The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-10
FINANCIAL NEWS
AND COMMENT
While Trading in Stocks Is
Still Fairly Brisk, Activity
Is Somewhat Less.
PRICES ARE IRREGULAR
Heavy Profit Taking in Recent
Favorites Balanced by
Other Buying.
PRICES ARE IRREGULAR

ouieter conditions prevailed on the
Stock Exchange yesterday, in sharp con-
trast to the plunging activity with
which Wall Street has become familiar
of late Trading. while still maintained
or fairly lively scale. was much less
exciting and the movement of prices was
generally irregular. although not
marked. Heavy profnt taking was
plainly under way in the specialties,
steels and ether stocks which have at
trscted a grsat deal OF attention in the
speculative market recently, while new
buying went on again in several other
groups of stocks which have been rather
neglected In the forward movement of
the last fortnight or so. The most nota-
bic features IN this respect were the
Marines. the copper and the silver
stocks. There was no question about
the confidence of the buying which con-
tinued throughout the day In these
issues. but, at the same time. Il was
apparent that attention was also being
paid to the criticism directed over the
week end to the reprehensible features of
the excessive speculation which went
on last week.
But this was not the only reason
for the slower pace of the dealings
There was much uncertainty over the
showing which will be made to-day in
the monthly tonnage statement of the
steel Corporation, and in addition to
this 1t was pretty generally realized
that the constructive side of the mar
ket had been somewhat overdone again
In the movement which went on for the
great part Of the last half of last
week. The shakeout last Tuesday
while 1t had the effect OF stabilizing the
inside position OF the market for the
time being, did not go quite far enough
to satisfy Wall Street generally, and
moreover II was apparent again that
while the public was buying stocks pro-
fossional Wall Street was selling them.
The result of this conflict of forces was
an irregular market with rather sharp
price changes in some directions, such
al the motors stocks, in which the spec
ulation recently has been too one sided.
There was a great deal less heard about
the money situation, but this considera
ton nevertheless was a continuing in
nuence upon the prices for the reason
tfat the real test OF the money market
is to come at the end OF this week and
with the dividend disbursements on the
first Of next month.
The important irreglnarity occurred at
the outset There was a sharp break In
Studebaker and also in General Motors,
which had the effect of weakening the
entire list. 1t took the best part Of the
first hour for the market to overcome
this, and 1t was not until the latter half
of the day that the general list had re-
covered sufficiently to permit a resump-
ton Of the buying movement in the
specialties. Then the trading shifted to
the copper stocks Anaconda, Cerro de
Pasco in the coppers, Royal Dutch in
The oils. Haskell and Barker. Cast Iron
Pipe and a number OF other individual
shares which have not been connected
with the forward movement to date. all
shared in the movement in the last two
hours, closing the day with material
gains. The selling which took place in
the standard stocks and motors was not
important except in SO far as Stude-
baker was concerned. The rails were
rather neglected again except for South
ern Pacific. which experienced a sharp
squirt in the afternoon when it was re-
ported that favorable decision had
been handed down in the California oil
suits. Later, however, when 1t was dis
covered that the case applied only to a
minor suit the stock lost much OF its
gain. turning inactive.
There was no change in the money
situation. Call money loaned all day on
the Stock Exchange at the to 6h
per cent level, with, however, indica-
lions at the closing Of firmer money for
tO-uAy. neither OF NOT IL Will De al
lowed to go above the current level is
doubtful. for 1t is known that last week
when money reached IL per cent the
banks here were flooded with inquiries
from out of town banks, and repeti-
ton Of last weeks movement would I'M.
doubtedly bring large surplus of
funds to this centre. At any rate, there
IL nc reason for s and 10 per cent. money
with the Federal reserve system. The
foreign exchange market was strong
again. Sterling improved, as did francs.
lire, and in fact all exchanges which
have shared in the declining movement
recently. In connection with the
strength OF neutrals. considerable inter-
est was manifested in the removal of
gold restrictions by the President. The
cotton market continued its advance,
closing the day with an advance Of $40
a bale in the principal active month.