The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-13
FINANCIAL NEWS
AND COMMENT
Transactions Are on Weeks
Most Active Scale With
Broader Tendency.
LIST GOES TO NEW HIGHS
Bank Statement Shows Gain
in Excess Reserve Of About
$26,000,000 for Week.

Traders who have been opposing the
upward movement on tho Stock Ex-
change all. during the last week on the
theory that II the market would not
rally on the favorable tonnage state
ment Of the Steel Corporation nothing
else could be expected to stimulate in
terest had another bad day Of 1t yester-
day. Starting with the specialties and
the lower priced railroad shares the
whole market developed strength in the
last hour and under buying. which APP
peared to be Just as enthusiastic as ever.
the entire list moved into new high
ground for the current movement
Trading for the two hours OF business
was on the most active scale of the
| week, and while 1t was plainly apparent
that the opposition to the buying was
still being continued In the case of Steel
| common. this opposition was entirely too
weak to prevent the demonstrations
| which took place in the final period The
| fact that specialties still occupied the
most important place In the dealings
was not altogether satisfactory, but the
tendency was TO broaden as the session
progressed.
There was no special news to stimrs.
late interest in the dealings. The over
night announcement that trade relations
with the enemy nations would be re-
sumed Immediately was encouraging OF
! course. but this had been known on
the preceding day, although very little
attention was paid to 1t, except In the
case OF the copper shares The whole
impetus In back of yesterdays market
seemed TO lie not so much in this fact
as II did in the fact that the bears had
discovered, after three days OF expert
menting on the selling side. that the
public could not be dis,odged from it's
I long stocks under the present circum-
sta(hces. In addition to this there was
considerable amount Of short covering
for the purpose of evening up commit
ments for over the holiday by traders
who did not want to take a chance with
the possibility OF favorable develop
ments over the period Of suspended ami
nation. Inasmuch as the trading ele-
nent had been selling stocks for three
days this buying constituted very con-
siderable part OF the dealings. although
1t did not by any means overshadow
the resumption OF public participation.
Very little attention was paid to the
weekly trade publications in spite of
the fact that they continued TO report
improvement In nearly all lines of
business.
AS has been the case all along, II was
still very much of a specialties market
All of the motor issues were strong. par
ticularly Studebaker. and the lower
priced railroad shares lost none OF theft
recent favor. Denver preferred. which
has had an advance OF more than 10
points In the last week, went to :. new
high record, and good buying continued
In Texas and Pacific and others of the
same character. There was some profit
taking In the marines after their violent
advance of the last few days, but Key
atp hA 10
and. in fact. all other issues which have
attracted more than the usual amount
of attention in the financial community
of late, closed the Gay with substantial
gains The opposition which was noted
In case OF Steel common~on the preced-
Ing day was continued, especially at
the outset: but IN the final hour most
of this opposition was overcome and the
stock sold above l13 at the closing. the
point at which most of the selling began.
The copper shares were all active again.
the advance in the price OF the red
metal again. In connection with the
advance yesterday the prediction was
made in important quarters that copper
would be selling at % cents a pound
within the next sixty days.
The weekly statement OF Clearing
House members showed an increase In
excess reserve OF approximately s26.-
900 900. which brought that item up to
S33. 900, 900. The increase was due al
most wholly to an addition OF $4,000
600 in members reserve with the
Federal Reserve Bank OF New York.
There was an increase of loans OF
s25. 900, 900. which brought the total
loans slightly above $4,000, 900, goo.
which is near the highest aggregate of
loans ever reported by the Clearing
House banks. But in spite of this the
bank statement was favorable. inasnluch
as there was an Increase In excess re-
serve, and in quarters which are usually
correct on the money situation It is not
anticipated that any further trouble In
this connection will be experienced dur
ing the current week. There was very
little interest in the foreign exchange
market. Sterling was steady and so
were francs and lire, while most OF the
other rates were about unchanged from
the preceding days closing.