The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-29
FINANCIAL NEWS
AND COMMENT
Stocks Advance During Best
Part of Session and Some
Profit Taking Appears.
MARKET SHOWS ACTIVITY
Marked Improvement in the
Money Situation Is Reflect
ed in Bank Statement.

There was another brisk forward
movement on tho Stock Exchange dur
| ing the best part Of yesterdays session,
with the specialties, the motors. tobaccos
and coppers continuing as the features
| Some profit taking was encountered In
tho last hour as result OF evening up
transactions by traders who make It
rule never to carry stocks over a period
Of suspended animation. but on the
whole the tendency seemed to be to con-
tinue the advancing movement which
has been under way for the last few
days. At any rate no real selling was
| in evidence In spite Of the fact that the
volume of transactions for the two hours
of business was the largest of the week.
A noticeable feature of the. day was the
lack OF exciting movements among the
individual stocks. but this was EXPLAIN
able on account OF the shortness of the
session and the indisposition OF specula-
tive Wall Street to enter into any large
commitments until after the week end.
The principal impulse undoubtedly
| was the official signing of the peace
treaty While this had been pretty gen.
orally discounted previously, neverthe-
| less there was enough enthusiasm left
to give Wall Street quite an exciting
| first hour or so yesterday; but whether
or not the peace treaty has actually been
signing is concerned, yesterdays action
| by the delegates marked a very impor-
tant event from the stock market point
| of view. Indeed, all foreign trade plans,
| which have been held up pending the
official signing, can now so ahead, and
| there should be a reflection OF this
shortly in not only the steel, food and
rubber trades but also In the copper
markets. II there Is any country In the
I 1rll NhaH A. oN fhA raC nj
time It is Germany. or course the mat
ter Of obtaining credits will consume
considerable time, but nevertheless the
| way Is now open for free trade condi-
tons, not only with enemy countries
but likewise with some OF the neutrals.
| There was very little else yesterday to
influence the trading. 1t might have
been supposed that the optimistic trade
views would have been given some at
tention. yet II this was the case there
were no Indications of It in the price
movements
The main features OF the day, as has
been the case all along. were the spe-
cialty shares. Steel common was strong.
as were some OF the higher priced rails.
but. generally speaking. II was the
motors. the coppers, the rubbers and
the tobaccos as well as the food atocks
which attracted most attention yester-
| for the tobaccos under the leadership OF
United Cigar Stores and Tobacco Prod
ucts. United States Rubber went Into
new high ground also as did the good
| shares, while the motors continued to
maintain their strength. But perhaps
the most important features Of all were
the coppers. as might have been ex-
pected in view OF the signing OF the
peace treaty. These shares are the ones
l fhot fn uf
from the signing Of the treaty by reason
of the fact that Germany Is very much
in need OF copper. The same thing APP
plies not only to copper but to rubber
food and leather. There was some profit
taking in the last hours, but nothing
more occurred than might have been
expected In consequence OF the usual
evening up and profit taking transac-
tons The close was firm at and not
far removed by the high prices OF the
day.
! The bank statement disclosed a dN-
tinct improvement In the money situa-
ton. There was an increase In surplus
reserve Of s33. o00.o 900, which was due
for the most part to the increase in
member banks reserve at the Federal
Reserve Bank of New York. Another
Encouraging feature was the decrease IN
loans. which showed the effects OF the
quieter pace OF speculation during the
week. There was no money market
yesterday to worry about, but the feel
ing In some quarters was that there
might be another furry tomorrow on
account of the fact that some very large
payments are to be made on that day.
The preparations for these payments
have been completed, but II is under
stood that some of the money which has
been laid aside has been loaned out on
call and that It may have to be called
in again In order to make the payments
At any rate II this Is the case 1t will
amount to only temporary furry, for
the worst has now been passed. as the
bank statement disclosed The foreign
exchange market continued unsettled.
Sterling was lower. and SO were francs
and lire. other rates were not greatly
changed,