The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-25
FINANCIAL NEWS
AND COMMENT
Buying Continues Confined to
Narrow Speculation of Pro-
fessional Crowd.
EARLY PROFITS ARE LOST
Speciality Stocks Still Strong
and American Tobacco Ad-
vances Again.
EARLY PROFITS ARE LOST

The market continued on its restricted
way yesterday, following the procedure
OF narrow, professional speculation.
Prices opened higher and numerous indi-
vidual stocks were bid up rather sharply
again. The buying movement. however
was confined, just as 1t has been ever
since the steel strike question. became
acute. to the active trading crowd on the
floor of the Stock Exchange, whose main
idea Is a quick profit, and In the after
noon. when 1t was seen that substantial
interests were not inclined to follow,
prices upward, the stocks bought early
in the day were turned out again, With
the result that the forenoon profits were
pretty generally lost. The truth of the
whole matter is that what is going on In
the Stock Exchange at the present time
Is nothing more than a highly profess
sional affair. with the big interests which
usually dominate the dealings standing
on the side lines awaiting for the turn.
Ing point of the steel strike.
That is not to say that Wall Street has
any doubt about the ultimate outcome
of the steel strike. The news yesterday
was more favorable than ever. but the
worst feature about it seems to be that
the strike Is simmering down to long
drawn out. test Of strength between the
opposing forces. 1t Is realized that while
there is no reason why prices should go
down any further under these circum
stances. there is equally as little reasor.'
why there should be boiling market In
the standard stocks, particularly In the
steel shares. 1t was a noticeable feature
of the trading yesterday, just as it was
on the preceding day, that whenever
there was any real activity It was in the
speciality shares and individual issues,
which had no connection whatever with
the present struggle in the steel in
dustry and which were moved by purely
individual considerations The fact of
the matter Is that the whole market has
simmered down into nothing more than
an exchange OF operations on the part OF
the floor traders. This has the effect Of
giving the market an active appearance
at times. and also a tone OF buoyancy,
but actually there is very little signifi-
canoe TO the transactions, outside, of
course. of certain specialties and other
Individual groups.
AS has been the case all along, Ii was
these shares which provided the principal
features of yesterdays session. The to-
bacco stocks were particularly strong
features, with American Tobacco going
into new high ground again in response
to the understanding that the plans for
the readjustment of capital would be
made public to-day. But wherever the
steel strike exercised any influence on
the trading stocks generally Jagged be-
hind. This was true not so much of
Steel common, however. as 1t was Of the
stocks of other companies dependent
upon the steel concerns for their supplies.
The best example of this was In the mo-
tor shares. in which Wall Street is grad
ually coming around to the idea that II
he Gtrilr las no Ia
expect, it may cripple the motor indus
try very badly. These issues provided
the principal weakness yesterday, but
there was also weakness in some of the
oil shares, which on Tuesday experienced
rather vigorous advance. Mexican Pc
troleum was off more than 4 points at
the closing. and there was less interest
manifested in the so-called oil rails,
which enjoyed an active market also on
theA preceding day. On the other hand,
SOME of the specialties which have not
been in favor with the Wall Street COM
cunity of late came back very strongly,
particularly keystone Tire.
The Government continued its with
drawals of funds from this centre yes
terday. and in consequence no improve
ment was shown Gin the money situa-
| ton. Call money loaned all day at
per cent, and there was no indication Of
any change at the closing. 1t might
| have been supposed. for instance.
that the continued firm rates would
have invited out of town institu-
| tons to put out funds here, but such Is
not the case: that is to say, on the sur
face of things at least Further i'm
pr ovement was recorded in the foreign
exchange market. Sterling continued its
recovery, as did most OF the other impor-
tant rates. Marks. on the other hand,
were weak. There was a great deal less
business in the exchange. however. and
! apparently the warnings which bankers
put out on the preceding day about the
speculation In exchanges tended to re-
strain further operations of this charac-
| ter in the exchange market