The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-30
FINANCIAL NEWS
AND COMMENT
Price Movements Continue to
Be Conflicting and Under
tone Still Strong.
STEELS FAIL TO ADVANCE
High Priced Specialties and
Oil Shares Gain-0ther Is
sues Are Irregular.
STEELS FAIL TO ADVANCE

Much the Same sort OF speculative con-
ditions prevailed In the Wall Street
market yesterday as have been witnessed
on the Stock Exchange all of this week.
There were the same conflicting price
u1ovements with alternating periods OF
strength and weakness which were
experienced Oh Tuesday. The gen.
eral undertone of the market was still
very strong. as was demonstrated by
the manner in which some of the high
priced specialties and oil shares ad-
vanced in the face of the irregula rity of
the rest of the list. Between high money
rates and conflicting reports about the
coal strike. Wall Street was given little
opportunity for resumption of the up
ward campaign In all directions. This
was very disappointing to the rank and
file of the financial district, which had
figured that the excellent showing made
by the quarters earning statement OF
the Steel Corporation warranted a fresh
advance, particularly in the steel shares
themselves. whose action yesterday was
nothing more than a repetition of the
day before.
The fact that these issues did not go
up, however, was not due to any lack of
appreciation OF the position Of the Steel
Corporation. but merely to the news de-
velopments and the money market. Call
money was very high again. loaning up
to IL per cent at the closing, against q
closing OF per cent. on the night be-
fore. Moreover. the earning statement
Of the Steel Corporation was further
overshadowed by the uncertainty over
the coal conference, which took place In
the Middle West This latter considera-
ton hung over the market all day and
prevented a demonstration which had
undoubtedly been planned for the steel
stocks The actual announcement Of the
decision to strike did not come in fact
until the last few minutes, when the
market sold OF sharply, as might have
been expected. There was no general
fear with respect to the strike, but the
market all day had been in a very sensi-
tive position so that 1t was a compare
lively easy matter for traders to depress
prices at the close. The most remark
able thing about the session was that
the stocks held so well in the face of the
news with which It had to contend. and
in view of the extent which prices had
recovered since the setback last Satur-
day
outside of the steel shares, soma of
the specialties and a few individual is
sues however, the decline was not very
sharp. steel common got down to lOs
at the closing and some of the eouin-
ments rails and spectsities also expert
enced sharp declines, but whatever was
lost here was more than made up by
stocks OF the type Of Texas Oil. which
was the spectacular feature of the day,
by Worthlngton Pump. United Fruit. At.
lantic Gulf and West Indies and other
Issues which recently, have rather Jagged
behind the rest Of the list in the matter
OF advances. The steel stocks were very
disappointing all day. After very
strong opening, in which some issues
made new high records. interest died out
and trading turned into the specialties
and oils, which supplied whatever fea-
ture there was to the trading. As on
the preceding day there was very
noticeable decline in the volume of
transactions. The turnover not only
dropped below the average since the first
part of the week but was the smallest
which has been recorded on the Stock
Exchange in moro than two weeks with
the exception Of course, OF Saturday
short sessions
There was nothing new to account for
the high money rates. AS on the pre-
ceding day. the banks had to contend
with a considerable amount of with
drawals by the Government and also by
out OF town Institutions A further fac
tor yesterday in the money situation was
the preparations Dy the banks to meet
November interest payments, which will
be rather larger than usual this year.
Most of the trouble in connection with
Government Withdrawals is believed to
be over, for the time being at least, but
until the preparations for first of the
month payments have been completed
bankers see no sign of change in the
situation. The outstanding develop
ment of the day in the foreign exchange
market was another very sharp decline
in francs and lire. Sterling was also
somewhat easier, but the decline In this
exchange was nothing In compa rison
with what took place in the case of both
francs and lire. Other rates were gen.
orally easy, although not very far re-
moved from the preceding days closing
ouo+atio