The sun., 1919-06-20
FINANCIAL NEWS
AND'COMMENT
Volume Of Trading in Stocks
Contracts and Movement Of
Prices Is Confused.
MOST ISSUES SELL DOWN
Decline Is Orderly and Closing
Quotations Are Generally
at Days Lows.
MOST ISSUES SELL DOWN

| @hotV "aD hobuutF m INC way OF howe
Developments yestertay to stimulate 90
tfvity In the stock market either ono way
or the other ana the share list gave eyf.
dence OF this In Ms contracted volume Of
ousfnesA Tho return Of tho money
situation to normal seemed 10 have lost
most OF fts mfiuenos as a market factor
and there was no other factor which
might have been expected to provide
Wall Street with impulse to buy stocks
with tho result that yesterdays session
degeneratsd into largely q trading AFFAIR
although . continued small outside de-
| mand for stocks was stfll IN evidence.
The movement of prices as q whole was
| confusing IN spite Of another sharp re-
covering movement at the outset and
still further progress around midday.
But In the afternoon stock came out
rather freely. and most issues, that IL 10
say. with the exception Of . few spe-
cialtio4 sold OF. closing The day at about
the low. The decline was at all times
orderly and suggested nothing more
than might have been expected in conse-
ouence OF the sharp recovery experienced
In the last three days from the low prices
Of the FIRST part OF the week.
The only significance of the movement
seemed to ne in the fact that prices
was In evidence the tendency WIS TO
turn quiet. But II was the quieeest mar
ket which Wall Street has experienced
since the upward movement began
earlier In the year and seemed to indi-
cate that the predictions Of those who
have expected the market 10 turn into
a purely trading AFFAIR for tho time
being. or at beast until lnter IN mo sum-
mer. arc about 20 be realised AZ any
rate the market was . great deal less
exciting than those with which Wall
Street has become accustomed to OF late.
although the dealings were sim in ex-
cess Of the million share mark II was
reasoned N some quarters that tho mar
ket probably was waiting for the sign
ing OF the peace treaty or some other
important factor to stimulate public in
terest. but inasmuch as Il is the belief
Of professional Wall Street that the mat
ter OF signing the peace treaty has peen
pretty largely discounted at the hands
of the market this particular considera-
ton counted for very little yesterday.
Withal however. the market save .
fairly satisfactory account of itself un-
der tho circumstance Of tho contracted
activity and Wan Street had no COM
pls1nt 10 make over tho Glowing down
Of tho pace Of trading after the long 80
been experienced thus far this year.
II was the specialties again which
attracted most attention and which
shared most In The recovery at tho out
set and during midday And It was
also the specialties which lost most In
the reaction In tho last hour. This was
accounted for, however. by thu fact that
It has been these very stocks IN which
most Of Wan Streets attention has CEN
tired OF late. Moreover. It was only
neutral that the professionals should
take advantage Of their momentary
weakness to bring about = moro sub
stantiN reaction But they held their
ground as well as could DO expected
under tho circumstance. and ut the
very close some Of the Issues showed
remarkable power Of recuperation. There
were q number Of other stocks. such
a. American Cur and Foundry. Allis
Chalmers. Texas and Pacific and 9TH
ers, which continued to attract moro
than the usual amount OF attention by
reason of purely individual considera-
ton. and while they lost some ground
In The hnal hour The tendency IN this
direction was to quiet down rather than
decline under the pressure furnished by
the professional traders.
There was no change m tho money
situation. Opening at 9 to 6M par
can't call money remained all DAY at
about this level, the closing being. how
ever. slightly easier. All fear with. re-
speot to frmer money seemed to have
been passed. and expectations arc that
no further money trouble Is likely to be
experienced until tho July l dividend
paymenta- Even with respect to these
there Il considerable difference Of opin-
ion as to whittier they WIN cause any
furry In the market or not They are
not as large as many people have been
led to believe and, what II more I'm
portant the banks are expected to be
In o much better pouitton to meet them
by reason of the slowing down of the
pace OF speculation and tho consequent
lessening Of demand for speculative
funds from the banks The foreign ex-
change market continued irregular.
without. however. any very substantial
movement either one way or the other.
Sterling was steady. but francs and lire
continued TO display wealnasa while
most of the neutral rates were . tride
easier If ANYTHING