The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-24
FINANCIAL NEWS
AND COMMENT
Trading Shifts to Specialties
as Steel Stocks Are Mark
ing Time.
PRICE TREND IS UPWARD
Renewed Activity Appears in
Pool Stocks, Equipments
and Lower Priced Rails.
PRICE TREND rs UPWARD

The Interpretation which Wall Street
placed upon the overnight news from
the steel centres yesterday continued
| very cheerful. The whole situation ap-
peared to be much. more favorable than
| en- Monday but II was hardly sufficiently
clear to expect any very general resump-
\ tion of activity In the steel shares In
other directions, however, the confidence
which Wall Street has In the ultimate
outcome of the present issue between the
Steel Corporation and the labor leaders
began to be very clearly apparent. espe-
cially In the speclalties and individual is
sues. Good buying began to make itself
| felt In the equipments and the lower
( priced rails. and, for the first time since
| the steel question became acute, re-
newed activity began to appear In the
1 so-called pool stocks. The market in
consequence again gave a rather good
account of itself throughout the best
/ part of the day. There was no sugegs-
ton of reckless speculation, but at the
end of the day whatever net changes
! that were recorded were generally in the
direction of higher levels.
| The steel situation Itself was not
greatly changed by overnight develop
ments The whole situation still ap-
peared entirely too vague to get a good
| impression of what either side had ac-
4
| things 1t was apparent that the labor
leaders had not accomplished all that
they had expected to at the big steel
centres. which was the big thing Of the
day. so far as this situation was con-
cerned From the outset, however, the
steel shares, although holding whatever
| strength they had gained previously,
were very backward, and as the trading
progressed a strong tendency developed
among traders to favor stocks which had
no bearing whatever upon the steel sit
uation. This was no reflection on what
the financial community thinks about
the ultimate outcome of the strike. but
| merely a diversion of interest, so to
speak, from the leading speculative IA
vorites to shares which could be expected
to do something while the issue at stake
in the steel industry was being decided.
1t was realized. for instance, that, while
there was very little hope of obtaining
a public following in the steel shares
at the present time, there was. on the
other hand, no good reason for neglect
| ing other stocks. upon which the steel
| strike would have no effect whatever.
The market did better again from the
| opening. Steel got up above 1902, but
once It had reached the high of the day
trading quieted down in the standard
group and the professional began to
/ search out issues, which had no connec-
| ton with the present difficulties In the
| steel industry. The oil shares were
| most favored in the movement which
followed. Mexican Petroleum and Sin.
clair were in excellent demand all day.
and, In sympathy with the strength of
these issues. new buying also came into
! the so-called oil rails. particularly In
Wheeling and Lake Erie. In which re-
ports have been current for several days
concerning the discovery OF oil on some
of the companies properties The leather
| stocks were also favored on account of
the extra dividend on Central Leather
and the tobacco shares were among the
strongest spots on the list again. On
| the other hand the steels were neglected
while the copper shares continued under
the present liquidation that has been ap-
parent for several days past The SELL
ing OF these issues has been going on
steadily in the last week. but has es-
capped the attention OF Wall Street on
account of the interest in the steel
question.
The money market was firm all day.
I as might have been expected in view of
| the heavy withdrawal by the Govern
ment. Approximately $3.50, 900, 900 was
| withdrawn from the banks In this dis
| trict yesterday and a similar amount is
| expected to be withdrawn to-day. How
| ever bankers were inclined to believe
! that the maintaining of the rate at per
| cent. might attract considerable money
| from the interior to this centre, which
would tend to ease the situation again
At any rate the present situation is moth
| ing more than a furry, and is not ex-
pected to last more than day or two
longer at the most The foreign ex-
change market displayed considerable
| lrmness during the early part of yester-
days session. but eased off later. There
were ne new developments in this con-
nection, the early strength having been
due principally to the warnings put out
| by large banking institutions against
the speculation which has been going or
in certain exchanges.