The sun., 1919-06-19
FINANCIAL NEWS
AND COMMENT
Trading in Stocks, Although
Less Excited, Continues
Fairly Active.
RECOVERY PROGRESSING
Closing Is Strong Near Days
Best Prices-Favorites
Make Most Gains.
RECOVERY PROGRESSING

Trading In yesterdays stock market,
while not quite so exciting as on Tues
day, was continued on q fairly lively
scale. and the recovering movement,
which began at the outset on the proceed
ing day, made still further progress in
tho standard shares ana specialize, IN
spite OF the uncertainty about the money
situation. There was. however, a great
deal less apprehension in the financial
community yesterday concerning this
particular situation, although call money
again rose above the normal level at the
outset But generally speaking, this was
only temporary stringency, due for the
most part to the failure Of the banks to
provide adequate funds on the floor at
the opening. and as soon as Il was seen
that the trend Of money was definitely
easier the buying movement was re-
stunned. although with q great deal less
v'gor than was the case In the sharp re-
covering movement at the closing on
Tuesday. The closing was strong around
the best prices of the day and sentiment
was unmistakably improved.
while the trading yesterday was not
quito so exciting as on Tuesday the buy
Ing appeared to be Of q much better
character. Tuesdays recovery was due
Tor the most part to short covering, but
yesterday as soon as II was definitely
determined that the money situation had
rtghted itself again, whatever buying
that had been held or during the last
few days in anticipation Of still lower
prices came into the market to supplant
the short covering. This buying was Of
a character that seemed to indicate that
most Of the apprehension over tho money
situation had passed, but there was still
disposition among the moro conserya-
tive brokers to take cautious view of
the immediate market outlook. This
was not based 80 much on the money
outlook as It was on the question of
whether or not Germany intends to sign
the peace treaty. While It is considered
that this question had been pretty gen
orally discounted at the hands of the
market, It Is nevertheless feared in some
quarters that II a sudden announcement
was made that Germany had refused to
sign It might produce some temporary
revulsion of the bullish feeling that pro
vailed In stock market quarters yester-
day. This was only the opinion of q
few housea
Just as was the case on Tuesday,
yesterday the specialties were again the
stocks which made the most important
gains In the recovering movement There
wer fairly general recoveries again
in Studebaker. Sinclair Oil. General Mo-
tors American Sumatra, Texas and Pa
ciflo. United Cigar Stores, Royal Dutch
and in fact all others which lost most in
the declining movement last week. Steel
was strong throughout tho day,
but as compared with the action Of the
tho stock was comparatively
neglected Another ono Of tho special
ties or rather equipments, which came In
for more than the usual amount of at
tention yesterday. was American Car
and Foundry. which closed tho day with
a gain OF moro than points in response
to preliminary estimates of tho showing
which the coinpany's annual report will
mako when published some time during
tho latter part Of the month. The rail-
road stocks were neglected with the ex-
ception Of Southern Pacific and Texas
and Pacific among the low priced rails
and there was very little interest mani |
tested in the coppers although they
moved forward in sympathy with the
movement in the rest of the market
The money market was very much
easier although CALI money opened the
day at to 81 per cent This was
however, only a temporary stringency.
which was due to misJudgment, on the
part of the banks, OF tho demand that
would be made at the outset and as soon
as this demand had been satisfied and
kuTIutT luuub flho Docu IIlhuo hNhuhUlo
on the floor OF the exchange the rate
for call money quickly dropped to the
normal level. 1t rs not anticipated in
banking circles that any further trouble |
win be experienced in the money mar |
ket, for the time being at least. Another |
large block Of certificates of Indebted |
moss matured yesterday and the tar pay |
ment money Is now returning to the |
banks very rapidly, so that within a day |
Or two II IL anticipated that the whole |
will again be righted. Some
doubt Is held out as to whether the |
banks will be able to get through the |
July dividend payments without fur |
Their stringency In tho money market. |
but these payments are not so largo as
we're the tax payments nor are they ex-
pected to have the Same effect in 30 far |
10 the stock market is concerned In
tho foreign exchange market startling |
was steady. but francs and lire con-
tinued their decline Otherwise rates
.rara not x.arxr vruak .shanD~A