The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-15
FINANCIAL NEWS
AND COMMENT.
Stock Transactions Continue
Chiefly Professional
and Light.
LITTLE SELLING PRESSURE
Spectators Seem Confident
and Interest Centres in
Steel Group.
LITTLE SELLING PRESSURE

While trading in yesterdays stock
market continued restricted, and while
there was no great amount OF interest
| manifested in any department such as
| would indicate a revival of speculation
on large scale, the main developments
| OF tho day expressed good deal of
speculative confidence. The fact that a
i number of the steel shares were disposed
! to be strong. that there was n better
undertone In the coppers, and that there
was no great amount of stock being
pressed for sale in any part Of the list
all went to confirm the impression that
tho markets position Is such as would
| favor a temporary rally in the market,
| providing the proper incentive was forth
coming upon which such n movement
| could be based. There was nothing Of
| that character. however. in the days
| news. and In its absence business con-
| tinued highly professional, although I'M
der the circumstances the evidences of
stability afforded were entirely satisfac-
tory.
This demonstrated that the market is
relying upon its own position for it's
| main strength rather than upon the
| news. although the announcement OF the
price at whichv-the Steel corporation
offered its stocks to employees may have
| furnished some ground for Improvement.
That announcement. however, was about
| as expected, and while 1t tended TO give
the market a somewhat firmer tone in
the early afternoon its importance as n
| market factor undoubtedly had been
greatly overestimated. This had been
given as one Of the most important
reasons why those who usually play the
most prominent part in the markets
| movement were not disposed to do much
| h,It bo ,tv,$ o.,
| upon which the market hinges include in
particular the coming Steel meeting later
| In the month and the next Liberty loan.
| The latter, while still some time of,
nevertheless is giving bankers much con-
Germ, and, moreover, undoubtedly is
holding UP any plans which they may
have as to the immediate future. There
| was continued interest in the hearings In
Washington with respect to the proposed
| railroad legislation. but II did not arouse
! much interest In the railroad depart
| ment. where prices remained practically
| as they were at the closing on the
previous day.
Still there was some interest in the
steel group. on which a large part Of
| the days interest was centred In that
| department Steel common rallied quite
sharply during the early part Of the day
| In spite Of the pressure directed against
i'ctiiichcHi TcdCneu a new low
| record. This did not affect the rest Of
| the list. and Steel held up all through
| the trading. although at the closing the
| high price Of the day was shaded some
what The copper shares while they
| did not do much. afforded more impor-
| tant evidences OF stability than they
| have for some time back. and there was
less interest manifested in the oils and
| speciality stocks. In that respect the
| market presented a more normal aspect
| than in most OF the sessions Of late
| when trading has been almost exclu-
sively confined to a few individual is-
sues OF the type OF Mexican Petroleum,
| the tobaccos and food shares. There
was continued selling of the Fourth Lib
crty Loan bonds, but the rest Of the out
| standing Government issues were steady.
The money situation was unchanged
from the preceding day. Call money
| appeared to be in fairly large supply,
| and there was virtually no change what
| ever in the time money situation
| The foreign exchange market was prac-
tically at a standstill. Much interest.
however, was manifested in the report
| from Washington in the morning pa.
pers regarding the establishment Of a
gold settlement fund similar TO the one
now in operation in connection with the
sence OF details II was difficult to get
\ a general opinion from bankers. Those
who ventured one expressed the thought
that It might be found impractical II
attempted on such a large scale.