The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-23
FINANCIAL NEWS
AND COMMENT
Prices Hold Fairly Well De-
spite Profit Taking, but
Trading Is Quieter.
OILS CENTRE OF INTEREST
Stocks Generally Move in an
Irregular Manner, but
Pressure Is Less.
OILS CENTRE OF INTEREST

gave a fairlys good account of itself in
face OF continuation of the profit TAX
ing and other selling pressure which
has been manifest in the greater part Of
the standard list throughout the week.
Trading was very much ouieter than the
average Of recent sessions and the price
n ovement as q whole. continued irregu-
lar. but. as on the preceding day. the
reactionary disposition was not accom-
panied by any marked progress down
ward except In n few special descrip-
uonS This suggested that most of the
readtustment In the main speculative
POSITION had been accomplished, that il
to say In 50 far as the Wall Street trad
ing fraternity was concerned, and that
speculative interests had again turned
their attention to the side of advancing
prices. Whatever the answer, there was
q great deal less pressure yesterday, al
though not few of the active securities
closed the day fractionally below the
previous days final figures.
At the same time. while sentiment
was still conservative. the excellent and
substantial absorption which has been
going on In stocks ON q scale down in
the last few days tended to increase
optimism throughout the brokerage
community. There was no real change
In any Of the underlying consideration,
tut It was felt that the steel business
las at last given some Indications Of
Improvement that there are now moro
real signs OF q resumption OF buying In
the copper market than for the last
three months. and that. moreover, with
Congress In session the solution Of the
railroad problem Is at last In sight.
Against these arguments in favor Of
constructive positions traders contend
that the refusal of the Germans to sign
tie peace treaty would upset much that
has been accomplished in the last few
weeks. but IL the indications furnished
on Tuesday and Wednesday In connec-
ton with the peace rumors count for
anything. the stock market has already
prepared itself for a refusal OF theNCer-
man delegates to sign the peace docu-
ment 1t is not contended that this
would be a favorable development It
is merely felt that the possibility of a
refusal to sign the treafy has already
been discounted In so far as the major
ity OF standard securities are concerned.
As had been the case all during the
last week. the main part Of Wall Streets
attention yesterday centred In the oil
shares while the rest Of the market was
reacting. Royal Dutch, Sinclair and
other active speculative features of the
type of Ohio Cities Gas were taken ur
again at the outset, along with some OF
the equipments. But the strength in this
direction was rather short lived. as was
ments. After the outset the market
turned reactionary again and without
great deal of activity proceeded &c
sag to a somewhat heavy closing. In
face OF this weakness the steel shares
particularly Steel common. gave another
good account of themselves. Steel held
well throughout the session, closing the
day with fractional net gain notwith-
standing the fact that minor industrials
rails and. In fact, all of the standard secu-
rites, were neglected. Another strong
spot in to-day's market was Westing-
house. In anticipation of a favorable
announcement at the annual meeting to-
day the stocks experienced q SHARP
squirt at the closing.
There was very little change in the
money situation, notwithstanding the
fact that the banks are already be-
ginning to feel more optomistic abou,
this particular market again. Call
money held at about the same levels as
on Tuesday, although there appeared to
be plenty available. Pronounced weak
ness continued to characterize the for
eign exchange market Italian lire lost
some 26 points and francs declined again
to a new low record. Sterling, on the
other hand. was stronger. frming
slightly. The weekly statement OF the
Bank Of England disclosed proportion OF
reserve to liabilities OF 20.1o per cent,
against 1880 per cent last week. Bull
lion holdings declined $4,000. that
item now standing at ss5.52e.0o0. The
Bank of France statement showed an
increase OF 527,035 francs in gold and a
decrease of ss3,043 francs in silver. The
cotton market was very active. gaining
some IS a bale on large spot buying in
Liverpool