The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-25
FINANCIAL NEWS
AND COMMENT
Stock Exchange Prices React
in Afternoon After Fur
ther Rise.
TRADING STILL ACTIVE
Call Money Up to z 1-2 Per
Cent. for First Time in
q Year.
TRADING STILL ACTIVE

Trading in the stock market yesterday
was more active during tho morning
hours when a resumption of the buying
movement made for higher prices But
the sudden expansion OF dealings, to-
gether with the sharp outburst of bullish
activity in the final hour of business last
Friday. brought large supply OF stocks
Into the market in the afternoon. and
prices, with some exceptions. sold off
rather generally. This suggested the
likelihood OF a subsequent reaction in
the process of absorption of the new
price leve, In proportion to the ad-
vance which has taken place in the main
speculative position. the setback was
nothing moro than might have been ac-
counted for on what Wall Street calls
technical grounds. A largo number of
specialties continued to show gains at
the closing But the greater number OF
standard issues ended the day frac-
tionally lower. and the net result as re-
vealed by the customary statistical av-
erages was a small net decline all
around.
The explanation OF tho quieter trend
OF the dealings In the afternoon was for
the most part technical. Stocks had
been going UP for moro than week
without any kind OF q reaction. The
consequence was that after the initial
buying power had been spent the pro-
fessional element saw an opportunity
to bring about the long expected reac-
ton. But while this was In progress
Wall Street interested itself in other
parts OF the list which have Jagged be-
hind recently. This was particularly
true OF the rails which. while they did not
make much progress forward, except In
special cases, showed pronounced firm
ness all through the late dealings. A
further and probably more important
reason for the slackening OF activity
was the general des!fe to await what
the President had to say before entering
into the market again in any extensive
way. The Presidents address was not
scheduled until after tho market had
closed, and while 1t was not expected
that he would say anything that might
have a great effect on prices, neverthe-
less there was a Discrimination to go
ahead until this important matter was
we'll out OF the way. At least this was
the feeling In most of the large COM
mission houses.
Steel common was the leader OF the
movement during the early trading. II
sold up above 95. Subsequently. how
ever. business quieted down and interest
shifted to the specialties. There was
n revival of interest in the Mexican
stocks owing to the announcement Of
the new committee for the protection Of
rights of investors in securities of that
country. Mexican Petroleum went
higher, and so did Southern Pacific.
The tobaccos were active again. es-
pecially American Sumatra, which made
a new high record for the current move
ment, while the rubbers and individual
issues lost none of their recent favor.
But the greater number OF standard Is
sues were heavy. with the exception OF
Baldwin. which was particularly
strong feature during the last hour.
Steel reacted about point from the
high of the day. as did most OF the
minor industrials. Baldwin held its
strength to the closing. finishing the
day with net advance of more than
three points. after selling at one time
5 high as five points above the days
low. Activity here naturally stimu-
tated some interest among the other
equipments, but none of them were as
strong as Baldwin.
Still another reason for the slowing
down of activity was the higher trend
| Of money during the afternoon. Cal
| money loaned up TO to ia per cent, es-
| tablishing a new high record for the
| year. This is the first time money has
loaned above Ga per cent. since the for
| nation of the money committee last
year. Whether 1t reflected any kind
Of attempt on the part of the banking
! fraternity to check the speculation could
not be determined. although there un'
| doubtedy is some foundation for the
| persistent rumors heard in financial cir
| cles that bankers would not look with
favor on anything like an expanded bull
market before the next Liberty Loar
| Is well out of the way. Strength In
| Spanish pesetas was the outstanding
feature of the foreign exchange market