The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-11
FINANCIAL NEWS
AND COMMENT
Continued Pressure Against
Steels and COppers Forces
Decline.
RECEIVERS AT CLOSING
Trading Shows That No Great
Amount of Stock Is
Pressed for Sale.

The stock market went through fur
Their period Of testing of its speculative
position yesterday. and on the whole
emerged with no little credit. 1t was
another day of reaction THE selling
was heavy fer both accounts. and prices
yielded again, declining in most cases to
new low levels for the current movement
But these prices were touched only mo-
mentarily. Forthwith the market re-
bounded and the ground lost on the days
trading was in the main insignificant at
the closing. This feature OF elasticity
strongly suggested that the buying was
better than the selling and that the
speculative position is IL good deal
stronger than the recent action of the
market las led most people to believe.
The fact that the trading was on conf
paratively small scale was also encourag
ing, as it showed that no great amount
OF stock is being pressed for sale be-
yond that which is coming from the So
called professional and professional
elements
The news of the day was distinctly
bad in a stock market sense. The an
nouncement that the Board OF Estimate
had finally decided against an increase
in fare for the local fractions interests
naturally had an unfavorable effect in
that 1t tended TO onset whatever en-
couragement might have been derived
from the more satisfactory turn OF af-
fairs in Washington In connection with
the railroad problem. On top Of this
came the monthly tonnage statement
of the Steel Corporation, which was even
more unfavorahle than had been antici-
pated and which clearly showed the
trend OF events in that industry in par
tlcular The markets treatment of these
developments was encouraging. and its
very considerable power OF resistance
to the undoubtedly unfavorahle news of
the day furnished the basis OF a Consid-
cradle improvement In speculative sentt-
ment at the closing. This was not mani
tested in any sharp advance in prices. but
It showed distinctly that the selling of
the last few days has been largely OF a
professional character. and, moreover.
that the markets power of resistance to
selling is infinitely greater than Wall
Street had believed.
The fact was not to tie overlooked,
however, that Steel common touched a
new low level for a period of almost a
year back, and that there was no dispo-
sition, even at the closing. to pay much
attention to the metal shares, especially
the coppers However. the specialties
and oil shares lost none OF their favor.
and several new issues which have
Jagged behind recently were taken up
again. The rails continued to display
fair degree OF stability in spite of the
weakness elsewhere. but they were not
in particular favor at any period OF the
trading This was perhaps a disappoint-
ing feature of the session in view of the
developments in Washington pointing TO
satisfactory settlement OF the railroad
problem, and the even more definite in
diCations that Director-General Nc
Adoo's plan for a five year control pc
Rod Is likely to be sidetracked in the
present session of Congress. still the
uncertainty OF the situation is an out
standing feature OF the current financial
outlook. and it is not TO be expected
that any greater amount Of interest will
be manifested in the railroad depart
ment until the whole question appears
nearer solution than II is now.
There was further improvement in
the money market. which was easier
than at any other time since the first of
the year. Cali money loaned on the
Stock Exchange at from 80. to Az. re-
fiecting satisfactory conditions within
the market and an improvement in the
bank statement to-day. There was no
change in the foreign exchange situa-
ton. Swiss francs and Spanish pesetas
were a trifle easier, but on the whole the
market did not appear 10 be much un-
changed from the preceding days clos
ing figures. A further satisfactory de-
velopment during the day was the official
announcement OF the oversubscrtption
of the American Telephone and Tee
graph notes and bonds which were Of
fered by banking syndicate headed by
c.