The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-19
FINANCIAL, NEWS
AND COMMENT.
Same Old Causes, Aggravated
by Traction Strike, Drop
Prices Further.
RALLY LACKING AT CLOSE
Steel Common Below Par First
Time Since Spring-Strong
Spots Missing.
RALLY LACKING AT CLOSE

yesterdays session on the
ever. that has not been apparent and
fully under discussion heretofore. Pri-
MARTY the desire to sell securities APP
peared to come from the impetus which
the bears received over the week end
from the local traction situation. but
actually the reason was the same az It
has been all along. namely the unrest
among labor. the threatened steel
strikes. the foreign exchange situation
and last but not least the fact that, al
though stocks have had a substantial
setback In the last week or SO, they
are still selling at much higher figures
than they were several months ago.
Trading was somewhat more active
than the average Of recent sessions,
though still below that of several weeks
ago, but SO far as could be determined
most Of the selling was of character
which Wall Street usually characteristics
as poor" In this respect at least the
days developments were encouraging.
What made yesterdays market lool.
more unfavorabls than the real situa-
ton was that prices refused to rally
even at the closing. It might have
! been supposed that there would have
been short covering enough after the re-
cent decline to have rallied at least some
departmental This was not the case
though, with the result that the con-
tinued hsaviness created the impression
In some quarters that the professional
selling might be continued on . large
scale again to-day, for the sole reason
that 30 little opposition appeared from
the constructive element
However. Indications were noted ir
somo circles of an excellent absorption
or stocks on a scale down. and although
this buying was not Of a character that
might have been expected to check the
downward trend. the fact was easily APP
parent that at least some persons in the
financial district have not lost sight OF
the fact that the market has already
had q severe setback that general bust
ness conditions still remain a source OF
satisfaction in most lines and that the
market Is in O vastly better technical
position than 1t was some time ago when
the public was specializing in anything
without regard TO actual inertia
Naturally the most important sctbacks
were in those stocks which have been
the principal targets recently Of the pro-
fessional element All the motor stocks,
tobaccos, specialties and steels were sold
heavily all day. and with the exception
OF few such Issues as Crucible the
professionals had fairly successful day.
Steel common got below par for the
first time since last spring. As a matter
OF fact no very strong spots appeared
anywhere in the list The whole Street
seemed to have come down with q At
Of speculative blues and refused to take
into consideration the brighter aspects
M ha
that Is to say, II there were any.
The local traction situation Of itseli
had no great effect on the market In.
terborough securities went or with the
rest Of the list The most importan,
effect OF the strike was sentimentally
Coming at time when the attention Of
the financial community is centred
largely upon the unrest In other lines
the threatened steel strikes and othe,
disgusting factors, 1t served to brinl
about just what the professionals hav,
been looking for for Che last few weeks
Contributing to the weakness in tn,
| general market was another sharp de
| cline in the foreign exchange market
Sterling broke to another low record an,
francs and lire were likewise at the bot
tom for all time. the former at franc
9Sh oentimes to the dollar and the latte
at s.2S lire to the dollar for sight drafts
Tho feeling in this respect was that tn
market might have to face another de
cline such as was experienced som
| weeks ago.
| The money market was much easier
as might have been expected In view o
the continued downward movement O
| prices and OF the slackentng in the pac
of activity on the Stock Exchang,
Plenty of all classes OF money was avail
able. with the rate on call funds as 10,
as 81 per cent
The cotton and grain markets wer
weak In sympathy with the movement 1
stocks and foreign exchange.