The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-07
FINANCIAL NEWS
AND COMMENT
Pressure Increases, but Fails
to Bring Out Any Real
Long Stock.
COPPERS DROP ON ATTACK
Some Standard Shares Make
Small Recoveries During
Last Hour.

! The stock market again yesterday was
! called upon to face a considerable amount
or unfavorable news. and in the main
gave an excellent account OF itself In
the first place, announcement was ma 70
Of a further reduction in the price of
copper metal, and, secondly, several
more unfavorable annual reports were
made public. which tended to increase
the pressure against the main specula-
tive position. The combined develop
ments obviously furnished the hope to
those. who have been experimenting On
the selling side of the market, OF n
further and more extensive readjustment
OF prices. But no such thing actually
occurred, and when in the last hour the
professional element found that It had
been unable to dislodge a great deal Of
long stock, the selling subsidized and a
few standard shares made some small
recovery. The session as a whole, how
ever. was still very much OF one
sided affair but under tho circun-
stances the market did as we'll as could
be expected.
Nevertheless, the days developments
were distinctly disappointing to those
who had been expecting a further re-
bound of prices from the lows touched
several days ago. This was merely sur
I face opinion. however. for In reality the
news tended to clear a situation which
has been worrying Wall Street for somc-
time back. that Is to say the particular
developments concerning the copper stu
alton. The fact that the copper inter
ests had. at least. acted with a view
of bringing the market for the metal
down to a point where business might
be expected was unmistakably encour'
laging from the long distance viewpoint
Moreover. those who viewed the situa
ton hastily overlooked entirely the fac
that not only have prices been reduced
but that there had also been an agree
ment reached with labor. which will pro
vide for a sliding scale. in conformity
with the price received for the red metal
There is still much to be done before &
can be truthfully stated that the read
justment OF commodities Is well undel
way, but undoubtedly, X some similal
action would b9 taken with respect to tn
steel situation. which is now at dead
lock, It would not only be considered
that the readjustment was we'll unds
way. but virtually completed. That y
the view. at least. so far as the stool
market is concerned.
I, So far as the general market wa
concerned most OF the pressure was d.
rected against the copper shares. Their
were further declines all along the l!n
In this department from the outset, ant
as the session progressed the pressure
seemed to increase. The standard lis
and steel displayed considerable resist
ance to the decline elsewhere until TIT
early afternoon, when the annual repor
OF the American Steel Foundries wa
published. This was distinctly unfavor
able, and coming at a time when senti
ment had been unsettled by the cut II
the copper prices tended to increase TN
selling, particularly In the equipmen
shares and the softer looking position
in the steel and railroad stocks Tn
| fact that the technical situation OF thee
Issues has been weakened somewhat b.
reason of the recent bulge naturall
aided the movement. although At tn
closing it appeared as though most
the weak accounts had been liQuidatec
and that the speculative position ha.
again been restored to comparativ
soundness. There were a few strou
spots among the specialties. but decline
were the rule at the closings.
The money situation was general
: unchanged. In this connection consid
1 cradle interest was manifested In tn
reports of the negotiations of larS
Belgium acceptance credit by loca
bankers. Nothing definite has as ye
been decided upon. but It Is understood
to be nearing COMPLEXION. This will
the first OF series Of large credits
be negotiated In this country for tn
purpose OF purchasing commodities, an
the financial district regards 1t as
gratifying token of what may be Ell
pected in the future In the foreis
exchange market rates continued to de-
play the firm tone which had been In ev
dence on the preceding day. Swis
francs were higher. and there was
slightly better demand for most of tn
scandinavian rates. Otherwise the maj
ket was about unchanged from the pre-
ceding days closing.