The sun., 1919-09-07
'FINANCIALN NEWS
AND COMMENT
Nervous and Moderately
Heavy Market Comes at
End of Active Week.
REALIZING rs CONTINUED
Trading Is Much Quieter and
Decline in Prices Is Led
by Steels.
REALIZING rs CONTINUED

A somewhat nervous and moderately
heavy stock market yesterday rounded
out an active week on the Stock Ex-
change. in which, on the whole, some
what excited strength predominated.
Steel stocks, which figured most con-
spicuously in the reaction on Friday,
! were again leaders In the declining price
movement There was no real weak
nessA however and the course Of quoted
| values seemed to be in the main the
result OF continued profit taking and
| a miscellaneous assortment of liquida-
! tion OF long accounts by traders who
were unwilling to take chances with the
uncertainties of occurrences during the
week end recess. Trading was very
much quieter than the average Of re-
| cent sessions, and one of the most no.
| tioeable features of the dealings was the
small offerings that followed the dis
| lodging of weak spots in the general list
This was suggestive of an important
Improvement in technical conditions and
also a general Improvement in underly-
Ing speculative sentiment.
There was no special news to influence
prices. Most of the effect of the Gompers
telegram to President Wilson had worn
off. and Wall Street took the view that
things were proceeding in this direction
about as satisfactorily as could be ex-
pected under the circumstances. Alto
gether sentiment was much improved
over the preceding day, and IL 1t had
not been for the short session and the
| usual evening up transactions. as well
as other selling ope rations usually cor
| nected with the last session of the week,
1t would undoubtedly have been an alto
gether different affair. For one thing.
there was very little real selling. The
sinking spells continued In the case OF
the steel stocks, but they were we'll pur-
| chased on scale down, just the same
as they have been ever since the reac-
tionary movement began. Very little
attention was paid to the weekly trade
reviews, although they continued to report
| Improvement in general business con-
dltions. The announcement from WASH
| lngton that the Edge bill might be IT,
| lroduced in Congress during the day
| created some interest, but 1t had little
actual influence so far as the general
| market was concerned.
I: was the specialties again which pro-
vided whatever real interest there was
| in the trading. Chandler Motors, which
is expected to have Its dividend in
creased very substantially next Tuesday.
mede another sharp gain; California Pc
troleum continued its improvement, and
American Ship and Commerce, new
conner from the Curp, was a very strong
feature. Otherwise. however, there was
very little of interest in the dealings.
The market Jagged throughout the two
hours of trading, with heaviness rather
thar actual selling pressure still char
acterizing the steel shares and standard
industrials Steel common got down to
it's previous low of Friday. and there
was another sinking spell in Crucibl-,
but outside of these two particular stocks
4 NN L. NVaN
the other, as was evidenced from the
fact that net changes at the closing dis
closed very few important price changes
one way or the other There was slightly
more strength in the marine shares than
in the rest of the market, but even
these issues Jagged after the first hour
or so of trading. ~
The bank statement disclosed a de-
crease in surplus reserve OF approxi-
mately 81 900, 900, which had very little
Significance so far as the stock market
is concerned. In some quarters 1t was
EXPECTED that there may be money diff
l.culties next week on account of the
| arrangements for tax payments, but IN
| quarters close to Washington authorities
| 1t was learned that important develop
,ne1ts are pending which are likely TO
| co away with the possibility OF tight
money during the next tax instalment
| Tho foreign exchange market continued
| weak Sterling, francs and lire all ex-
| perienced further declines, but, as has
| been stated frequently in this column.
developments are impending which are
exnected to have an important bearing
| On the foreign exchange situation. With
the change in heads of the Department
Of Commerce 1t is now confidently ex-
pected in banking circles that the way
will be opened toward announcing the
| foreign credit plan which the bankers
| have had under way for so long.