The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-18
FINANCIAL NEWS
AND COMMENT
Activity in Stocks Widens and
Trading Reaches Largest
Total for Year.
SPECIALTIES IN THE LEAD
Tobaccos and Motors Advance
While Oil Issues Show
Slight Decline.
sPECIALTIEs IN THE LEAD

The outstanding feature OF the stock
market yesterday was it's absorbtive
capacity. Despite the obvious weight of
considerable profit taking and other
selling. pressure from the professionals
In anticipation OF a moderate reaction
the stock market made another pro-
nounced movement throughout a good
part OF the general list. There was
further short covering In the steels and
equipments which have been under pres
| sure recently. and there also seemed to
be more confident new buying. a crcum-
stance which suggested clearly that the
new movement showed no Sign OF relax
alton. But the real interest In the SEES
! sion converged. as 1t has right along. on
, the specialties. including General Motors
! Tobacco Products, Sumatra and the ma
rinea Trading was still maintained on
the high level OF expanded activity
reached on Saturday, the total transact
tons being the largest since the turn
of the new year.
] A further encouraging feature OF the
day was the decided turn OF strength in
. the afternoon in the railroad department
These shares have Jagged behind in the
current movement, and the fact that they
were taken up was a source OF much
favorable comment in the brokerage
community, which has believed that con-
ditions warranted a more advanced price
level for them. The immediate incentive
here was the announcement from WASH
ington that the House Appropriation
Committee had decided favorably on the
additional s75o,ooo.ooo for the revolving
'und, and that moreover the McAdoo
ave year control plan had been tabled.
There was nothing particularly new In
either of these items. Both Of them had
been expected. particularly the additional
appropriation for the revolving fund.
But It was gratifying. nevertheless, to
the banking and brokerage community
to know definitely that Congress had
decided against the plan for extending
the Government control for Ave years,
even though this had been expected. At
any rate, II cleared the calendar for con-
+, structive railroad legislation in the next
session.
The announcement OF this undoubtedly
| prevented the reaction after the outset
from being carried further. and at the
same time was partly responsible for
the continued display Of strength in the
| afternoon. Anyway the market turned
| strong after the initial pressure and the
tobaccos and motors made another pro-
| nounced movement forward. The oils,
however. were not as conspicuous in the
! advance as they were last week. and at
the closing the greaterSnumber OF them
had declined slightly below Saturdays
final on profit taking. But what was
lost here In the way of reaction was
more than made up by the tobaccos and
motors, General Motors sold UP almost
, 8 points, and nearly all of the other
motors showed pronounced strength,
while Tobacco PRODUCTS. American su-
matra and United Cigar Stores made
extensive gains. which were we'll main
tained 70 the closing. The steel shares,
while less active than last week. showed
decided frmness and made some slight
progress for the day as a whole, al
though they lost part OF II in the last
two hours. This was particularly true
Of Steel common, which, after selling up
to SO, closed at s2%, net gain for the
session of three quarters OF a point
| Royal Dutch and Mexican Petroleum
sold Off under profit taking, while Pan
American Petroleum made another ad-
vance.
There was no change IN the money
situation. Rates, If anything, were
slightly easier. But much was hear in
banking circles regarding frmer rates
for money from now until after the
next Liberty Loan is well out OF the
way. It was pointed out. for instance,
that the amount OF certificates OF in
debtedness now outstanding had reached
, considerable proportions and that the
| offerings of further blocks would be
directly felt In the money market here
after. This talk had no effect on the
market. however, for Wall Street has
been expecting for some time a nrmer
money market. The foreign exchange
market was quiet. Sterling and francs
were unchanged and neutrals were
slightly higher In the forenoon, reacting,
however, toward the close 70 about the
closing rates on Saturday. Cotton
turned irregular after a strong opening.