The sun., 1919-01-23
FINANCIAL NEWS
AND COMMENT
Stock Market Firm Toward
Closing, Although Trading
Is Contracted.
MOVEMENTS CONFUSING
Technical Position Improves
and General List Makes
Fractional Gains.
MOVEMENTS CONFUSING

Trading in the stock market yester-
day. while greatly contracted from Tues
days aggregate, was maintained or
fairly active scale without any marked
continuation OF the weeks tendency OF
prices 20 decline. The share list In
fact. displayed more pronounced firm
ness, becoming rather strong toward the
closing after some early persistent weak
ness. The action of the market still
left much to be desired in that II con-
tinued very much muddled and confused.
but II was vastly more encouraging than
the sessions with which Wall Street has
become familiar OF late. and in general
way suggested that the processes were
more obviously at work in the list to
produce better balance. Undoubtedly
n large part OF the dealings represented
covering operations on the part of traders
who have been active on the short side
recently. but there also seemed TO be
more confident buying of number Of
the higher priced rails and special issues.
While confidence has not been reestab-
lished nor Is that likely for some time
to come, those who are unusually active
In the markets movements were dis
posed to take slightly favorable view
of the dealings for the immediate fu-
ture. This feeling was predicated partly
upon the improved technical position of
the general list, but more particularly
upon the knowledge that something il
coming from Washington shortly in con-
nection with the railroad situation that
probably will have a constructive in
f,uence upon the market. But so far as
the general position OF the market Is con-
% N OF hos 10 Cko~ GnI
| greatly. II is realized. of course, that on
| technical grounds the market is due for
! substantial rally from the low prices
recorded earlier in the week. but so long
as the money restrictions continue and
the financial and industrial outlook re-
mains so confused the great majority of
| brokerage houses are not expecting any
sharply defined movement in the general
market The fact OF the matter is that
| traders are expecting a return TO the fut
of inactivity from which the market was
| temporarily dislodged al the first OF last
week by the selling wave in the standa I'd
industrials and railroad shares
In comparison with the preceding
| days session the market was rather
tame affair. Tho tendency was firmer
| from the outset however. and although
there were periods in which the selling
was continued the closing was strong
and the net changes revealed an i'm
provement of substantial fractions al
around. The action OF the rails was
particularly gratifying in view of Tues
days selling. Reading was strong in
the last hour. and all OF the old line IN.
vestment issues were disposed to i'm,
prove. The steels and copper group
while still containing some points OF
| weakness in stocks that are likely &c
experience further readjustment in ths
process of placing the market on a peac.
basis. displayed a fair degree OF sta
biity. The disposition here was gener
ally a waiting one for the Steel divi
dend meeting next week upon which 4
lis generally conceded hinges much ir
respect to the trend in the immediat I,
future. There were some weak fea
lures in the oils Of the type of Mexican
Petroleum and Hide and Leather. which
were affected by purely local considera
lions. but all in all the days trading
was more satisfactory.
The money market was disposed to b.
firmer. Call money closed at TO 81
per cent. No reason was advanced fol
this in banking circles. as tho situation
continued TO be characterized as salts
factory. The foreign exchange marke
was quiet. with rates slightly easier /
anything. 1t was a comparatively dul
day in the bond market. In this direc
ton attention is being gradually d,
rected toward the new Liberty Loan
which is expected to he brought on
some time in April. Preparations hav
not been started as yet in banking cir
cles on a large scale, but not much |
expected of the bond market until thi
is we'll out OF the way.