The sun., 1919-01-22
FINANCIAL NEWS
AND COMMENT
Industrials Tend to Be Firm
Toward Close, While Rails
Continue Reactionary.
STANDARD LIST DECLINES
Sentiment Still Cautious as
Technical Position Of
Market Improves.

Reactionary talk preceded the stock
markets opening again yesterday aud
for the best part of the day the price
movement continued in keeping with ex-
pectations Further progress downward
was made In the rails. and during the
morning the greater part Of the indus
trial list was carried to new low ground
for the current movement In the after
noon the trend improved. and although
the recovery did not 60 as far as had
been expected. the industrials were dis
posed to be rather firm TO the closing.
The rails. however. continued their re-
dictionary disposition throughout the
day. Although there was some i'm
provement In the last hour, the recovery
was not sustained very well. and at the
finish securities in that department gen.
orally presented n rather unsatisfactory
appearance. The net result as revealed
by the customary statistical averages
was another substantial decline In the
standard list. vita numerous more ex-
tensive breaks in the specialties.
From purely technical viewpoint the
markets action was again disappointing
to those who had been expecting a
rally However, 1t did not appear as
though professionals had succeeded
in bringing out any real stock. and the
tendency at the closing seemed to sug-
gest that about the worst OF the move
ment was over. Sentiment was stu
cautious, however, and there did not
seem to be a disposition to anticipate
aggressivsly constructive features. Just
what the days movement was based on
continued as much of a mystery as on
preceding days There was no news OF
character that might have been ex-
pected TO influence stocks. except pos
sibly the Schwab interview, which was
not taken seriously in conservative quar-
ters. The unfavorable impression in
connection with the railroad SITUATION
was a continuing influence. as were the
unsatisfactory considerations involved In
the industrial outlook with which wall
Street has been engaged for the last
month or more. But II would seem, In
spite OF these factors, as II the market
had pretty well discou's<ed the future,
and that the buying which has developed
on n scale down should soon begin 10
make an impression upon the market.
WHAT probably made yestei days sell
ing look more important than IL really
was was the progress made in NUMBER
Of the old line investment rails such as
Reading, Southern Pacific, Union and
New York Central, all of which estab-
lished new lows for the year. The prog
ress made in that department natu-
rally encouraged traders to try 10 de-
press the industrals again. but when II
was found t.Iat there was good deal
OF resistance the market improved. The
fact that the railroad shares yielded so
easily revealed the lack of support
which has resulted from the uncertain
state o, affairs In Washington. In that
connection, however. 1t was learned yes
terday that developments were !mpend-
ing in Washington which would tend TO
improve the status OF the railroad shares
and which, IL given proper support,
would tend 10 place the whole situation
in an entirely new light before the rail-
road investor of the country. Trading.
which has been on. an expanding scale
for the past week. expanded stu further
Yesterday, the total transactions peihg
the largest for some time back
There was no change in the money
situation, Both call and time money
continued plentiful, and rates were gen.
orally satisfactory. The same story was
true of the foreign exchange market In
most rates although there was an easier
trend in a few OF the neutrals. In the
bond department business was fairly &C
tive, and slight improvement was noted
in most descriptions. Railroad bonds
were disposed to yield somewhat In SYM
pathy with the movement in the share
list but Liberties were firm, as wore
most OF the foreign Government issues
which were in good demand and traded
in on a fairly active scale.