The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-11-04
FINANCIAL NEWS
AND COMMENT
Market Shows Firm UndertOne
and Suggests Construction
Forces Dominate.
U. s. STEEL rs FEATURE
At Close Only Declines Are in
Issues Recently Making
Wide Gains.
U. S. STEEL Is FEATURE

Much TO the surprise OF those who ex-
pected a rea,tion on account of the labor
situation and the selling which usually
precedes 4 holiday the market In the
New York Stock Exchange assumed yes
terday a firm urdertone and price move
ments suggested that constructive forces
still dominated and that the outcome of
the coal strike was awaited with equa-
nimity, not to say profound belief that
the crest of -adicalism had passed. The
upward movement was not a concerted
affair. one department progressing for
ward at one time only to be superseded
by another, but the early gains in each
department were well maintained and at
the close the only declines in the active
list were those exhibited by stocks which
had complet ed only last week sensational
upward strides. outside of net declines
in American Tobacco. Lackawanna
Steel. Republic Steel, Sloss sheffield ana
one or two rails. the entire active nst
showed net gains of n fraction to nearly
eight points, with General Motors closing
above 400 for a net gain of 20 points.
The most active issues by far were SIN
clair and United States Steel, the former
rising points and the latter 2s. Com
bined these issues represented 80 per
cent of the total sales, which were III eA-
cess OF the 100000 shares.
The market opened strong, but there
was an irregular trend until pool opera
lions brought heavy buying In sinclair
and other oils. The transactions OF S'ooo
to 5000 shares In s. c. succeeded one
another on the tape until the stock
reached a. Under the leadership Of this
issue the oil department scored its best
prices of the day before IL 80. at which
time appeared the lending and renewal
rate of call money at 10 per cent. As
soon as the stiff money rate was posted
the entire market relapsed into inactivity
with signs of a moderate reaction. The
leadership relin6uished by the oils was
taken up by the equipments shortly after
midday with American Car and Foundry
occupying the centre of the stage and
reaching a new high at 144l2. In the
last hour and a half the motor stocks
assumed the leadership with General
Motors making a new high record at 4O5.
The call money rate in the last hour
dropped from 10 per cent, first to 5 and
then to 6, and finally $4,000 loaned at
per cent. the lowest point of the year.
The rate was 8 per cent. at the close.
The decline in money rates probably pre-
vented the sort of selling movement that
normally precedes a holiday, but while
the recessions from the best points Of the
day were not large they gave an indica-
ton that SPECTATORS and investors must
still watch their step and that possible
unfavorable Developments had not been
discounted to any large extent.
For the first time in many sessions the
copper stocks were In favor, Utah rising
3 points, American Smelling ga and
Anaconda 2L. United States Steel COM
mon with sales of quarter million
shares was a strong feature throughout
the day. indicating belated recognition OF
the quarterly statement published a week
ago. y The leadership of the oils could be
explained by the impetus given to the
consumption of oil by a possible increase
in the price of coal or by scarcity in
the coal supply. The leadership of the
motors could be explained by short cover
Ing But the rise in United States Steel
common and the equipments was said to
be due to the market success Of the Brit
ish Government note and bond offering,
which spelled extension of foreign
credits and Of foreign trade, in which the
steels and equipments should share by
reason of their subscriptions TO the
loans.
The action OF call money, closing at
the lowest point for the day. suggested
easier money conditions during the bal
ance of the week. Time money. how
ever, continued in small supply and
large demand. There was no special
feature in foreign exchange. Cotton again
reached new high level for the season
and grain prices were strong.