The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-13
FTNANCIALNE
AND COMMENT
Market Gives Good Account Of
Itself Despite Uncertain
Labor Situation.
sTEELs HOLD STRENGTH
Important Issues Make Excel
lent Showing During Heavy
Professional Selling.

an excellent account of itself In face
Of the uncertainties of the labor situa-
ton. Its composure was even more strik-
ing than its action on Thursday. mas
much as overnight dispatches from
Washington practically destroyed all
hope that extenuating circumstances
might be found to avoid a general tieup
of the iron and steel industry. There was
intermittent selling of standard stocks
again throughout the session, but Just
as has been the case for the last week,
the financial community seemed to have
settled down to the opinion that If a
rest of strength must come between labor
leaders and the Steel Corporation IT
might just as well come now rs at any
other time. That stocks did not sell on
Under these circumstances was remark
able, and the only explanation of the
underlying strength was that stocks have
,nee again drifted back into strons
hands in the process of readjustment in
he last few weeks.
There were rumors toward the closing
that the labor leaders had decided to
postpone the strike until after the con-
ference In Washington next month, but
these were not credited In most quarters.
The best opinion seemed to be that there
In very little chance of avoiding the
Ike now and. in view of this. dis
cussion Is now centring, so far as the
financial district is concerned. on the
probable outcome OF the struggle. In
most quarters the view prevails that II
the strike Is called according to schedule
the Steel Corporation and other corpora
tons affected undoubtedly will shut down
their plants Immediately and make no
attempt at operations. 1t is the opinion
of the Wall Street district that II this
is the case, the strike will not last very
long. However, steel officials are not
overlooking the possibility of long
drawn out battle. but, even IL this proves
to be true, the thing that makes the
situation look so favorable. from the
corporations point OF view, is that the
steel industry has never been so well
prepared for a strike, In a financial
sense, In tho history Of the industry.
It is commended that plants could easily
be shut down a month without impair
ing their financial positions.
What made yesterdays market even
more impressive was the strength of the
steel stocks themselves Despite the
heavy professional selling, all of the
important issues held their ground re-
markably well. Their fluctuations were
not especially spectacular nor were the
net changes at the closing. 1t was the
speciality stocks which provided most Of
the fireworks. All of the tobacco Issues
United Retail Stores in particular. were
in excellent demand, and SO were some
of the motors. There was another sem
sational rise in Fisher Body. Savage
| Arms was another exception to the
general rule. closing with a gain Of about
, 6 points. The marine stocks were
/ strong and go swere most of the equip
| ments. AS a matter of fact there were
| no very weak spots anywhere in the list
| There were sinking spells, OF course,
| Just as there have been all during the
| last week. in all OF the standard Indus
| trials, but just when the market looked
| the weakest new buying always made Its
| appearance. with the result that stocks
| generally experienced upturnS all the
| way around.
| There was no change in the money
| situation. Call money loaned all day
around per cent, notwithstanding the
| extra heavy demand at the end of the
| week to carry stocks over the period OF
/ suspended animation. However, most Of
| the arrangements for the tax payments
| next Monday have now been completed
| so that from now on 1t is not expected
that there will be any further nutries in
the money market The foreign ex-
| change market was weak again with
sterling apd francs continuing their de-
| cline. Francs were especially weak. 60
ing down to another new low record.
| Swiss francs also lost ground during the
day. The rest of the market. however.
was quiet and not vey far removed from
the preceding days closing. Bank clear
ings at fifty leading cities for the week
| were $7,565.S37, a gain of 1913 per cent.
over last week and of 22.3 per cent. over
the corresponding week year ago.
Outside of New York city the total was
| s3.349,3s2,0 900, an increase Of 21.7 per
cent. over last week and 1877 per cent
over the same week year ago,