocks were
| stocks. as was TO be expected in view
OF what was to them the unfavorable
overnight developments.
Contributing again TO the weakness
was another sharp decline in the for
eigr exchange markets. Sterling made
its daily low record, which represented
a decline of about cents for the day
while both francs and lire followed In
sympathy. Toward the closing a feeble
rally in sterling caused a recovery oil
about cents, and this resulted in raj
| lies in francs and lire. But there wal
nothing new to account for this. II
was due entirely 10 short covering, with
, the result that bankers were still in
| clined to look for continued now low
! levels for sterling each day until Il
| finally finds its natural Level.
The money market was somewhat
| flrmer Call money loaned UP to Il
! 6h per cent, circumstance which wal
| due in part TO the recalling OF funds
| by interior banks from isis centre, ant
no doubt IN part to thu act that q
great deal of money is nov icing pu
out on time because OF the recent low
| rates in tho call money market