The sun., 1919-04-13
FINANCIAL NEWS
AND COMMENT
Stock Market Repeats Actions
of Recent Sessi0ns-Profit
Taking Heavy.
DEALING IS CONTRACTED
Bank Statement Shows q Loss
Of About $1,000, 900 Due
to Reserve Credits Drop.
DEALING IS CONTRACTED

Tho action OF the stock market yes
terday was practically O repetition of
the preceding days session. and also OF
the session preceding that There was
the same heavy profit taking all through
the general list, with occasional strong
spots in specialties, in which there were
purely local developments at work to ao-
count for the strength. The only differ
ence in the trend OF the market In fact
was that the selling was heavier than
on previous days. and that somewhat
more progress was made in the case of
the standard shares and few OF the
higher priced specialties. Otherwise
there was no change In the general char
acter of the trading The market In a
broad way indicated that there was still
good deal OF stock being pressed for
sale in the way of cashing in of profits.
On the other hand, prices held we'll in
the standard list whenever there was
any great pressure, a circumstance
which suggested a good deal OF opposi-
ton to the plans of professional traders
to bring about a general reaction.
There was no news again with direct
influence upon prices, ard the selling for
the most part seemed to be the result
OF continued realizing and the usual
| week end profit taking and evening up
| consideration for over the holiday.
There was a slightly better feeling as
result Of overnight developments from
| the Peace Conference, but this was not
| effective in checking any considerable
amount of the selling pressure The
| weekly trade publications again re-
kported Improvement in general business,
but this likewise was without great In
huence on the market. The indications
| In this respect are that the stock market
! has already discounted whatever i'm
| DrOvement fhaYa ha t,
business way, and that from now on
Wall Street will be mostly interested
In the first suggestions of a revival of
business on a large scale. This has
| been retarded somewhat by the disagree
ment with respect to steel prices in
Washington, and also by the failure of
| the Peace Conference to reach an agree
ment sooner. Otherwise very little atten-
ton was paid to such news developments
as there were. For the most part Wall
Street seemed perfectly content to fol-
low the same irregular course with re-
gard to prices as has been followed on
the Stock Exchange all during the past
week.
Total dealings were on a considerably
smaller scale, even for Saturday ses-
SION The main selling pressure CON-
Verged. Just as 1t has all along, on the
steel, copper and other standard issues,
ties Of the highly speculative type. All
OF the tobacco shares were weak espe-
cially American Sumatra, which declined
IN anticipation Of an unfavorable earn
Ing statement for the past SIX months
This statement will be made public to-
morrow, and Is expected to be a dis
agreeable surprise to those who have
taken a long position in the stock The
rails were heavy again, and there was
further profit taking in the marines and
equipments which were the features of
the advancing movement during the first
half Of Fridays sessions. On the other
hand, there were several fairly strong
points among the food stocks and lower
priced specialties, such as Associated
Dry Goods, American Linseed, Kelly
Springfield, some OF the motors and
lower priced oils. But the great ma
5ority Of standard issues went lower on
the day. the closing showing an aver
age net decline OF about a point all
around.
The bank statement disclosed a loss
In surplus reserve of approximately
1000. which was due to the de-
crease in reserve credits at the Federal
reserve banks, which in turn was
greater than the propoHtionate decrease
OF deposita An interesting phase of
the statement was an increase in Gov
eminent deposits to S377.1s0,0 900. The
foreign exchange market was quiet and
generally steady. Sterling showed
firmer tone and francs were a trifie
f1rmer. Pesetas advanced points and
Scandinavian exchanges were heavy.
Bank clear1ngs for the week totalled
s6.e96.607,86o, against s7,258. 052.8<7 in
the preceding week and 5.Sel,668,54s
In tho corresponding week last year.