The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-20
FINANCIAL NEWS
AND COMMENT
Standards Display Weakness
as Specialties Are Strong
in Active Trading.
MARINES AGAIN FEATURE
Dealing Narrows and Buying
by Public Appears to Be
More Restricted.
MARINES AGAIN FEATURE

The action OF the stock market yes
terday was practically q replica of Sat-
urday's short session and also of the
session Immediately preceding that
The only difference was that the weak
ness OF the standard stocks was more
pronounced and that the strength Of the
few specialties. which were features Of
the closing session last week. was more
conspicuous On the whole, however,
the days market was an unsatisfactory
AFFAIR and again furnished important
testimony Of the weakness OF the tech
meal position Of some OF the higher priced
specialties and standard shares, to which
Wall Street has devoted q great deal
OF attention of late. There were a largo
number Of rumors OF a more or less
important character which exercised q
certain influence on the days trading,
but none of these considerations seemed
to have a broad influence In so far as
the general market was concerned. en-
cept those which referred to the i'm
portant liquidation which has been GO
Ing on and the weakened inside position
OF the greater number of standard
stocks
1t might have been supposed that the
opening of Congress would have been
q signal for q further advance in the
railroad shares, which appeared TO have
DoSta tho opJcCtS OF important 0pGCulQ-
tive absorption during the closing days
OF last week. Yet these issues were
absolutely neglected yesterday. as were
nearly all other departments except tho
marine shares and certain oil stocks, In
which there were attempts to revive
fresh speculative interest. What the
| market appeared to be waiting for in
connection with the railroad share was
the Presidents message which will be
read to Congress to-day. This will be
important from the Wall Street yisv-
point. and particularly 80 with respect
| to the railroad situation, inasmuch
as II Is expected that the President win
devote considerable part Of his mes
| sage to this subject In addition to all
| or this the money market was frmer.
as was to DO expected In view of the
TACT that the second instalment on the
Victory Loan win be paid to-day. There
was no shortage OF funds on the Stock
Exchange, but rates were firm, and
there was no disposition to enter into
fresh speculative commitments while
there was any uncertainty over this
consideration
The outstanding features Of the mar
ket. as on Saturday, were the marine
shares. 1t was given out early In the
| day that the directors planned to meet
with President Franklin after the close
| a the market to receive tho plan which
he Is supposed to have brought back
| and at no time In the last six months
, has speculation been 90 keen, as 1t was
yesterday on what surprise the directors
had In store this time. With the ex-
ception of these shares, Royal Dutch,
Mexican Petroleum. some Of the special
ties and individual shares, the days
market was extremely commonplace. II
was stu an active affair In that more
than a million and half transactions
| were reported, but there was a notice.
| able slowing down OF the speculative en-
| thusiasm. as well as an absence Of the
| excited price movements which charao-
| terized tho stock market sessions ali
last week. The scale OF trading al
though well maintained on the average
OF recent sessions was not as broad az
the market to which Wall Street has be-
come accustomed OF late nor did there
appear to be as much outside buying az
there has been all during the past month
or more. This suggested the possibility
OF further and more extensive reaction
| than has been experienced in tho cur
| rent market to date. Yet yesterday II
| did not appear as though anything more
was going on than the customary process
OF strengthening the technical position
| Of the market
| Inc HlOHey IndTket WIS u great Ooa
hrmer, rejecting the preparations which
have been going on for the past week fol
the second instalment OF the victory
Loan. This will be paid to-day. and. II
the amount received compares favorably
with the same instalment In the cases
of all tho preceding loans. It will in
volve considerable strain on the re-
sources OF tho New York financial insti.
buttons. Not only will New York b
called upon to finance approximately 7(
per cent Of the total subscriptions ir
this district, but there Is also q proba.
bility that banks outside of the city viii
call upon institutions here for aid or
at least, withdraw some of the fund.-
they have on deposit at this centre
The foreign exchange market displayed
further weakness Francs continued
their declines reaching another new low
market. as did marks and lire.