The sun., 1919-08-14
FINANCIAL NEWS
AND COMMENT
Improved Sentiment Shown
Toward Standard Shares in
Desultory Market.
THIN DEMAND AIDS BEARS
Early Gains Lost in Late Trad
ing-Gompers Statement
Has No Effect.
THIN DEMAND AIDS A

Rallies alternating with reactions, with
n tendency toward ever widening nuctua-
lions. are the rule rather than the ex-
ception during the present period of
midsummer lethargy and desultory trad
Ing, and the rule was adhered TO IN yes
terday's largely professional session in
the New York Stock Exchange. For
more than three hours price movements
were constructive, and an improved sen
tlment appeared to be directed toward
the standard shares, but all tho early
gains were lost In the late trading, and
the active list showed q highly irregular
tone at the closing.
The market, therefore. was more or
less p~erfunctory Inc meaningless. a fact
particularly due to the apparently
limited moun of outside participation.
Altogether It was an uninteresting and
uninspiring day and no surprise oc-
CURED when the governors voted to close
the Exchange on Saturday. Nothing
occurred In overnight news develop
ments to change the character of the
market. Early In the day he news h a
Samuel Gompers had come out with a
demand for naturalization appeared. but
1t had no effect on the market. despite
the disposition Of some parties to
ascribc the reaction to the
ment by the head Of the American Fed
GRAFTON Of Labor.
The fact was hat the impulse toward
short covering In some of the specisltfes
exhausted itself. and because of the thin
demand the bears seized the opportunity
to depress market values, succeeding
| particularly In the case Of Baldwin.
| which declined 6 points from the days
top American Telephone md Telegraph,
which broke AZ points to 81. and
| American Car and Foundry. which de-
linod to 12S.
II any class of stocks could be said to
| have been In strong request the oils
| would have to be featured. Pan Amer
| lean Petroleum rising more than four
| points in the early trading and maintain
ing a net gain of IN at the close. The
oils were we'll bought In the outside mar
| ket. and one. Transcontinental OIL. with
an ab~breviatiou OF T. c. NJ. VIII make
its bow on the big" exchange this
morning.
There appeared to bo liquidation In
| American Telephone following the re-
ports that the company needs ut least
$50, 900. 900 new capital. but has not as
| yet made any arrangements for this
financing. Elsewhere little liquidation
appeared and selling for short account
seemed to be the handspring OF the re-
action.
Money rates ruled easy throughout the
day. Considerable new time money
made its appearance, n call money
loaned as low as az per cent. One ex-
PLANTATION OF the improved condition In
the money market was the statement
that the demand for money a shrunk
! considerably on account OF the falling
Off In volume of trading.
Recently 1900. 900 to 100000 shares
a day were dealt in. but each day this
week has been well below 1000, 900
shares. with little, II any. appreciation
in prices, taking the market as a h
Foreign exchange. except foN sterling,
suffered a considerable setback. francs
dropping 10 centimes to IT'S to the dol
lar, with similar declines In lire and
pesetas.
Financial news developments an
nounced were generally unimportant.
but the iron and steel trade reviews
furnished a note OF optimism despite the
adoption Of the manufacturers of more
conservative selling policy pending the
clearing up of the labor situation. 1t
was learned also that at least one credit
corporation Is being organized primarily
to finance exports.
The Iron Age Ends that supply and
demand are working in h sellers
favor: that the export inquiry in New
York Ia larger. that the blowing In OF
blast furnaces continues n that re-
peat orders are coming from countries
which would ordinarily buy In Britain
II on anything like even terms 1t Is
Of interest to note that the Carnegie
Steel Company is operating forty-six oil
it's Afty-nine blast furnaces. 81 per cent.
OF its ingot capacity and 80 to IS per
cent. of Its finishing capacity.