The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-03
.FINANCIALNEWS
AND COMMENT
Heavy Professional Selling
and Profit Taking Continue
i'm Stock Market.
DECLINES NOT GENERAL
Crucible Has Sharp Break, but
Rest Of List Has Only Frac-
tional Drops.

Much the same conditions prevailed in
Wall Street yesterday as have been wit,
messed by tho speculative community for
the best part Of the week. There was
the same heavy professional selling and
profit taking in the Industrial stocks
which has gone on for the last three
days without, however. any real lndica-
tons of traders being successful In their
attempt to dislodge long stock It was
purely trading AFFAIR, with the pro-
fessionals basing their hopes on the the
DRY that speculative conditions are still
too unsettled to permit resumption Of
the big forward movement which ap-
peared likely TO develop some days ago
as result of tho failure Of the bears to
make progress in the steel stocks. The
fact that President Wilson's condition
appeared slightly less favorable undoubt-
edly strengthened the position of Those
who have been directing their operations
In favor Of lower prices. But actually
this did not seem to have anything more
to do with the downward movement than
the hundred ana one other considerations
which were put forward to account for
the selling. ..
AS a matter OF fact anything would
have sufficed yesterday with the trading
element as a reason for selling stocks.
best part of three weeks without any
material setback. and traders figured
that ordinarily industrials stocks ought
to have the benefit of reaction before
any attempt was made to move prices
higher again. In addition to this. trad
ers undoubtedly were more impressed
with the possibility OF the steel strike
being long drawn out to such an ex-
tent that II may Indirectly affect the
Inv To-. -
upon the steel mills for materials. This
phase of the situation was emphasized
very strongly again by the weekly trade
publications, which predict that many
automobile manufacturers will be forced
to shut down altogether IL the strike is
continued for another two weeks. Some
of the automobile concerns have a suffi-
Client supply on hand to last a consider
able period, out the great majority have
been purchasing on the hand to mouth
policy on account of the price situation
and. therefore, face complete shutdown
T! if production is not increased very
shortly by the steel mills.
Under the Circumstance, therefore, 1t
was not surprising that some progress
was made on the selling side. The thing
that was surprising, however, was the
, fact that so little progress was made.
In the case OF Crucible and few other
l ighly speculative issues which have
been prominent for their advances re-
Gently the decline went rather far. but In
stocks of the type of Steel common and
other standald industrials nothing more
important occurred than fractional de-
clines. 1t was wholly case Of short
selling and profit taking with these
issues in an attempt to force liquidation.
On the other hand, there were several
very strong spots, which attracted a
great deal of attention. Mexican Petro-
leum was one of the most prominent of
these. going to q new high record on
| heavy buying. The equipment shares
| likewise stood out strongly all day, In
face of the weakness of the standard
stocks. and SO did Savage Arms. These.
however, are issues which have not been
especially prominent lately, and for that
reason have rather Jagged behind in
1.-The forward movement which has carried
stocks like Cruclble up anywhere from
| 10 to 50 points.
In addition to the various rumors
With which Wall Street had to contend
money was very firm again at the clos
ing. Call money went to IL per cent.
in the last hour. but, as was the case on
the preceding day. eased at the closing
to 6 per cent There was nothing new to
account for this, 1t being due merely to
the continued withdrawal by the Treas
ury from the banks In this Federal re-
| serve distric,. The foreign exchange
market was very much improved. Ster-
Ing recovered practically all of the pre-
! ceding days decline and both francs
and lire continued to move forward
The weekly statement of the Bank OF
England disclosed proportion of re-
Eeive to liabilities of 1870 per cent
against 21.42 per cent last week. There
| In o1t
loans with that institution of 1922, 000, 900.
Fubl!c deposits increased $4,000. O0C
and other deposits s11S,000,000. The
crop report showed condition of 54.4 as
Of September rs. against 61.4 for the
previous month, and production of TO-
10000 bales. against 12,140.532 bales
last year.