New-York tribune., 1919-10-02
Securities and Money
Tobacco Shares
Feature of Strong
S toe Market

Much the same influences that have
been dominant in the market since
the beginning of the week controlled the
movement of prices on the exchange
yesterday. Despite heavy realizing fol-
lowing sharp early advance, the tone
continued strong. With speculative ac-
tivlty centring more in the industrial
speclalties, the price movements were
exceedingly erratic, causing more or
less confusion. 1t was plain, however,
that the buying power in the market
waa Of large proportions. outside par
tlcipation proving helpful to the pro
tessional operators in advancing their
favosites Public buying of stocks so
far this week has been the heaviest
since the recovery began.
Shifting Of speculative effort to the
railway list for time during the fore
noon gave new aspect to the market.
Operations in this direction affected
more particularly the lower priced
rails, although the higher class invest
ment issues also benefited. Aside from a
revival of reports that the railroads may
shortly obtain an increase of 25 per
cent in freight rates, there was no new
development to account for the better
tone of the rails, and it looked like an
effort of the professional traders to
swing the speculative activity into the
rails which have been neglected Of
late.
News Of the steel strike continued as
constructive influence on market
values. The testimony Of the head of
the United States Steel Corporation be-
fore the Senate investigating commit
tee was construed as adding to the
strength of the position Of the steel
manufacturers, although it was hardly
q market factor of Importance Pitts
burgh aovices told of further. descrtions
from the ranks of the strikers. while
reports from all around the country
were indicative of an expanding of
manufacturing operations at plants
winch have been affected more or less
by the walk-out.
Steel shares as a rule. however, were
laggard in the days price fluctuations.
Protit-taking appeared in Steel COM
mon: which was much less active than
on the preceding day. 1t touched 10S Is
on the early rise, but fell back subse-
quently to close at 1861, the low of
the day, off ! point. Bethlehem Steel
shares were erratic. but closed with
out much net change. while Crucible
which was advanced during the fore
part OF the session to new high rec
ord Of 200, dropped back for a time to
2aa. hnally rallying at the close to
2401 1a, off 51a.
The tobacco group became the centre
of an excited speculation for the ad-
vance on rumors Of further combna-
tons. American Sumatra Tobacco
came to the front with an uprush of
lo4 points on what appeared to be a
drive against the shorts. On the Au-
gust break this stock fell from 12O to
- and Yesterday got back to l107s
Other strong stocks of this group were
American Tobacco. Tobacco Products
ana General Cigars. United Retail
stores, closely a!flinted with the to-
Daccos, Jumped o's points on Il trading
volume that gave it the market leader.
ship in activity
The days turnover was 1.532.9OO
shares. about the same volume AS the
preceding session, but the trading list
contracted to 289 different issues, com
pared with 3o1 on Tuesday.