The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-11
FINANCIAL NEWS
AND COMMENT
Stocks Gain Further Strength
on Slightly Increased
Business.
LATE PRICES HIGHEST
Better Balance Of General List
Marks Trading-Liberty
Bonds Firmer.
LATE PRICES HIGHEST

Stocks displayed advancing strength
again yesterday on moderately In
creasing scale of activity. Dealings
were still in a relatively small volume
as contrasted with the average sessions
of a month or 20 ago. and there seemed
to be no manifestation OF tendencies to
indulge IN reckless speculation on ac-
count Of the brighter aspects OF the gen
eral financial situation. But the fact
that the rise in prices was accompanied
by some expansion in business was one
OF the most satisfactory features of the
trading, as II showed that processes
were more obviously at work TO restore
the list to better balance. The price
movement was not especially broad so
far as markets go these days. but It WAS
fairly uniform, and for the FIRST time
since the reactionary movement began
last month the market actually closed
the day with strength in all depart
ments and in most descriptions and the
general price list was at about the high
OF the day.
The strength displayed and It's re-
sponsiveness to buying were again d.
rectly traceable to It's technical position
rather than TO the news Developments of
the day. Tho fact IL that they were
rather confusing. On one hand the mar
Judge Gary concerning steel prices and
his apparent optimism toward the
future: and on the other. direct and
more pointed i"ditstions that there will
be no relaxation OF money restrictions
until the next Liberty Loan Is we'll I'M
der way. Tie net result of this con-
flict OF developments was that neither
one played a very important part in
the days business although undoubtedly
the placing OF the whole steel situation
in a. clearer light tended to improve
financial sentiment generally. 1t was
rather the effect of an overcrowded posi-
ton on the short side OF the market that
figured most prominently in the days
business II has been apparent for some
| time that this particular interest has
been growing quite rapidly; and II has
been equally clear that II has not been
sure OF its ground OF late with the
growth OF more reassuring sentiment
with respect to the underlying situation.
Whatever the facts may be there was
tendency throughout yesterdays SEES
sion to cover short contracts on a more
liberal scale. and this tendency seemed
to increase as the market advanced In
fact, in the last hour the bidding up Of
I stocks was rather brisk and extended to
nearly all departments although, as in
case OF the preceding days trading. the
most important advances occurred in
the Industrial shares. which have been
the main targets OF the recent bearish
speculation. All OF the steels were
strong, including Bethlehem B. Steel
common. Republic and Lackawanna, and
virtually the entire group closed the day
with substantial net advance. Strength
In tho steels may have reflected slightly
| the encouraging monthly tonnage state
ment OF the Steel Corporation, which
showed a considerable smaller decrea sc
than had been looked for. But in re-
atty this particular feature was of very
little account. so far as II indicated any
thing as to the future. There has as yet
! been hardly enough cancellations to az
ford reliable estimates OF what Is likely
TO appear when the cancellations are
begun on a wholesale scale, and until
something more definite Is announced
In this connection 1t would appear that
the suggestions embodied in yesterdays
statement were rather unimportant.
Motors again showed a responsive ness
to the favorable portents Of the situa-
ton. and there were a few points OF
| strength among some OF the higher
priced rails. Liberty bonds were firmer.
The money situation continued easy,
| Notwithstanding Withdrawals OF more
than $50. 900 from New York banks.
Call loans were quoted on the Stock Ex-
change at from to 81 per cent. for
[ the best part OF the day, and there
seemed to be a fair supply available, al
though there was little actual demand.
The best part of the funds now being
offered represent. It is understood those
from out OF town institutions which,
have been turned away from the chan
nels In which they have been employed
for some time by the signing Of the
armistice and the cancellation of war
contracts Foreign exchange was quiet
and rates were disposed to hold firm at
about the previous days closing