The sun., 1919-07-10
FINANCIAL NEWS
AND COMMENT
Although Trading Slackens
and Fluctuations Narrow,
Activity Continues.
MARKET HOLDS STRENGTH
Prices Harden Further and
Close Generally Around
Days Best Figures.
MARKET HOLDS STRENGTH

Again yesterday the stock market had
to contend with high money rates
throughout the best part OF the day. and
once more the share list gave q sats-
factory account Of itself under the cir
cumstances. The pace Of trading was
not quite so furious as on Monday and
Tueeday and there were not 90 many
wide Quotations in prices. but the mar
ket was as active as might have been
! expected after several days of continu-
Gus advance. and It was not apparent
that any great amount of uneasness
was being manifested over the money
situation. Indeed the market not only
maintained the strength which It has
| been exhibiting. but was, IL anything,
stronger as a whole than on any other
| occasion In the last week. There was
some proft taking In the afternoon, but
the last hour was a period OF renewed
and further hardening of prices, with
the closing around the best figures Of the
Gay, except In the case Of few mis-
| cellaneous specialties, which had ex-
traordinary wide openings or in which
profits had become too attractive to
carry any longer
As on the preceding day there was no
important news to stimulate buying The
only thing that had any influence at ali
was the money situation and in this re-
spcct the indications In the last hour
were that the worst was over. 1t might
have been supposed that the bulIish crop
report would have had some influence.
oat thiG had APPARENTLY been discounted
previously. The fact that the market
was able to maintain its strength under
tnese circumstances again spoke we'll of
the underlying speculative position and
OF the confidence of the financial COM
munity In general In the ability of the
market to continue the movement which
has been under way of late. There
was some hesitation In the steel aha res
on account of the uncertainty over the
showing which the monthly tonnage
statement OF the Steel CORPORATION will
make to-day. The majority of commits.
sion houses were OF the opinion that
to-days statement probably would show
the nret Increase In untitled orders on
nand since the armistice was sixned. hut
there was nevertheless enough uncer-
tainty about the statement to have the
enect OF restricting operations in some
quarters.
1t was the specialties again which FUR
nished most OF the excitement. partjcu.
iarly those which figured in the DAYS
news developments. Pan-American Pc
troieum. Royal Dutch and all Of the to-
oacco shares recorded important i'm
provements and another sharp advance
look place in Savage Arms Not all of
these advances were maintained to the
closing. but whatever selling there was
was due to profit taking rather than 70
oeuans ny those who have been respon-
sinie Tor the recent movements in the
Stocks. Among the railroad issues the
outstanding feature of the session was
Canadian Pacific, which rose to a new
nigh for the movement on a report that
the Canadian Government planned to
make This company a holding concern
Tor all OF the Canadian railroads. Has
keil d Barker was well bought at the
closing again. making a new hiRt record
There was renewed interest in Ohio
Cities Gas and most OF the equipments
showed strength although nothing like
that displayed during the latter half of
last week and again on Monday. Among
the motors the principal interest centred
IN White Motors and Chandler. The lat.
ter sold at record high
The money market was firm again
nearly all day-that Is to say, until the
closing hour. Then the rate for call
FUNDS dropped back to to 6h per cent.
for the first time since Monday, and Il
was stated in conservative banking cir
cles that the probability was that no
further trouble would be experienced in
this particular market for some time 10
about the present situation is that II III
the opinion or bankers that time money
is likely to become easier in the near fu-
ture. This was particularly encouraging
TO speculative Wall Street. and in spite
OF the fact that the Improvement came
too late to make mudh impression on
prices there was general reflection of
the turn for the better right at tho clos
Ing. 1t was thought in some circles that
there might be another furry again
around the middle Of the month, when
the next instaiment on the Victory Loan
falls due, but inasmuch as a large
amount of certificates OF indebtedness
fall due on the same date. and inasmuch
as the next loan payment will probably
not amount to very much In this district,
most bankers are not anticipating any
thing such as has Just occurred in the
money market The foreign exchange
market was steadier all around. Ster-
ling improved fractionally and SO did
most OF the other rates.