The sun., 1919-06-13
FINANCIAL NEWS
| AND COMMENT
Trading Is Much Quieter and
Irregularity Continues, but
Market Is Firmer.
IMPROVES TOWARD CLOSE
Interest Still Shifts to Issues
Which Have Not Advanced
Much Of Late.

Further drming Of money rates To-
gether with the uncertainty over the
possibility Of q complete ue-up Of the
wire service. again combined in the
stock market yesterday to give Wall
Street another day Of irregularity, the
third in succession this week. The trad
ing was very much auieter throughout
the best part OF the day and the share
list continued to display fair evidences
Of stability, that is to say, until the
closing hour. when fresh selling devel-
ored in a number Of the standard shares
and higher priced specialties. The de-
clines. however, were generally moder-
ate In comparison with the advance
which has taken place in the main spec
ulative position and II there was any
real uneasiness over either the imme-
diate financial situation as respecting
the securities market or over the furry
In money rates. It was manifested In
the moderate turnover rather than in
the course Of the days prices.
On the whole. the days session was
pretty much the same kind Of an affair
as the preceding days markets. The
only difference was that the market was
firmer and that. with the exception Of
the f1nal period. the sinking spells were
not quito 90 frequent n was not ap-
parent that all Of the readtustment had
been completed. but Il was q matter of
favorable comment in brokerage circles
after the closing last night that the mar
ket was In . much better technical posi-
ton than II has been for some time past,
the continued selling to the contrary
Notwithstanding. Stiil It was not ap-
parent that tho professional element
had been successful in reaching any con-
siderable amount of stop loss orders
which have been put into the market
by the public to protect the tremen-
dous profits which have been accumu-
lating for the last three months. But
this was hardly to be expected in such
reaction as the last three days, for
the socalled public profits are now SO
large that Wall Street will have to bring
about more than the ordinary reaction II
1t expects the traditional shakeout Of
these accounts At least this Is the
consensus Of opinion in commission house
circles.
AS on the preceding day the tobacco and
| other specialties, which have not shared
in the recent forward movement to any
considerable extent, continued to display
advancing strength while the rest of the
list was reacting. United Cigar Stores
was the leader Of the movement in the
tobacco group and there were gains
| again In nearly all the others, including
American Sumatra, General Cigar and
Tobacco Products. There was also more
than the usual amount Of interest In the
coppers during the latter half Of the day
but their strength was not maintained to
the closing. The standard stocks, how.
ever. did very little. There was a brief
attempt to rally these issues at the out.
l h,,t
as money rates began to climb in the
last hour and 1t was definitely known
that there were possibilities of a tieuI
Of the commission house wire service
most Of the standard stocks lost what
they had recovered in the morning and 6
trifle more In some cases The rails, a,
in the preceding session. did little with
the exception of q few Of the lower
priced shares
The money market was erratio again
After loaning for the first three hours a
to 6h per cent, the rate was suddenl,
advanced in the last hour to per cent
This came in the midst of the secont
rally in stocks and served to checl
whatever further bullish aspirat ton
traders may have entertained for tn
final period. There was no change Il
underlying conditions in the money mar
ket The flrming reflected, as has beel
the case all week. the preparations beini
made by the banks for the tax payment
at the end OF the week and for the Jul,
1 dividend payment As soon as thes
are out of the way It Is expected tina
money will ease again, but not before
The foreign exchange market was ir
regular again. Sterling was easier
while francs and lire continued to dis
play stability, although their strengtl
was not pronounced.