The sun., 1919-07-12
FINANCIAL NEWS
AND COMMENT
With Trading Confused and
the Buying Scattered, Mar
ket Holds Strength.
FAVOR NEGLECTED ISSUES
Steels and Minor Industrials
Are Under Pressure Of
Profit Taking.

Trading in the stock market was
rather confused again yesterday with
great shifting around Of commitments
from one group Of stocks to another.
But on the whole the main feature OF
underlying strength, which has char
acterized the market all during the past
week or two was still present, in spite
of the fact that a great many issues
continued under the influence of the
wave of profit taking that began In the
last half of the preceding days ses-
sion. All Of the steel shares, the minor
industrials and others, which might have
been expected to rally on account OF the
favorable tonnage statement. which the
Steel Corporation made public on
Thursday, were plainly under tho In
f1uence of heavy realizing sales and pro-
fessional selling pressure. but new lead
ers came to the front In the form Of the
copper shares, the low priced rails and
the shipping shares which have been
rather neglected in the course of the
movement Of late. In the main, howe
ever, the session was still unsatisfac-
tory, although there was no important
selling.
As on the preceding day. the action
of Steel common was disappointing.
From the outset It was apparent that
traders were selling again on the theory
IIht ltS IdiluT6 " fai1 dtkcI
FCation of the steel statement meant
lower prices, but It was equally appar-
ent from the narrow fluctuations In the
issues that whatever stock was being
offered was being absorbed almost as
rapidly as 1t was offered. This was en-
couraging to experienced observers
from the long distance point of view.
but temporarily at least, the selling had
the effect of giving the rest of the mars
ket rather heavy tone. that Is to say,
with the exception of such issues as the
There were no news developments to In
fiuence the trading. although It might
| have been expected that the Steel state
ment would have had a belated influence
on the trading. There was considers BILE
interest manifested in several new
financing announcements which were
| made during the day, notably the one
| concerning the acquisition of the minor
ity stock OF the Ford Motor Company
but II any OF these had any influence
upon the trading. 1t was not apparent
| on the surface Of things.
In so far as the individual price move
| ments were concerned the ma rket wa.
purely and simply trading affair
| There We're some specialities. such a.
the marines, in which the public still
] maintained a small interest but the rest
=: Of the market seemed. to have drftet
back into trading position from which
II was dislodged by the squirt during the
! latter half of last week. The copper
stocks were also exceptions to the rule
| The price of the metal was advanced
! again yesterday and, as. in the case Of
steel. 1t is perfectly apparent now that the
industry has at last turned the corner
The prospect Of an early abandonment
| of the war restriction on the nation pro
| vided the principal stimulus for the buy
ing OF the shipping shares and also tn,
! food stocks, but the latter were not sucl
an important feature as they have beer
in the immediate past Another grouI
of stocks which experienced more thar
the usual amount of attention yesterda,
were the lower priced rails of the typ
of Denver preferred. Pere Marquette
These issues have been rather neglecte,
to date, but the indication that they will
be lined up with the stronger roads II
the new scheme Of things is infiuencini
considerable buying.
Notwithstanding the fact that ar
rangements had to be made yesterda.
for carrying stocks over the week end
because there is no money market to
day, money ruled easy all day, and
was the opinion of most interests tina
no further trouble will be experienced Il
this direction for some time to come
Another instalment on the Victory Losl
falls due next week. but inasmuch a
there is a large block OF certificates fall
ing due on the same day and inasmuc
as the payment in this district as we
as in the rest of the country will no
reach very large proportions, the ma
jority OF bankers do not expect to sc
any reflection of this movement in SO IA
az the loan money market is concerned
There was very little Of interest in TIL
foreign exchange market. Sterling wa
stronger, but francs were a trifie easiel
Otherwise rates closed not very far re
moved from the preceding days fina
Bank clearings for the week aggregate
$6,7O5,3S7,00O. loss of 1875 per cen
from the preceding week. but a gain {
65 per cent. over the correspondent
week a year ago.