The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-20
NEWS
AND COMMENT
Buying Is Restrained as Street
Inclines to Change Views
of Strike Situation.
no ACTUAL LIQUIDATION
Near Close Sharp Drops Occur,
Especially in Stocks Re-
Gently in Favor.

The stock market again yesterday was
governed pretty largely by developments
in connection with the steel strike situa-
ton. The actual decision to strike next
Monday having been definitely decided.
Ii remained yesterday for the financial
community to consider whether or not
the strike would be as serious from the
financial point of view, as the labor
leaders have been predicting. The con-
sensus of opinion in this respect was that
unless there is q last minute interview
ton on the part of Washington or. else
one side or the other gives in. that II Is
likely to be q long drawn out battle be-
tween capital and labor. In consequence
the stock market was very irregular
Throughout the best part of the session.
There was no real selling outside of pro-
fessional operations, but this gave the
market an unsatisfactory appearance,
which, while It did not result in any very
serious declines, tended to restrain
whatever buying power there may have
been on the constructive side.
The outstanding feature Of the day,
perhaps, so far as the market was con-
cerned, was the change in sentiment re-
garding the strike situation once II was
discovered that there was no way to
avoid it Whereas heretofore 1t has been
thought that the strike would not
amount to much. Wall Street yesterday
began to take the view that perhaps
after all things had been pretty largely
underestimate. This was prompted. of
course, by the statements which came
from labor leaders all day.s There were
no statements from the steel officials to
counterfeit this, with the result that the
Street was confronted all day with dis
Quietiug ore sided reports from the labor
point of view. However. persons In a
position to know the real facts of the
case still maintained confidence in the
belief that the situation is not as serious
as 1t is pictured to be. that, in other
words, the labor leaders have not been
able to unionize as large a body of steel
workers as they would like to have the
general public to believe. This is the
question now. so far as the financial dis
trict is concerned, and inasmuch as It
will not be decided until Monday Il is
not anticipated that the market will do
very much in the meantime.
The one encouraging thing about yes
terday's stock market, the weakness of
prices to the contrary notwithstanding.
was the absence of real liquidation.
Professionals continued to hammer
prices whenever weak spots made their
appearance in the general list, but no
real selling was INDUCED in except, OF
course, a small volume which came from
faint hearted holders of stocks who saw
their profits in various issues gradually
slipping away from them by reason of
the heaviness Of the market through the
lack of buying power. There was a par
ticularly sharp decline In the last hour.
when Steel got down within a point or
so of par. This had the effect of caus-
inG general declines In the rest of the
list particularly In stocks like Baldwin,
Crucible and other Industrial issues
which have been favorites recently. The
one outstanding exception to the weak
ness was the tobacco group all of which
held their ground stubbornly in the face
Of the selling United Retail Stores was
especially strong, and so was American
Tobacco, which at one time got as high
as 275.
There was no change in the money
situation. Call money was freely sup
piled all day around per cent. This
was indicative of the easiness of money,
inasmuch as there is always an extra
demand on Fridays to carry stocks over
the week end. The exchange market
was dull, but generally steady, due in
large part undoubtedly to covering op-
erations which have been under way
ever since the last decline in exchange
rates was checked Ehere was again
considerable discussion in banking cir
cles of negotiations for large credits to
the various European Governments, but
it can be authoritatively stated that none
of these will be formally completed until
after the peace treaty has been ratified
Bank clearings in the principal cities of
the country for the week aggregated
$9.245,436,000, a gain of 22.1 per cent
over last week and 47.2 per cent. over
the corresponding week a year ago.
Outside Of New York city the total was
$3,90S,7e7.000. an increase of 1875 per
cent. over last week and 80.7 per cent
over the same week a year ago.