The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-25
FINANCIAL NEWS
AND COMMENT
Market Quieter and Steadier,
With Few Soft Spots in
Speculative Issues.
INTEREST IN NEW LINES
Attention Turns to Specialties
and Attempt to Revive
Rails Is Made.

In yesterdays stock market Thurs
days highly demoralized price movement
was not continued. The session was
quieter and steadier from start to finish,
although there were still few soft spots
among the highly speculative issues.
These, however. were very largely offset
by new speclalt es and by the tobacco
shares. which. while they did not pursue
the same sensational course to which
Wall Street has become accustomed OF
late. nevertheless they attracted most
of the speculative interest The whole
market, as q matter of fact, was a very
tame affair in comparison with what the
financial district witnessed during the
first part Of the week. but IL II was q
quiet affair II was still very encour-
aging session in that the professional
element showed no disposition to follow
up the progress which 1t had made OIL
the preceding day on the selling side OF
the market. In this respect, at least. the
session was very satisfactory.
Had there been any disposition In Wall
Street TO follow upsthe decline on Thurs
day 1t would not have been surprising.
however, for sentiment at the outset was
about equally divided. When the market
refused TO 60 any lower, however, 1t was
seen Immediately that Thursdays selling
had represented nothing more than an
effort 10 stabilize the technical situation
rather than the beginning of an impor-
tant 'iouidating movement, as some In
terests had tried to point out immediate ly
after the closing Of the preceding day.
II such has been the case the market
yesterday undoubtedly would have paid
more attention to the overnight news de-
velopments in connection with the In
dustrial Conference; but as II turned
out Wall Street yesterday paid abso-
iutely no attention to It whatever. for the
reason that n the conference had ended
any differently under the circumstances
II would have meant that the steel strike
had been lost AS the matter now
stands the steel strike has been won.
literally speaking, and Wall Street,
moreover. has had the benefit OF very
thorough shakeout. VIII ch was even more
general than It appeared to be at the
finish on Thursday.
with the steel, motor and other in
dustrial issues generally quiet. interest
in individual price movements naturally
turned to new directions. There was an
attempt to revive speculation in the
rails through a sharp bidding up of
Southern Pacific. but 1t was successful
only so far as Southern Pacific was con-
cerned, and in this stock there was a
purely individual reason why IL should
advance This was on account of the
habit Of traders at the end of each
week buying Southern Pacific In an
acipation of the long expected court
decision which Is expected shortly. and
yesterdays purchases undoubtedly will
provide no exception to the rule. But
the real interest of the day centred in
other directions The tobacco shares.
which on Thursday gave evidences of
coming back into favor with the epecu-
lative public by their strength In face
Of the weakness of the rest Of the mar
ket. were very strong all day. with
United Retail Stores getting close to its
previous high record and American To-
bacco making a new high for all time.
Among the other stocks which attracted
more than the usual amount OF atten-
ton were NJ cdle States OH, Pan-Ameri-
can, Mexican Petroleum. Remington
Typewriter and Columbia Graphophone.
The latter was especially strong.
There was no change in the money sit
uation, which was easier, II anything.
Call money opened easier and renewals
were made at per. cent, which was
the lowest for renewals. for the money
market began to get back to normal
The continued easiness OF money yes
terday was particularly significant In
that there Is always an extra demand
for money on Fridays to carry stocks
over the week end. There was nothing
of special interest in the foreign ex-
change market. Sterling was firm as
might have been expected in view of
the offering of the new British loan. In
this connection it is understood that the
subscriptions are coming in at very
satisfactory rate. The figure as to sub
scriptions could be learned, but the
terms are of such a favorable charac-
ter that Wall Street in general antici-
pates no trouble whatever in floating
the proposition. which. II It goes over
the way people expect, will be the fore
runner of further credits to European
GoyernmentS