The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-06
FINANCIAL NEWS
AND COMMENT
Trading Is Quieter, but Buy
ing Movement in Standard
Stocks Continues.
CLOSING HOUR IS ACTIVE
Rails and Steels Exhibit More
Strength and Specialties
and Motors Gain.

With very few exceptions yesterdays
stock market witnessed a continuation
OF the same sort of price movements
which have been the rule in Wall
Street ever since the early part of the
year. The only difference yesterday
was that the strength Of the standard
rails ana steels was somewhat more
/ pronounced than for some time past.
sim further progress was made in the
specialues and motors. but generally
speaking the standard stocks occupied
most OF Wall Streets attention. Trad
ING was quieter than on either Monday
| or Tuesday. although slightly larger
| tEan on the preceding day, but the deal
/ ingo were sufficiently active to furnish
testimony that the undoing of much of
| the overextended speculation for a
rise In the specislties earlier In the week
rad not changed the optimistio temper
OF the trading in so far as the general
iis' was concerned. Tho bulk of the
gays gains were recorded in the early
dealings, but the last hour was a ne
rlod OF renewed and further hardening
OF pricecs, with closing figures around
the best prices of the day,
perhaps the most important develor-
| ment OF the day. outside of the strength
OF the market. was the activity OF the
nisher priced rails~of the type of Read
ing. This occurred In spite of the
statement In the morning papers con-
corning the deficit in the railroad oper-
atins income in April and in spite of
IN" failure Of Congress to take imme-
diate steps for the relief of the rail.
roads. Tho oil shares did not come I'm
to expectations in that they did not
come back into favor with the public
! as was indicated in Wednesdays deal
hgs, put whatever was lacking in this
| respect must have been more than made
IN by the interest which the fnanciaj
community took in a number Of selected
| rails and the motor and steel sha re g
! OBVIOUSLY most Of the buying In the mo-
| tore was covering OF short contracts
| winch were put out earlier in the weep
IN anticipation OF a more pronounced
ana moro extended reaction than act.
ually took place. but in some OF tbs
otper directions, such as the railroads
s.eeIs' 1000 shares and others, indica
ions continued of the same sort OF an
thusiasto buying from outside interests
as mas been the rule all during the la At
month or two.
But the standard stocks were mt the
| only ones to attract attention for their
strength and the character OF the b,v.
| ing. The tobacco shares were strong g
| group. United Cigar Stores roins
| ABOVE lSs. The food stocks, motor
| shares ana particularly steel common all
| shared In the improvements. The
Strength or steel was especially impress
sive. The buying here was not quite
| so enthusiastic as It has been on y.r.
lous occasions In the past nor was the
buying IN the rest of the list for that mat.
ter, but 1t carried the impression of bein .
very substantial and brought about pra G.
ticaily the same results a 5 II II had been
Oh the same variety as Mondays which
| brought the money committee down on
the heads of those who were CARRYING on
the speculative operations on the Stocl
1 Exchange. In other words, II appeared
as though Wall street was still keeping
an eye on the money situation with !
view OF turn for the worse, but at the
| same time buying stocks with the same
amount OF confidence which has marked
operations in all parts Of the list for .
| matter OF weeks back At least thi,
seemed to be the impression In commits.
sion house circles after the close Of tht
market
The money situation was easier II
that money did not go above the eII
peS.cen level. but actually there wa. nc
changa That the money situation wa,
slIl nrm was TO be seen from the fac
that offerings were not sufficient to de
press the rates below tho ruling heur,
yesterday. However that NAV b. n 1,
argued in some circles that six per cent
money was cheap for speculative pur
poses after the rise which has been ex
perienced In the stock market Banker
expect some improvement within tn,
next day or two. but are not holding ou
much encouragement OF any real better
nent In the situation until after July 1
Between now and that time two i'm
portant money transactions will have u
AfAV 81 g.
real easing Of funds The first of thes,
falls on June Is. when the second install
ment of Federal taxes falls due, and tn.
second on July when the semi-annua
dividend disbursements come due
There was no change In the foreign ex
change market. francs continued to dis
play weakness. as did lire. while sterlins
showed an undertone of frmnes.
throughout There was soma recovery
IN francs fnUaVd ~ nloata~