The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-04
FINANCIAL NEWS
AND COMMENT
Wall Street Sees Most Active
Market in Stocks Since
Early July.
100000 SHARES TRADED
Price Level Goes Much Higher
in Spite Of Realizing and
Professional Selling.
100000 SHARES TRADED

Not since tho surge OF public specula-
ton in the early part of July has
Wall Street witnessed such boiling
stock market as yesterdays. Total
transactions aggregated more than a
million and a half shares, and. despite
the obvious weight of realizing and
professional selling, the level of prices
was again carried substantially higher
as was evidenced from the fact that the
statistical averages at the closing stood
at the highest point since the recover
ing movement set in early last week.
The session was also remarkable for
the range and breadth of interest mani
Tested in that practically every group
on the board shared in the forward
movement hut just as has been the
case all along It was such issues as
Crucible and Baldwin which provided
the principal excitement. Notwithstand-
ing the violent rise in these issues in
the last week, another spectacular ad-
vance occurred yesterday, which carried
them. as well as most of the other high
ly speculative favorites, to new high
records for the year.
There were no special developments
to account for the strength of the
market 1t was merely a case Of the
market being carried along on it's own
momentum. under the Improvement in
sentiment which has followed the settle
ment Of the labor difficulties and other
bearish considerations with which the
financial community has been engaged
recently. Some houses still cautioned
conservatism, but the majority OF
brokers. after having witnessed the
rout Of the shorts on the preceding day,
reversed their positions completely and
urged their customers to buy stocks for
the first time In a month, which un-
| doubtedly accounted in large part for the
hasty buying which came in those issues
in which the short interest Is known to
have been large. Moreover, there was
| n feeling, II nothing more, that import
! ant developments are impending in con-
| nection with the foreign exchange situa-
ton. According to these rumors a
plan has been formulated to relieve
| the principal exchanges. which probably
| will be announced some time later In the
week There was no confirmation of
this, but the rumors were SO persistent
that they were accepted practically a.
facts along toward the closing which
was the most exciting period Of thu
day.
The principal performers were Cruel
bic and Baldwin, both of which made
| spectacular gains again yesterday. Cru
chile went to a new high of 194% a net
gain OF more than IT points over the
| previous days closing and something
more than so points above the prices
| which the movement started at last weeh
Baldwin's rise was no less violent II
| scld as high as 100 as compared with
the closing figure Of about 113 on Tues
day night But not all Of the excite
4
by any means, although they stood out
far and above the rest Of the market
Steel common crossed lot IN the last
hours and American Locomotive made
q sharp gain along with Baldwin as did
American Car and Foundry. The spe-
cfalties did not do as much as they have
recently. probably for the reason thai
| so much attention was absorbed by the
other speculative favorites, but general.
| ly speaking the whole list showed q
| notable improvement at the closing. The
only really disappointing feature of the
market In fact were the railroad shares
| Southern Pacific, which showed evidence
| of coming back into favor following the
California land decision, was heavy al
day and It was also noticeable that the
| oil rails and lower priced rails attracted
| less attention
| The foreign exchange market wal
| weak again, although not to the samt
extent as on the preceding day. In con.
nection with the weakness II was learned
yesterday that the plan for the estab-
lishment Of credits to Europe has beer
practically completed, in fact that al
that is holding back official announce
ment are some minor changes which may
be completed in a day or two. No con
firmation could be obtained of this o.
course, but If this Is true it stands t.
reason that the one problem which ha.
been worrying Wall Street most latel,
will have been disposed Of for the tim'
being at least. There was no change II
the money situation. Call money was 8
trifie easier II anything. loaning at thu
close at per cent, as compared will
the ruling rates of per cent on tn
preceding day.