The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-19
FINANCIAL NEWS
AND COMMENT
General List Reacts in the
Last Hour and Prices Sag
to Irregular Close.
spEOIALTIEs SHOW GAINS
Public Still Buying More Cost
ly Stocks-Market Trend
Is Upward as a Rule.

In its broad features the stock market
yesterday was a replica of that OF the
previous day and also the session i'm
mediately preceding II. There was the
same heavy realizing from the specula-
tors who have made large profits in the
recent rise. and also a considerable
amount OF fresh professional selling
among the standard shares. This was
partly onset by a continued broad public
demand for number Of the higher
priced specialties of the type of the
marine shares, the tobaccos, some Of the
oils and the food stocks, But the SELL
ing was heavier than the buying and in
the last hour the general list turned
reactionary and proceeded to sag to a
somewhat heavy closing. The net re-
suit Of the trading was again a highly
irregular range OF prices at the closing.
with numerous specialties showing pro-
nounced gains and tho majority of the
standard shares averaging generally .
fraction lower on the day as a whole.
There were no real long stocks Of any
account. however, pressed on the market
for sale, but the fact that prices did not
turn upward after the extensive shake
out which the market has experienced
was undoubtedly disappointing to the
majority of Wall Street traders Still
the trend was distinctly upward and
the days news was again of a favor
able character from the long distance
viewpoint. There was another favor
able export statement for February, the
Federal Reserve Board reported en-
cellent progress in the readjustment sit
uation and there was surprisingly easy
money. considering the fact that the
country is now involved in its first pay
ment of taxes. But all of these con-
siderations apparently were counter
acted by the uncertainty which exists
as to what Is going TO happen in WASH
/ ington tomorrow with respect to steel
prices. There was another meeting of
producers yesterday in the Wall Street
district. but no announcement wac
made. The feeling with regard to the
steel situation Is that some satisfactory
solution will DO reached. but until Il Is
| announced the speculative community
has apparently made up its mind not to
go ahead with any further speculative
movement which may have to be I'M
done in case the decision on Thursday
is not as favorable as It is expected
! to be.
The surprising thing about yester.
days session was that, in spite of the
reactionary character of the trading
and the general slowing down Of mo.
mentum in tho standard list. the DEAL
ings were still maintained on about the
million share scale. II might have
been reasonably supposed that II the
upward movement had been brough,
to an end there would be a restriction
or curtailment of activity. but the trad.
ing yesterday was in the same volume
as on Monday and, IN fact, the same
as during all of last weel. The only
difference in the character Of the mar.
ket was that the weak points outnum
bered the strong ones. Steal common
was again under heavy selling pressur,
and there was continued profit talins
in some OF the moro recent speculative
favorites. But the great majority OF
| the individual shares were strong. al.
though at the closing they Showed a
tendency to react along with the rest OF
the market This was particularly true
OF stocks like American Linseed, Atlantic
Gulf and West Indies, National Bis
| cult and Industrial Alcohol. Tho rail,
showed disposition to improve in the
afternoon under the leadership of Read.
I Ing. but the strength was short lived.
The money market continued easy
| Notwithstanding the huge fnancia
transactions involved in the collection
or the hrst fnstalment OF Federal taxes
The rates were virtually unchanged. blu,
there was a large supply available. The
outstanding development in the foreign
exchange market was continued weak
ness in French exchange. The explana.
ton OF this was the same as on tn,
preceding day. namely. that the French
Government had withdrawn its contro
of the market with a view of discour.
aging imports by making payment,
abroad more costly from the viewpoin,
or French merchants Otherwise the
market was about unchanged with rate,
closing at or near the closing figure O,
the preceding day. The bond marke,
was less active than on tho preceding
day and with prices not great nha oped