The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-26
FINANCIAL NEWS
AND COMMENT
Trading on Stock Exchange Is
Quiet, With Strong Spots
Among Specialties.
REALIZING COMES AT END
Tobacco Stocks, With Tobacco
Products in the Vanguard,
Make Best Showing.
REALIZING COMES AT END

Trading on the Stock Exchange yes
terday was very much uuieter than the
average OF recent sessions, due, no
doubt, to tho proximity Of the holiday
over the week end and also to the quar-
terly meeting of the directors of the
Steel Corporation next Tuesday, There
were still a number OF fairly active and
strong spots among the specialties and
tobacco shares, but on tho whole 1t was
a comparatively tame affair. Those in
terested In the surface fluctuations were
Inclined to believe that inasmuch as
the Bethlehem, Steel dividend had been
disappointing the same condition of af-
fairs might prevail with respect to the
earning statement of the Steel Corpora
ton, and for this reason traders were
inclined to take a more conservative at
titude toward the Immediate financial
situation. There was nothing in the nc
ton OF the market to indicate any real
underlying weakness, but at the same
time the market had to contend with
more than the usual amount of profit
taking In the afternoon. with the result
that most stocks closed the day with
fractional declines.
The consensus OF opinion IN conser-
vative quarters still Is that those trad
ers who have been figuring OH a disap-
pointing statement from the Steel Cor
poration on Tuesday are likely to get
something of a surprise, for the reason
that II Is known that the earnings of the
corporation showed a surprising increase
in June. Whether or not this will be
enough to offset the poor showing of
both April and May is not known, OF
course, but In circles that are usually
we'll informed in the steel situation 1t Is
commended that the statement will show at
least oKa thing, and that Is that the
whole industry is now well on the road
to improvement. It may have been that
the statements which were made about
the credit situation in the morning pa
pers by prominent bankers had some eff
feet on the days market, but at any
rate the market was very much quieter
all around, and Wall Street had no COM
plant to make over the slowing down in
the pace of trading after the period of
activity which has been experienced this
year. In spite of the extra holiday last
week commission houses still claim that
they are just as much behind in their
work as ever and continue to advise
their customers that the best thing that
could possibly happen to the market
would be a period of quiet perhaps as
long as a month or so.
1t was the tobacco shares and other
specialties again which made the best
showing during the days market The
Products. which continued-~to rise
throughout the best part Of the day. But
otherwise the market was a comparatively
tame affair. All of the steel shares
moved within n comparatively narrow
range for the best part of the session,
that is to say. until the last hour, when
considerable profit taking set in. Steel
common got below the previous days
closing on this selling, as did most of
the other standard issues, but there was
an encouraging rally right at the
closing, which carried most of the stand
ards back to about the previous days
closing level The food stocks. in spite
of continued profit taking, continued
their rise, but most OF the motor shares
went slightly lower. The railroad shares
were neglected. Notwithstanding the
progress that is being made toward the
solution of the railroad problem, and
Notwithstanding the fact that the rail-
roads are likely to come back under
private management again within few
weeks, Wall Street still refused to pay
any attention TO them whatever.
There was no change in the money
situation, a circumstance which was
considered favorable, inasmuch as ar
rangement had to be made yesterday to
carry stocks over the week end, This
always caused a strain on the banks
for the time being. and the fact that no
such thing took place yesterday went to
confirm the impression that there is
likely ito be no further trouble In
this direction until later on in the year,
providing, of course. that the stock mar
ket does not get out of control again, as
Il did last week. In the foreign ex-
change market rates were firm again.
Sterling showed slight Improvement, and
so did most OF the other rates a fact which
reflected the negotiations now beingf con-
Quoted by bankers to arrange larger
! credits in this country in favor OF the
allied nations. particularly Great Brit
ain and France. Bank clearings for the
week totalled s7.63S.352.544. an inrease
of 34.S per cent. over the corresponding
week last year and 52.S per cent. over
the same week in 1917. The clearings
IN New York city were reported as
exceptionally heavy for this time OF
\ year