The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-18
FINANCIAL NEWS
AND COMMENT
Market Meets Considerable
Profit Taking as Trading
Turns Quiet.
STEELS HEAVY ALL DAY
As Speculative Favorites Lag
Under Pressure New Lead
ers Appear.
STEELS HEAVY ALL DAY

the average Of recent sessions on the
Stock Exchange yesterday. due, no doubt
to the prospect of a suspension of busi-
ness for over to-day's holiday. This
brought out lot Of profit taking that
would have ordinarily been held Off until
the half day session on Saturday and
also a considerable amount Of evening
UP transactions. Many traders, intend
ing to remain away from the financial
district until Monday, were unwilling to
take chances with the possibility of ad-
verse Developments. and either sold out
their long stock altogether or else put
out short lines against II in order to
protect themselves against the likelihood
OF a sharp bear attack on Saturday
There was considerable selling again
throughout the day in the recent specu-
lative favorites but whenever these Is
sues fell behind new leaders came for
ward. The absorbtive capacity Of the
market-was excellent, and the principal
eject OF the holiday seemed to be felt
In the slowing down Of business rather
than In the price movement
As on tho preceding day. the greater
part OF the real selling pressure was due
to the impaired technical condition.
Stocks have had an almost continuous
rise for week past without any definite
ssns of reaction, and the speculative
fraternity took the view that, whether
or not there Is any news to Justify It,
the market is due for further reaction
on the selling side. As q matter of fact
the indications were not at all favorable
that the speculative fraternity will be
successful In bringing about any further
substantial decline, but this, neverthe-
less was the view held in commission
houses, and at the same time the theory
on which traders yesterday shaped their
operations. To some extent the heayi-
ness in the steel shares was due to a
report that the President had cabled the
Director-General Of Railroads unfolding
his contention in the steel price contro-
versy, but this was rather aside from
the main consideration yesterday. The
fact that steel prices may be lowered
for the time being has apparently lost
It's influence on stock prices, for Wall
street has come to the conclusion that
after all. perhaps. the best route back to
normal Is through the law of supply and
demand rather than through the stabili-
ration process. At any rate the flnan-
cial community seems to be just as we'll
satisfied with the prospect of an open
market for steel as It was with the pros
pect of sterilization of prices earlier
In the month.
The major part OF the selling in the
market yesterday, just as was the case
on the preceding day. was in the highly
speculative Issues which have been the
leaders of the market recently. These
issues have advanced 80 much that even
the insiders themselves agree that a
breathing spell would go long way
| toward restoring a better balance in tn.
| list. The steel issues were heavy
thrnnOhnnf ha dav
ever. than has not been apparent pre-
viously. So far as these issues were
| concerned, they remained In the same
trading position which they have held
for the last month. But while the gem
eral list and most specialties were react
ing new leaders came to the front in the
form of the leather issues, United Food
Products and other food shares. United
Food Products made a particularly
sharp advance in the last few minutes
In respect to the latter shares traders
followed the same tactics which they
have pursued all during the current
movement. namely, picking out new
| issues each day In order, fguratively
speaking, to keep the ball rolling. The
railroad department was heavy. The
indications here continued to point to
| important liquidation in some issues
The money market was slightly hrmer
at the closing. This was due to the fact
that loans yesterday had to be arranged
to carry over to Monday. inasmuch a.
there is no money market on Saturday
This condition was merely temporary.
and did not reflect anything that might
be expected to have an important bear
ing on this market in the long run. The
foreign exchange market was irregular,
with lower rates quoted In the case of
sterling, francs and lire.