The sun., 1919-06-28
FINANCIAL NEWS
AND COMMENT
List Shows Improvement That
Is Well Sustained and
Trading Increases.
MARKET FAIRLY ACTIVE
Dealings Again Go Over Mill
ion Share Mark-Realizing
Comes in Last Hour.

well sustained again yesterday and the
aggregate OF dealings showed an in
crease. although nothing such as might
have been expected to Indicate a re-
sumption Of the forward movement on a
large scale or a renewal Of the active
public participation. which broke of with
the high money rates two weeks ago.
Nevertheless It was a fairly active mar
ket. with dealings above the million
share mark again for the first time since
the early part OF the week. and although
there was a great deal of profit taking
in the last hour in anticipation. no
doubt. of the holiday over the week end,
the general list held its ground we'll to
the closing. This was particularly true
of the coppers, the motors and to some
extent the steel shares, in which moro
than the usual amount of attention has
centred OF late. The money market was
great deal easier and for the time be-
ing seemed to have lost its influence in
the market
What the market demonstrated yes
terday. just as 1t has all along. was that
there has been no change In underlying
sentiment General business Is going on
just as usual. and the only thing that
has been the matter with the stock mar
ket Of late has been the high rates for
money coupled with the weak kneed
technical position, which. however. has
been pretty we'll improved by reason OF
the series of shakeouts which have been
experienced within the last few weeks
However that may be, sentiment
throughout the brokerage community
continued conservative. and the majority
of houses yesterday were still of the
opinion that the quiet spell-that is to
say. the trading era-should be con-
tinued until the general public has had
time to get its bearings preparatory to
the new movements which everybody Is
predicting for the latter part of the
year. There was no fresh news to in
fiuence the market yesterday. The only
thing that counted on a speculative sense
was the improvement in the money mar
ket, which was apparent from the out
set. There Is still a difference OF opinion
as to whether this Is permanent, but
there is one point at least on which
bankers agree and that Is that the worst
is over so far as the July dividend
payments are concerned.
Just as was the case on Thursday. It
was the copper shares and motors yes
tcrday that attracted most attention.
All of the coppers, with Cerro de Pasco
Leading. moved into new high ground
for the movement. while the motors, un-
der the leadership of General Motors. all
showed substantial Improvement. Chand-
Ter Motors had another spectacular ad-
vance. but lost part Of this gain In the
afternoon on what appeared to be profit
taking. But not ali attention was CEN
tired in these issues by any means. All
of the food stocks were strong and like
wise most of the steels Steel common
got above 1oS again. and although 1t
did not hold all Of its early improvement
IL nevertheless closed the DAY substan-
TALLY above the preceding days final.
So far as the market as a whole was
concerned. 1t did not appear as though
the movement amounted to anything
more than a trading AFFAIR. Yet there
were numerous strong spots in which
indications of public participation con-
tinued and in which the buying was
characterized as the very best. The
rails were generally neglected with the
exception of one or two OF the lower
priced shares.
The money market was decidedly
en- sier from the start Call money loaned
all day below the to 81 per cent level
and there was a sufficient supply avail
able to meet all demands. This was
rather unusual, too. inasmuch as the de-
niand on Friday is usually very heavy
by reason OF the fact that there Is no
money market to-day and that all flnan-
cial arrangements have to be made to
carry stocks over the week end. The
foreign exchange market was steadier
SO far as the leading rates were con-
&C rned. Sterling maintained firm un-
dertone all day and there were small adj
vances in francs and lire. Neutral rates
were generally steady. Bank clearings
for the week at fifty leading cities ag-
gregated S7.55s.475. 900. a loss Of 12.s
per cent from last week, but gain OF
1872 per cent. over the corresponding
week q year ago.