The sun., 1919-03-20
FINANCIAL NEWS
AND COMMENT
Irregularity, Although Pres
emit in Some Stocks, Dimin-
ishes to Large Degree.
TREND Is NOT DEFINITE
Higher Call Money Rates Has
Tendency to Check Upward
Moving Of Shares.
TREND Is NOT DEFINITE

There was good deal less irregularity
in, the dealings on the Stock Exchange
yesterday, but that tendency was still In
evidence In certain parts Of the general
list. Tho explanation of this movement
was twofold; FIRST, q general desire on
the part OF traders to await the out
come of the steel conference in Washing
ton on the establishing plan, and second.
a decided frming Of rates for call money
The latter consideration, although II In
volved some calling OF loans. was only
a temporary furry Mt the best In 30 far
as II reflected the payment q the first
instalment OF Federal taxes last Satur-
day and the tremendous banking details
connected with the clearing of 30 large
an amount of small checks. But II was
sufficient to check whatever upward ten
dency there may have been, and also to
invite considerable amount Of fresh
selling pressure on the part OF traders
who stu are disposed to believe that the
reaction has not been carried far enough.
AZ on Tuesday, most Of this selling
was directed against the standard shares
and higher priced specialties. But those
issues bore the test well, and at the
closing showed an average net gain for
the day In spite Of the uncertainty as to
what action might be taken in Washing
ton with respect to the steel situation
and in spite OF the calling of loans.
There was no intimation during the day
as to what would result from the WASH
ington meeting, but the feeling in Wall
Street was still that some solution would
be arrived at that might mean the re-
sumption OF buying which broke of 80
suddenly with the signing OF the armis-
tice. with regard to the rise in call
rates that was to be expected. The sur
prising thing was that the money market
had not reflected the payment OF taxes
heretofore. There IL still a disposition in
banking circles to believe that from now
until the next loan Ne well out OF the way
that money will command a higher rate.
but It Is not anticipated that the calling
of loans will continue for any length of
time, nor 10 It expected that the furry
will involve any very considerable
amount of fresh anxiety on the part OF
the brokerage community. Those who
know the situation feel confident that II
money gets above per cent there will
be an immediate influx of funds from
other centres which will result in an
Immediate correction of the situation
here.
So far as the individual movement of
the market was concerned It was the
same irregular affair which Wall Street
has experienced for the last week. Tho
were moro strong spots than weak ones
and that several new speculative fea-
lures made their appearance during the
day. These included the sugars, West
inghouse Electric. Pullman. Texas and
Pacific and other specialties which have
rather Jagged behind recently In the up
ward swing in that department. The
marine shares and shipping issues con-
tinued strong. and the general tone in
the steel group was decidedly better.
although no news came as TO the out
come Of the conference in Washington
on the price sterilization plan. But all
OF those specialties which recently have
attracted considerable speculative atten-
ton were weak, namely the oils and the
tobaccos. There was a continued good
absorption of the food stocks, all Of
which made further gains during the
trading, but in all other respects the
market was uninteresting and generally
unsatisfactory in so far as tho indica-
tons of any definite trend in the market
as whole was concerned.
The money market. while easy during
the early part OF the day, was decidedly
firmer at the closing. call rates going
above n per cent. for the first time in
more than two weeks. There was plenty
available, and the feeling in banking cir
cles was that there would be no shorta &c
Of funds for speculative purposes al
though 1t is admitted that the rate may
continue at the 6 to 6ia per cent. level
until the next loan Is well out of the
way. This would not be unsatisfactory
to the brokerage community. for IL Is
realized that money at 6 per cent under
present circumstances is cheap from the
speculative point OF view. In the foreign
exchange market erratic fluctuations In
francs continued to feature the trading.
There was another sharp break shortly
after the outset, with recovery again
in tho afternoon.