The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-08
FINANCIAL NEWS
AND COMMENT
Prices Continue Irregular, but
List Not So Susceptible to
Bear Influence.
LATE UNDERGONE BETTER
Action Of Market Shows It Is
OversOld With Stocks in
Strong Position.
LATE UNDERGONE BETTER

Although a good many stocks contin-
ued under the influence Of the selling
pressure. when there WAS much activity,
the stock market in the main yesterday
seemed TO indicate that the weeks re-
dictionary movement had lost much OF
Its impetus. Dealings were very much
auieter than since the first part of the
week. and the general list did not ap-
pear nearly as susceptible to the bearish
influences as in the preceding days ses-
sion, although plenty Of such considera-
tons were in evidence. The movement
Of prices was still Irregular. however. and
irregular net changes we're presented at
the closing. but slightly better under
tone was displayed In the last hour and
the standard list underwent some recov-
cry. This was not accompanied by any
great outburst of activity. nor were there
any very significant price changes from
the low of the day, but il bore important
testimony of the oversold condition of the
market and the strong position which
stocks have difted into in the recent
liquidation movement.
Perhaps the most important bearish
consideration at work in the days mar
ket was the revenue bill. This was
printed in full in the morning papers,
and Its bulk seemed to have impressed
the financial community unfavorably.
although in reality there was nothing In
II which had not been discounted pre-
viousiy. Still II provided as good an
excuse as any other, inasmuch as the
big factor upon which the professional
element had based so much on the pre-
vious day had turned out after all to be
a favorable development from the long
distance viewpoint This was the cut
in the price of copper metal There
ing the cutting of copper prices, and
slightly lower prices were again re-
ported. No conformation could be OBJ
tanned as to these reports, but on the
surface Of things II appears as though
the copper producers had decided to put
aside all question of prices and bring
the market for the red metal down to a
point where it can be expected TO at
tract attention OF the large consumers.
1t is perhaps unfortunate that the steel
producers have not deemed 1t advisable
TO take steps like this to bring about
the end of the deadlock now existing
with respect to prices. II this could
be accomplished undoubtedly the most
serious question now confronting the
stock market would be solved
This was rather aside. however. yes
terday from the main developments in
connection with the days trading. The
big thing again was the combination of
unfivorable news considerations. which
have worked in favor of the bear
operators all through the week. None
of them were very important, but steel
broke to a new low for the current
movement and there was active pressure
again in the coppers. although for the
most part those issues seemed to present
more evidences of stability than they,
have at any other time this week. The
unfavorable report OF American Steel
Foundries was a continuing influence on
the equipments. The tooaccos. however.
furnished sharp contrast TO the declining
movement elsewhere. as did the motors
With respect to these issues, the activity
was accounted for by the operations of
professional clioues and pools. The rails
were heavy and so were the steels. but
the indications in this department con-
tinued that the pressure was rather IN
important.
The money market was slightly firmer,
rejecting the preparations for >the pay
ment OF the last Offering OF certificates
OF Indebtedness. These will become due
next Thursday, and in the meantime
bankers expect slight furry in money
rates. although nothing important
enough to have any great effect upon
the stock market. Both call and time
morey ruled trfle above the rates
which have been prevailing on the
Stock Exchange for the past fortnight
for the best part OF the day Tho ncutra!
eXchanges-Hgain presented an aspect of
weakness. Swiss francs, guilders and
Scandinavian rates all went lower on the
day, while other rates were gener-
ally unchanged. What this move
ment in neutrals reflects apparently is
the gradual return OF conditions to
normal. This has been largely accen-
tuated by the reduction in shipping rates
and also by the release Of a number Of
shipS