The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-01
FINANCIAL NEWS
AND COMMENT
Stock Prices Hold Steadily In
Spite Of Generally Heavy
Profit Taking.
PUBLIC BUYING GOES ON
Trading Slows Down and
Again Speculative Sentiment
Is Reactionary.
PUBLIC BUYING GOES ON

Again yesterday the stock market was
called upon to take considerable amount
of stock In the way of realizing sales
and once more the market gave n good
account OF itself under the circumstances.
There was heavy profit taking all
through the list, and also some selling
pressure from the professional traders
with view of bringing about a more
substantial reaction. But this was not
extensive enough to discourage outside
buying. nor did Ii make much impress
sion upon the speculative activity In
quarters Of the market which have Jagged
behind recently. such as the shipping
shares and one or two Of the equip
ments. Trading was very much quieter
all around on the reaction. circum-
stance which evoked a good deal of IA
vorable comment from experienced OBJ
servers who have believed right along
that the time was ripe for such a slack
ening of activity as would help place
the market in a more balanced position.
Speculative sentiment was reactionary
again for the best part of the day. but
there did not seem to be any disposition
to part with stocks, except in so far
as the recent bulge ir=frices had made
them too profitable to carry any longer.
That sentiment may have received some
encouragement from Judge Gary's state
preceding day because OF his refusal to
discuss prices. But from authoritative
sources It was learned that an important
decision was arrived at at the meeting
which may have a significant bearing
upon the trade in the future. That de-
cision, according to reports. Ia to the
effect that producers have decided to
readjust prices in case of certain COM
modlties where the outlook for new
business seems to warrant such move.
While the decision did not go as far
as Wall Street had expected 1t was never
tneless taken as an indication that steel
producers are at last preparing 10 put
prices down to where they can be ex-
pected to attract new business That
same decision a month ago would have
been regarded as distinctly bearish, but
to-day the financial district is looking
into the future with a view to the re-
usta blishment of business on the old
scale OF activity.
Among the new specialties to be taken
up by the speculative fraternity while
tile rest of the list was reacting were
the shipping shares, the equipments and
American International Corporation. The
last was particularly active and strong,
rising more than points net for the
day. With respect to that stock the
story has been revived that the directors
are preparing to declare dividend OF
10 per cent. on the stock. which would
be counted as further payment on the
stock. Thus far the company has called
upon stockholders to pay in only $50
share on the stock. Activity in that de-
partment also was accompanied by gains
in Atlantic, Gulf and West Indies and
the Marines. both of which are partly
controlled by the American International
4 No nf ha
that is to say with the exception of
United Cigar Stores, which came into
great favor again, and Hide and Leather
common. was react!onary throughout the
day although holding remarkably well
under the circumstances. Steel common
lost about a point, as did most of the
minor industrials and independent steels
Profit taking continued In the oils and
there was a weak tone again in Liberty
bonds. that Is to say with the exception
of the 3Ias, which made a sharp i'm
provement.
The money market was about I'M
changed from the preceding days clos
ing, with call rates closing at SD to 6
per cent. There was n heavy demand
for money all day. but it did not have
the effect of putting rates above per
cent, as was the case earlier in the
week. when one loan was made as high
as ~ per cent. The foreign exchange
market continued to be featured by
weakness In francs, which experienced
another moderate decline. On the other
hand Spanish nesetas. which have been
quite weak recently. improved, while the
rest of the market was closed at not
very far removed from the preceding
days final Bank clearings at fifty
cities for the week ended last Thursday
were reported al s5,9l1 100000. a loss
Of 81 per cent. from last weeks figures
but n gain of 3 per cent. from those OF
the corresponding week n year ago.