The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-04
FINANCIAL NEWS
AND COMMENT
Selling Pressure in Final Hour
Ovcrtaxes Market and
List Weakens. ,
DECLINE LED BY STEEL
COppers Are Only Element of
Strength of Importance
During Session.
DECLINE LED BY STEEL

There were indications in yesterdays
stock market Of an incipient change from
the comparatively featureless sessions of
tho last few days All this week secur-
ity values have been moving along one
average level without any marked f1uctu-
ations one way or the other, and the
presence of a considerable amount of
selling pressure in the last hour yester-
day was suggestive OF an important
change In the character of the dealings.
Whether any definite trend is develop
ing Is of course conjectural, but the fact
was significant nevertheless In yester-
days trading that wherever there was
much selling pressure prices receded
with a good deal OF ease. This was
especially true Of the steels. in which
there was considerable uneasiness over
the muddle which has resulted In the
price stabilizing situation in consequence
Of Director General Illness refusal to
adhere to the prices fixed last week at
the conference with the Industrial Board
OF the Department of Commerce.
Whether the steel situation Is the long
expected development upon which the
professionals intend to base their specu-
iation for a reaction remains to be seen,
but the objections which the Railroad
Administration has raised to the prices
seem to place the whole problem in an
entirely new light Without doubt the
whole plan will be on the verge OF fall
ure II It should be found that there ia
nc way to adjust the difficulties which
have arisen between the producers and
the Railroad Administration. But the
important feature of the situation is not
so much tho effect on the steel indus
try as 1t Is on the general financial
situation. Inasmuch as the steel prices
were the first OF series of product
prices to be taken up by the Industrial
Board and stabilized, It goes without
saying that unless the steel plan proves
successful the whole propositions Will
have to go by the board along with the
Industrial Board OF the Department OF
Commerce. whose main duties at present
are to stabilize prices in order to cut
short the period OF reimbursement. This
situation is still too vague to form any
| definite conclusions, but it Is neverthe-
| lesa disquieting to the majority of Wall
+, Street interests. and in all probability
| accounted as much as any other single
factor for the selling in back of the
stock market yesterday.
As was to be expected, the steel shares
bore the brunt OF tho seiiing. There wer,
still Indications Of good buying on q seal,
down. but the selling pressure overtaxet
the absorptive capacity and nearly all o.
the stesls and minor industrials showed
substantial losses on the day as a whole
Steel broke to 80. and Midvale, Bethle
hem B. the higher priced specialties ant
other individual issues all lost grount
on the days trading The only impor
tant points OF strength. in fact. were til,
copper shares. These issues wer
strong throughout the day. just as the.
have been for tNe last week. thei
strength rejecting important accumula
| ton and the sold out condition of tn
market in this particular direction
Aside from the coppers, however, and
few stocks of the type of Barrett Com
pany the greater part of the general lis
was definitely weak. Marine share
broke sharply in anticipation of an un
| favorable statement with respect to tn
status of the deal for the sale OF tn
company's British tonnage. This state
ment did not come until after the clos
Of the market. but enough was know
apparently to produce acute weakness II
the issues.
| The money market continued eas
| throughout the day and no further re
ports were heard OF calling of loans. Tn,
explanation of yesterdays calling in o
loans was that 1t reflected merely i,
temporary condition on the part of on
or two of the banks. There appeared t.
be plenty of funds available during tn
day, and at no time did the market pa,
much attention to the question of money
The foreign exchange market shove,
a good deal of strength during the earl.
part of the day following further shor
covering by dealers who sold the marke
early last week In anticipation OF
break, but closed tho day weaker. Cot
ton went higher in sympathy with a sim
liar movement in Liverpool. The bon'
market was more active than of lat
and prices, with the exception Of Gov
eminent issues, were generally irregular