The sun., 1919-09-16
FINANCIAL NEWS
AND COMMENT
List Strong All Day and Stand
ards and Specialties Make
Substantial Gains.
SOME REALIZING SHOWN
Strength of Steel Shares Is
Impressive Feature of the
Session.
SOME REALIZING SHOWN

Al yesterday STOCK market the belief
Of important financial interests that
there will be no general strike in the
iron and steel industry was registered
4 very plainly again, Notwithstanding the
denials of overnight reports to the effect
that the strike had been postponed. The
street started out confident that matters
would be Strengthened out one way or
another or that the actual calling out of
the men would be postponed until after
the big conference In Washington next
month and steadfastly refused to be
shaken from this stand at any stage (of
| the trading In consequence the share
list was strong again throughout the
\ best part of the day, with the standard
stocks and specialties registering sub
5tantial improvements. Some profit taxi
ing developtNl in the latter half Of the
dealings. but this was not very extensive
and did not do more than bring about
fractional recesslons from the high prices
OF the day. which were recorded around
| midday.
The impressive feature OF the session
as on Saturday. was the strength of the
| Steel shares. If there was any doubt In
! the mind Of professional Wall Street
about the steel strike 1t certainly was
| not registered In the action OF the Steel
| issues. Those issues, on the contrary,
continued to reflect the belief Of sub
| stantial financial interests that there
will be no steel strike at all, view
which was confirmed. in part at least, by
dispatches in the morning papers, but
which were later denied by Mr.. Gompers
himself. However, this denial was not
altogether satisfactory to Wall Street, in
that 1t was felt that while the strike had
not yet been called off the matter
was under serious discussion by the la
Dor leaders, and therefore there was
good reason to expect a favorable an
nouncement shortly. At any rate the
denial was not taken as seriously as
might have been expected marketwise If
the whole steel strike situation had no,
been surrounded by so much mystery on
the part Of labor. Stocks were offered
downward for few minutes, but as
soon as the weak holdings had been
liquidated the market regained its I'M
DERIVING strength, with the result that
stocks proceeded upward until the clos
ing hour. when profit taking set in.
Next to the steel shares the specialties
were the most important features
There was renewed strength in all of the
oils, particularly in Mexican Petroleum
in ,the tobaccos, the marines, the motor
accessories and the automobile stocks.
But those who had expected the rails
to do better, on account of the show
ing which the lower priced issues and
Southern Pacific made on Saturday, were
disappointed. however. After the initial
trading the rails slumped back into the
rut of inactivity from which they were
dislodged on Saturday, losing part of the
gains that were established.i In the trad
ing on Saturday. They were more ac-
tive than usual. but mere were no indi-
cations of the long expected movement
haC let
for this department Rather it was the
specialties which attracted attention yes
terday. These issues are not involved
in labor difficulties and there traders find
very little difficulty in attracting a fol-
lowing once a movement is well under
way. This has been illustrated in more
than one way in recent sessions by the
way various specialties have advanced.
The money market was easy. This
was in sharp contrast to the same day
three months ago. when the second in
stalment Of Federal taxes fell due. Yes
terday the third instalment was paid
and there was not the slightest ripple OF
the financial waters. Nor was there
reason that there should be- The posi-
ton of the banks was easy, easier in
fact that 1t has been in a long time
There was no long stock market to
finance. and in addition to this the pay
rent OF large amount OF certificates
OF Indebtedness Immediately prior to yes
tardays tax payment made the trans
action little more than a bookkeeping
arrangement. The foreign exchange
market was again featured by extreme
weakness Of rates on Paris and Italy,
the former being particularly weak
Neutrals likewise lost ground. but the
movement In these exchanges was moth
ing like that In the case OF francs and
lire. which sold at the lowest in history.
German marks were also very weak
toward the closing, establishing another
new low record for all time.