The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-08
FINANCIAL NEWS
AND COMMENT
Stock Market Shows General
Tendency to Continue Its
Advancing Movement.
SPECIALTIES FAVORED
Interest Is Chiefly in Shipping
Shares, but Coppers Have
sPECIALTIEs FAVORED

In all essential respects yesterdays
stock market was practically a repeti-
ton of the preceding days session and
also of the session Immediately preced-
Ing that. There were some proft-taking
and evening up transactions during the
early part Of the day, which continued
to make for irregularity In various
parts of the list. but in the main the
general tendency seemed to be to con-
tinue the advancing movement. 1t was
speciality market, however, as was
the previous days, and nearly all inter-
est centred in this direction. The stand
ard rails. steels and investment issues
we're pretty generally neglected. But
whatever was lacking in the way Of ex-
element in connection with these stocks
must have been more than made UP
in the enthusiasm which characterized
the movement of prices in the shipping
shares. one or two of the low priced
rails, the food stocks. the fractions and
other individual issues. Caution was
still apparent in some circles, but there
was no question again about the conf
dence in back of the buying which
went on.
That the enthusiasm which marked
the trading in the last few minutes
should have surpassed that OF the past
few days was not at all surprising even
though 1t was a halliday session. For
ore thing there was mo- money market
to bother with and no rates to watch.
The matter Of loans was cleaned UP on
the night before, as is always tho case.
and the trading fraternity had come
down with the assurance that there
would be no worrying about this until
the full day session on Monday. There
we're a number of other matters, how
W
able to the market, but II they had
any influence on the days trading. II
was not apparent on the surface OF
things. But the most remarkable thing
about the session. however. was the con-
tiruation of the confident buying in face
of the open bearishness of many Of the
large commission hpuses, which have be-
come convinced that the market js as
high as 1t ought to go under the present
view is correct, there was no question
about the character Of the buying nor
any question in speculative circles about
tho ability Of the market. not only to
maintain its advance but to continue 1t.
At least this was the impression carried
by the trading.
As on the preceding day. a great deal
of speculative attention centred in the
specialties. The steel shares were ac-
rails, but the greater part OF the specu-
lative activity centred on the individual
issues The shipping shares were great
favorites again. with Marine common
coming back into favor with the trading
element. In this respect II seemed pretty
definitely assured that enough opposi-
ton to tho liquidation Of the company
has developed to prevent the sale OF the
company's ships under the British flag
to the British syndicate. There was an
other wide advance in Atlantic Gulf and
West Indies and In United Fruit and
there were Indications Of renewed tactiv-
ity in American International Corpora
ton. which is the principal opponent to
the liquidation of the Marine company,
as now proposed. The copper shares
also occupied morethan the usual amount
of attention in the trading. The food
stocks some of the motors and the trac-
tions lost none Of the favor which they
have enjoyed recently at the hands of the
speculative element. Trading was I'M
usually active for a Saturday. being on
practically the largest scale for the
week.
Tho bank statement disclosed an in
crease in surplus reserve of $4,000. 900
bringing that item up to $87 100000
This was due mainly to an increase In
members reserve with the Federal Re-
serve Bank OF New York. But the most
important thing about the bank state
| ment was an increase in loans Of s203,.
100000, an increase which brought the
! total loans of the banks of the New
York Clearing House to the highest point
| in history This reflected in all proba-
| bility the increase in speculative activity
| during the week on the Stock Exchange
| and again pointed to the necessity OF
| conservatism during the coming week In
| the matter Of Stock Exchange opera.
tions. The foreign exchange market
| was hrmer. with nearly all rates show
| ing improvement at the end OF the day
Bank clearings for the week totalet
I$s,3SS,194.333. as compared with $685..
979.303 last week and with ss.2b7.4e2,
| 947 in the corresponding week last year
| a gain of more than 81 per cent over a
year ago and nearly as much over last
week.