The sun., 1919-02-19
IPINANCIALNEW
AND COMMENT
Profit Taking Checks Upward
Movement in the Stock
Market Trading.
DEALING NARROws AGAIN
Tobaccos and Motors Keep Up
Strength, While General
List Declines.

The stock market yesterday was
pretty generally devoted to an absorb
ton of speculative profits accruing In
the recent rise, with new buying in other
quarters of the list which have Jagged
behind OF late. Thus, while the general
list OF securities sold OF rather freely
at the close. including IN particular the
steels. equipments and minor industrials,
new speculative buying appeared In the
rails and tobaccos. Trading was very
much quieter all around This was one
OF the most reassuring things about the
dealings. for 1t showed sensible recog-
milton of the weakened technical position
on account of the rise. and also q desire
to give the market an opportunity to
absorb profits before making any fur
Their move toward a continuation of the
movement The buying of the rails was
again encouraging. although not very
significant. for the reason that II meant
nothing more than a diversion of inter-
est on the part of professionals while
the market was being readjusted to the
new price level.
Still there was nothing prejudicial in
the days trading to the theory that the
general situation II on the road to I'M
provement. even as respects the railroad
| shares. On the contrary. had the mar
ket had more definite news as regards
the report that tho Secretary OF the
Treasury had decided to defer the mex,
Liberty Loan and issue instead short
term notes to the banks the market un-
doubleday would have been an entirely
different affair. As II was however.
the market merely underwent a breath
ing spell after the rise OF the last few
| days In an endeavor to improve it's in
side position. which had been slightly
| impaired by reason OF the advance.
While no confirmation could be had as
TO the postponement of the loan, It was
generally believed in we'll informed quar-
ters that the Treasury Department had
become convinced of the necessity oil
1 deferring the loan and that an announce
ment to that effect could be expected
very shortly. This would be tho source
of much satisfaction on the part OF the
| brokerage and banking community Il
| such an announcement were to be made
for nowhere are the difficulties which
will have to be confronted in the next
Government loan fiotations better real
lied than In the financial district
Despite the sharp advances in the to-
baccos and motors. the outstanding fea
ture OF the day again was the strength
of the rails. These issues held their owl
well to the closing in face OF considera
BILE profit taking in the general market
and moreover in face of the fact that tn,
dealings were largely professional. The,
were not the most spectacular features
however, by any means. That position
was occupied entirely by the tobaccos
In response to reports that a favorabi,
announcement would be Forthcoming
shortly Tobacco Products sold to an
other new high record. while Unite,
Cigar Stores and American Sumatr,
maintained most OF Mondays improve
I
throughout the day, particularly Genera
Motors and White Motors. Both OF thes
issues gained sharply on the days bust
ness. although they lost part OF thei
advance in the last half hour. Tn
steel shares and minor industrtals con
tinued to display n good undertone 1
. face OF selling pressure. but decline
fractionally under the previous day
! closing on what were obviously realizin
sales Some professional selling mad
Its appearance. but II was not SUGGEST,
in bringing about sharp declines any
where in the list
ii The money situation was unchanged
II Call money ruled for the best part G
the day between 8 and per cent. wit
4 very little demand, Notwithstanding I'll
broadening of speculative interest.
the foreign exchange market there wa
n flrmer tone in neutrals especiail
Swiss francs. Save for those rates, how
II ever, the market was about unchange
from the preceding days closing. IN
bond market was strong. showing a ter
H dency to broaden out after in sympath
with the increasing interest in the stoc
II list Foreign Government Issues wer
II particularly strong. Liberty bonds weI
fairly firm. moving within narrow rang
II in the absence OF confirmation of the RI
Il port that the next loan would be d,
H ferrsd until later in the year.