The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-04
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Broadens as
Speculative Sentiment
Tends to Improve.
SHOWS WIDER INTEREST
Activity Well Distributed and
Specialties and individuals
Are Lively.
SHOWS WIDER INTEREST

Indications were presented In yester-
days stock market to show that Wall
Street had felt the release of some OF
the restraining influences which have
been tending TO hold speculative opera
atoms In check: Trading. which was
more active. expanded to about the scale
which was witnessed during the frat
part OF the week. and the activity was
accompanied by a broader range OF in
terest. which was rather evenly distrio-
uted, although business was a little
more brisk in some of the specialties
and individual features. The standard
list OF securities was not inactive by anv
means. and while the market I'm this d.
rection tended to become quiet in the
lasr hour. when the steeis and higher
priced rails had reached the high of the
day. the Improvement, considering all
phases of the trading. was fairly wei
sustained to the closing. The net result
was a small average gain. with numer-
Gus substantial advances in more or less
special descriptions.
The fact that dealings were on a
larger scale was one of the most encour-
aging things about the trading. as II
showed that something more unimpor-
short covering was at work II
,the general list. This was more true
however. Of the specialties and oil shares
than 1t was Of the general market. for
in the standard list there was no specia
incentive for activity other than that
which was provided by the overextendei
short interest in the principal steels and
minor industrials. Nor had it been eX'
pected that anything more than a tech
meal rally would likely occur in these
shares so long as the industrial outlook
tr. 81 hale II
days rally was satisfactory. althougH
undoubtedly 1t was carried along TO a
large extent by the active interest in the
Oil stocks and lower priced rails such ms
Texas and Pacific The fact that these
shares were active unquestionably gave
the standard list a more important as
pect Of strength than II was entitled tc
under the circumstances. But II was
worth noting that not great deal al
stock came out in the last hour wher
the highs OF the day were redched. and
that the market closed in manner
which suggested that the rally had not
yet run its course. although there is ne
disposition in the financial communit!
to minimize the Importance OF the read
justment that is to come.
So far as the individual movements
were concerned the outstanding fcatur6
OF the trading was Mexican Petroleum
which advanced to new high record or
an extremely heavy turnover. The
strength of that particular issue was fol-
lowed by active upturns in the other oils
and railroads shares in which there have
been reports of the discovery or oil or
their properties. Texas and Pacific re-
corded sharp improvement. as die
Southern Pacific. In the afternoon the
strength spread to the general market
tnityidlIal
shares were carried forward. American
Beet Sugar had an especially broad ad
vance following the announcement OF tht
dividend policy for the current year
There was some further selling OF the
traction shares at the outset. but as thu
session advanced these shares improved
along with the rest of the market. ant
at the end of the day the net change:
disclosed a substantial improvement il
nearly all OF the local shares. Tobacco
was also strong feature OF the day
especially United Cigar Stores. whicF
reached a new high. ProHt taking So
ir at the closing. hut failed to make
much impression on the general list
There was "A distinct Improvement ir
the money situatiorr which also may
have beea one Of the principal reasons
Tor the more encouraging turn Of affairs
or the Stock Exchange. Call loans were
IN more abundant supply than they have
been for the past week and fine money
was in fair supply at unchanged rates
The foreign exchange market was Huie'
and generally irregular so far as impor'
tant rates were concerned. swiss francs
were lfirmer and showed a slight i'm
provement on the day, while Scandna
Wan rates were fractionally lower
Cther rates were about unchanged from
the preceding days closing Bank clear
inrs for the week aggregate sG,7i5.5Sl,'
900. an increase Of SO per cent. IRON
Ia n week and 1917 per cent from tht
corresponding week a year ago