The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-07
FINANCIAL NEWS
AND COMMENT
Speciality Issues Are Feature
Of Quiet Session in
Stock Market.
GENERAL MOTORS STRONG
Standard Shares Lag After
Initial Squirt - Money
10 Per Cent.
GENERAL MOTORS STRONG

Wall Street went through another
quiet day on the Stock Exchange yester-
day without any material change in the
character of the market. II was the
same orderly. constructive AFFAIR as was
witnessed Saturday, with the difference
that the strength was more general. 1t
embraced practically the entire list of
active securities. and of these few
special stocks. such as General Motors,
Worthington Pump. the lower priced
rails and oils stood out very prominently.
The rest of the market, while 1t held
Its strength fairly well. was rather dull
and uninteresting except for occasional
spurts. which gave the traders a further
opportunity to force the shorts to cover
contracts which they had put out early
Inst week In anticipation of a much
sharper decline than actually took place.
This sort of buying. however. was not
followed up. so that once the covering
had been completed interest shifted to
the specialties, which were the real
features of the sessions.
There was no reason, however. why
there should not have been a more gen.
| eral advance in the market except per-
haps for the continued uncertainty of the
money market. The reports from WASH
ington continued to report improvement
in President Wilson's condition. and It
appeared In the last hour as though this
Improvement had gone far enough to
permit Mr.. Wilson to take UP some of
the more urgent business matters which
have awaited him. Likewise there was
Improvement In the steel strike situation.
II II had not been clear heretofore that
the labor leaders cause had been lost
developments reported yesterday from
fl,a ct No.,
cient to convince even the most skeptical.
All of this. OF course, undoubtedly would
have worked In favor of higher prices
generally had II not been for the knowl-
edge that money conditions do not favor
| resumption Of the big upward move
ment. This was demonstrated clearly
enough again yesterday afternoon when
the rate for fall loans got up to 10 per
cent. where It had the effect of checking
an encouraging rally that was we'll
under way in the standard stocks. As
usual, the rate dropped back again at the
finish. and stocks. that Is to say. most of
the active issues. rallied, although not to
any great extent.
The most spectacular performers were
General Motors. Crucible. Mexican Petro-
leum and Worthington Pump. General
Motors was an especially strong fea-
ture. rising eleven points at the open
ing and continuing its advance right to
the closing without a setback. The rest
of the market. that is to say, the special
ties in particular. did not do quite go
wei, as this stock, but they gave an ex-
cellent account Of themselves notwith-
standing. This was especially true in
the case of Crucible and worthington
Pump. The latter experienced an ex-
tremely active last hour and closed the
40 In, ~ than pnint1
The lower priced rails went higher again
in the first part of the trading but they
did not hold their gains. On the other
hand there were no very weak spots
anywhere in the list On the contrary,
the general list of securities was very
firm General steel common got UP to
los on one occasion but along with most
of the other steels and industrials. lost
considerable ground in the final period
when money reached the high OF the day.
The fact that money was firm again
was surprising In some quarters in view
of the Improvement shown in last Satur-
days bank statement. However. bank
ers still maintained that the present
furry Is likely to last for some time to
come, at least until money begins to re-
turn as result Of the mvving of the
crops. Then II is expected that there
will be a general easing of funds all
over the country, which will result In an
influx of funds to this centre to be loaned
| out at call. There was no special change
| in the foreign exchange market. Busi-
ness continued very quiet and rates were
very irregular again. After opening up
| ward both sterling and francs lost
| ground in the afternoon, otherwise,
however. rates were not much changed
from Saturdays closing figures In con-
| nectlon with the steadiness OF Belgium
| exchange, 1t was learned on good au-
thority yesterday that negotiations have
been completed for the fiotatIon of the
$50. 900, 900 loans. which bankers here
have been working on for some time pas. t
| The formal announcement. 1t is under
/ stnod will be made this week.