The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-26
FINANCIAL NEWS
AND COMMENT
Stock Trading Is Quieter, but
Market Is Firmer and
Rallies at Close,
DEALINGS ARE CONFUSED
COppers and Marines Are the
Exceptions in a Generally
Dull Session.
DEALINGS ARE CONFUSED

The stock market was still q two
sided affair yesterday, although the deal
ings were quieter than at any other
time since April The fact that the mar
ket was irmer, however, and that there
was sharp rally at the closing. In spite
OF the continued nrmness of money
rates, was encouraging, but all told Il
was still a very confused affair with a
great number OF cross currents through
out the dealings The so-called stand
ard stocks, that IL to say the steel and
higher priced rails, did very little with
the exception Of the closing hour. when
the whole market turned stronger; but
aside from this Il was very much the
same kind of a trading AFFAIR which Wall
Street has been experiencing ever since
the furry In the money market two
weeks ago. There were q number Of spe-
cial descriptions. such as the coppers,
which held well all day. and the marine
shares, which moved contrary to the
general trend, but in the main the days
market was extremely dull and uninter-
esting. as was evidenced by the factthat
the transactions fell below the million
than two months.
To those who had expected somewhat
OF a rally after the week OF reaction the
market must have been an extremely
disappointing affair, yet there were no
evidences OF any very serious weakness
In any part OF the list, uor was there for
that matter any indication of renewed
buying except in the specialties and ship
ping shares. The reason for this was
twofold. In the first place. the money
situation was still too delicate to per-
nit a resumption OF pool activities, and
In the second place, the majority OF
49, A.
market drift for the time being until the
financial community In general has been
able to get its bearings There has been
no change In the general business situ-
alton in fact Everything IL going ahead
as expected. but at the same time It In
realized that after the series OF million
share days which have been experienced
the best thing that could happen to the
securities market Is a series OF quiet SEES
sions such as were witnessed in Wall
Street Immediately before the beginning
OF the last big upward swing early In
February. Some interest was displayed
In the days developments and In other
individual considerations, but in the
main the only thing that amounted to
much as a market factor was the money
situation, which was frmer than ever.
Perhaps the most remarkable feature
OF the days trading and also the most
encouraging from the constructive view
point was the apparent stability OF the
general market in spite Of the continued
frmness of the money market. While
the general list was still irregular In the
sense that there were several groups Of
stocks that moved in opposite directions.
the great number OF issues did not de-
cline much Rather they held about the
closing prices Of the preceding days nnai
TN h. loo ny hA fIxy Ia
came more general This rally was not
as spirited as might have been expected
In view of the series Of decihing markets
which has been experienced. but Il was
encoura ging In that II showed that stocks
could be pushed forward Just as easily
as they could be pressed downward. The
principal stimulus in the coppers. which
were the outstanding features OF the
session. was the Improvement reported
in the copper metal market. There was
another increase In the prices Of the red
metal, and the prediction was freely
made in copper circles that the metal
will be selling at 20 cents within anothe,
month, the level at which producers
claim they will be able to make some
profit at the present rate OF production
and producing costs.
There was no Improvement In the
money situation. The fact Of the matter
is that the market was hrmer II anything.
Call money loaned nearly all day above
the to 61s per cent level, and In the
afternoon went to Is per cent. for both
classes of funds This condition of az
fairs was not allowed to remain long. but
in that time there was a rush OF funds
to the exchange which brought the rate
down to and 81 per cent at the
closing. but those who are In a position
to know the facts Of the case are not
holding out any hope OF improvement
until the July 1 dividend payments have
been made. II was thought in sonis
quarters that there might be a trihe
easing to-day. but this will be only tenn
porary. in2smuch as It is expected that
the demand for money on Friday for
over the week end will probably cause
the rate to advance to above 10 per cent.
again. The foreign exchange market
was decidedly easier. Sterling got below
$50 for the irst time in weeks and
francs lost rather sharply again. Pesetas
likewise went lower, but the rest Of the
rates were not very far removed from