The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-05
FINANCIAL NEWS
AND COMMENT
Confused Trading and Shift
ing of Commitments Fea-
ture Stock Market.
UNDERGONE STILL STRONG
Recent Favorites Weak, While
Issues Neglected Of Late
Come to Front.

| Trading In yesterdays stock market
was rather confusing. with a great
shifting around OF commitments from
one group Of stocks to another. On the
whole, however. the main feature of
underlying strength which has char
acterized the dealings for the last few
days was still present, but those stocks
! of the type of Crucible and Baldwin, on
| which SO much attention has centred Of
late, were decidedly weak throughout
| the session. However, while these is
sues were having their setbacks, new
features In the form OF specislties, which
have been rather neglected of late, came
to the front to make up in part at least
| for whatever was lacking in tile way OF
excitement in the leading speculative ia
vorites. Trading was not quite so active
as on the preceding day, no doubt for
| the reason that the excitement had very
| largely subsidized In such issues as Cru
| chile and Baldwin. which have been
forging ahead recently entirely too rap
| idly for the good of the market.
There was no real selling, however.
anywhere in the list so far as could be
determined. 1t was merely a case of
profit taking, particularly in the stocks
| in which those profits had become too
attractive to carry any longer and
sensible recognition on the part of
traders that a general shakeout would
| tend to help the technical situation.
which undoubtedly had become weak
oned recently by reason of the rapidity
| of the advances in leading issues. The
days news was very favorable again in SO
| far as the market itself was concerned.
The labor difficulties seemed to have been
cleared away entirely for the time being
| and added to encouragement, which was
derived from this. were announcements
L to- 1tNf IAva
rates, all of which helped to improve
sentiment. But the market had already
largely discounted most of these events, so
that despite anything that may have hap
pened individually, II would have been
| very surprising indeed IL a setback such
| as yesterdays had not set in to clear
| away the unsafe superstructure. In
| other words the market had become
one sided again and what happened yes
| terday was what everybody had been
looking forward to as an indication that
| stocks could be purchased again with
| some degree of safety.
The development that tended to bring
about most of the selling undoubtedly
was the early weakness in Crucible.
There were all sorts of rumors afioo
before the opening that something inn
portant had taken place in respect -
| the large short interest in the stock over
night. The one that was most cred
tied was that a private settlement had
been reached between those who have
been running the market in the stock
and those who had sold the stock at
considerably lower prices. At any rate
the stock was decidedly weak yester-
day. and IL the shorts had not succeeded
In making satisfactory arrangements
over night II was an easy matter Tor
1 70 do oofA N h,s r
Baldwin likewise had to contend with
a considerable amount of profit taking.
| as we'll as professional selling, but this
1 stock stood up much better than Crucible.
There were some stocks, however, which
| were fairly strong and active all day.
| notwithstanding the pressure against the
recent speculative favorites. These in
cluded for the most part some special
ties of the type of Studebaker, Chandler.
| American Hide and Leather, some of the
oils and other issues which have been
rather neglected OF late in the mad
scramble for Baldwin and Crucibla
Steel common also showed considcra bic
resistance to the selling. closing the day
only fractionaily under the previous
days final.
The foreign exchange market WAS WI
settled again. Sterling was weak. but
the most spectacular weakness. however
was in francs and lire. which came nea.
breaking the previous low record estab
lished several weeks ago. There was nc
new explanation of this. II was due t,
the same old conditions which are per
fectly well known to the financial COM
munity. However. II might have beer
supposed that limitations which have
come to the financial community re-
Gently concerning the plans for the
| / -Ao XII Of taterlaf n
tended to steady the markets, but sucr
was not the case, at least so far as tht
leading rates were concerned. Then
was no change in the money situation
Call money was easy all day around
per cent. and there seemed to be plenty
available. Notwithstanding the demand
that has arisen lately by the expanding
market for securities and the vigorous
rise in prices.