The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-04
FINANCIAL NEWS
AND COMMENT
Stagnation Continues in Stock
Market and Volume of Trad
ing Is Light.
SPECTATORS HOLD OFF
Standards Resist Pressure and
Demand for Motor Shares
Causes Improvement.
SPECTATORS HOLD OFF

stagnation quite as complete as tho
dulness Of last Saturdays session con-
tinued to characterize the stock market
yesterday. Indeed tho trading for the
full FIVE hours was only slightly larger
than Saturdays volume. The movement
Of prices was inconseduential for the
most part. averaging, perhaps, a trihe
higher at the closing. but In tho main
tho general list of standard securities
remained at substantially the same aver
age they have been pursuing for the last
fortnight. All of the indications OF the
trading continued of a favorable charac-
ter, but in the absence OF anything that
might have been expected to move the
market out OF the rut in which It has
fallen recently, the speculative element
was not disposed to enter into fresh
commitments on either side OF the
market At least there was nothing on
the surface of things to indicate that the
forces were being lined up FOR an impor-
tant movement.
What the market Is waiting for ap-
parently Is more definite reports as Ia
the next Government loan. There have
been persistent rumors that the opera
ton might be put of altogether until
general business conditions have i'm
proved. but SO far as can be learned
there has not been the slightest indica-
ton in Washington that the Treasury
Department is favoring any such step at
this. Nevertheless, the great majority
Of Wall Street interests believe that the
Cove should. instead OF attempt.
ing to float large loan now on the pub
lic sell an issue OF several billions OF
short term obligations TO the banks. This
would. 1t was pointed out. tide the Treas
ury over until the tax receipts begin &c
+ come in, and might at the same time
save raising the rate OF interest to per
| haps as much as 3 per cent. Whether
this matter has been placed officially be
| fore the Secretary Of the Trea sury can
not be learned. but it Is occupying ar
! important part Of the discussion of finan
| cial interests relative to the next loan
| In turn this discussion is beginning to b,
| reflected in the security markets, ant
| together with the uncertainty as to tn
prices OF commodities provides n for
midable restraint against the expansion
OF speculative activity to large proper
| tons
| Still the markets tone was fairly sat
isfactory. The standard list continued
to display considerable resistance to sell
ing in the early dealings, and there wal
| more or less active trading in the spe
cialties of the type of American Linseet
and the majority Of the motor shares. al
| Of which made substantial Improvement
| during the day. This list included /,
particular General Motors, Chandler
Maxwell and Saxon. on the other han,
| there were n few weak features. Tn
marines continued heavy. as did New
| York Air Brake and General Electric
while Mexican Petroleum was agai
extremely erratic. frming. however
toward the closing along with tho res
Of the Industrial list. Tho rails con
tinued heavy and were not disposed I
do much one way or the other. pendin
the outcome of the hearings in Wash
ington with respect to the railroad leg
!slation. Considerable interest was mani
tested in the testimony OF Director Gen
eral Hines before the Senate Interstat
Commerce Committee. but it had no ar
parent effect on the trading.
The money market was unchanged, a
was to be expected in view of the favor
able bank statement last Saturday. TIL
rates in fact equalled the years low a
respects call money. The foreign e,
change market was quiet. for save for
slighter frner tone in the 9eutrals, rate
we're about unchanged from last week
closing. The bond market continued fri
for the most part, with most of the az
tyity centred in the foreign GovernmeI
issues. Cotton experienced q sharp ri:
following reports Of better tabor cond
lions In New England and rumors
the effect that the acreage this year wi
be considerably smaller than II was lal
/ year