The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-19
FINANCIAL NEWS
AND COMMENT
Stocks Heavy, While Pressure
Continues in General
Market List.
STANDARD DROPS LOWER
Bank Statement Shows Gain
in Surplus of S8.00O,O0O
and Deposits Also Up.

Heaviness and pressure continued TO
characterize the stock market yesterday.
but the indications were that the SELL
ing was rather unimportent. Appar-
emily II represented miscellaneous as
sortment of commission house liquida-
ton and also a considerable volume
of evening UP transactions by traders
who make it a rule never to carry
stocks over period of suspended ami
nation. For the reason that the deal
ings for the greater part OF the weel;
have been largely on the constructive
side, that character Of selling undoubt-
eddy assumed somewhat more important
proportions than in preceding weeks, when
the bears had the market all their own
way. At any rate, II was responsible for
{. further break in the standard list
which was carried down to new low
levels for the current movement There
was steadier tone In evidence Mt the
close. but most of the changes OF the
cay were on the downward side
Obviously tho very cons !derable long
interest which had been built up in the
specifics In the past week afforded the
primo - basis for tho selling move
ment. which was of the same profess
sIonal character~as Fridays. At least
no reason for such a movement was TO
be found in the days news develop
ments. Much was heard ag1 in in specu-
lative circles Of the labor situation. of
the discord at the peace conference and
of various other destructive influences
which have nsitated the share list re-
Gently. but If those factors had any
thing to do with the days trading It
was not apparent on the surface OF
things. on the other hand, there was
considera be discussion as TO whether or
rot the market had actually discounted
most OF the urfavorable influences with
which It is likely to be confronted in
the immad.ate future, such as the ques-
ton of The continuation of the Steel divi-
Gend ana the money situation. In spite
OF this there seemed to be good buying
Going on IN some of the steels and rails
on a scale down. and while this was not
enough TO offset the pressure IL tended
to give the list a steadier tone at the
close and az the same time to evoke more
favorable comment from the brokerage
community a. to the immediate pros
poets Of the market
Dealings continued on a fairly active
scale that is TO say for a Saturday ses-
sion. The pressure was not so great as
on Friday. however. and strong spots in
TIE lIldIhfl were IlbIe Iu1ltIpuS, al
though the general list as a whole still
presented rather soft appearance.
Steel common touched new low for a
period Of almost year back and all the
minor steels. coppers and especially
Mexican Petroleum were subjected to
more or less selling throughout the two
hours OF business. The rails continued
to present Il satisfactory degree Of sta
billy In face Of the weakness else
where. About the only exception to that
rule was ST. Paul preferred. which was
an outstanding feature OF weakness.
Cuba Cane Sugar also was extremely
heavy in response to the announcement
of the new financing. There were, how
ever, several fairly strong spots, includ-
ing Texas Company. Distillers. Indus
trial Alcohol and Southern Railway,
which were not affected by the selling
movement.
The bank statement disclosed an In
crease in surplus reserve Of sS.000G0h,
in spite of an increase in deposits
against which reserve must be main
tanned 1t was accounted for principally
by the addition of sS,7O0,0O0 TO reserve
at the Federal Reserve Bank of New
York. Aside from the Improvement In
reserve position the most important fea-
ture Of the bank statement was an in
crease OF sii7ls.OOO in loans, which
brought that figure UP to the highest
point in the history Of the Clearing
House The foreign exchange market
was generally quiet, with rates about
unchanged from the preceding days
closing. Bank Clearugs for the week
to,alled s7.j9o,a77,9l7, against s7.206.-
O5l9l1 last week and s6.1Sj,027, 500 in
the corresponding week year ago.