The sun., 1919-07-25
FINANCIAL NEWS
AND COMMENT
Markets Advance Is Checked
Temporarily by Slight
Profit Taking.
NEW ISSUES ARE FEATURE
Activity Generally Is Centred
Around Industrial Spe-
cialty Stocks.

Trading in yesterdays stock market
was very largely a repetition OF the pre-
cedlng days session. The only variance,
perhaps, was that the market had to
take a good deal more stock in the way
Of realizing sales in the afternoon In
consequence of the steady advance for
the last three days. This sort OF selling
was not very pronounced, however, and
while II had the effect OF temporarily
checking the advancing movement in the
last hour. the losses as q result Of the
selling nowhere in the list amounted TO
more than a fractional part Of what
stocks had gained earlier in the day. It
was noticeable also that whenever there
was any great volume of selling the
tendency of the market was to become
quiet This was an especially encourag-
ing feature of the trading to those who
had been following the constructive side
Of the market, for II showed a desire
among traders to stick 70 more conserva-
tive methods instead OF the plunging ac-
tivlty which had characterized the up
ward movement heretofore.
But as in all the preceding sessions
this month there were still no new de-
velopments to influence the trading. II
was a case Of tho market moving along
again on its own momentum under the
increasing confidence In general busi-
ness under the more optimistic predic-
tons concerning the foreign exchange
situation and under other factors which
have been known all along to the flnan-
cial community. However. notwithstand-
ing all this. tho trend was Just as en-
thusiastic as ever. and probably would
have continued so until the closing II II
had not been for the profit taking which
developed in the afternoon, a circum-
- IL
NAL considerations and not to any
change in underlying financial sentiment.
It might have been supposed. however,
that the overnight developments in
Washington with respect to the railroad
situation would have had some effect on
the trading. but as has been the case
all during the bull market this year the
public and professional Wall Street
alike continued to pay no attention
whatever to the railroad shares, that Is
to say outside Of some Of the lower
priced issues. in which there are other
considerations at work TO account for
their sudden outburst OF strength and
activity.
For the most part yesterdays activity
was still centred around the Industrial
speciality stocks There was, however.
slightly more interest in some of the
standard issues at the outset. Steel COM
mon. for instance. got above l13 during
the morning trading. while Baldwin.
Crucible and others showed signs OF
coming to life again. But In the main
the greater part Of Wall Street attention
still entred in the specialties. All OF the
tobacco stocks were very active again.
making new high records. The food
shares had another bulge, and the motor
shares and motor accessories again at
tracted more than the usual amount OF
interest. Stromberg Carburetor. which
had q spectacular rise on Wednesday.
went still higher yesterday, and Amer
lean Bosch Magnetic experienced another
sharp advance. Tho financial district
also had a number of new stocks to play
with, which has been the active feature
Of the Curb marlSet of late. and these
issues too were the centre OF a good deal
OF speculative interest Among these
was the new United Retail Stores.
which, together with Tobacco products,
featured the day In the tobacco group.
The money market was easier-that Is
to say. on the surafce of things. and
bankers were more outspoken again IN
their belief that from now until the lat
ter part Of next month no further money
trouble Is likely to be experienced, I'M
less, of course, the stock market gets
out Of hand again, just as 1t did In the
early part OF last week. lHelo was
considerable improvement too In the for
eign exchange market Sterling rallied
again and all OF the other exchanges
we're much firmer. The rallies were not
,.ue to any change in the general finan-
,lal situation, but merely to the cover
,ny OF short contracts put out earlier IN
the year in anticipation Of just such a
decline as has taken place, but the inn
provement nevertheless showed change
In feeling at the same time and tended
TO dissipate any fear that there may
have been in stock market circles in this
respect The weekly statement OF the
Bank OF England showd proportion OF
reserves to liabilities Of 1870 per cent,
against 2O.54 per cent last week. Total
reserves decreased Sl,660,o00. bullion de-
creased si,665.000 and Government Sc
c1,rities Increased $25.7 900.