The sun., 1919-01-25
FINANCIAL NEWS
AND COMMENT
Stocks Improve on Reports Of
Important Notifications Of
Loan Restrictions.
STEELS GAIN GENERALLY
Announcement of Relaxation
Of Money Regulations
Comes Too Late.

Rumors that the money committee
planned an important modification OF the
loan restrictions were responsible for
further Improvement in the stock mar
ket yesterday, which was most uniform
in the Industrial department The con-
spicuous movement of the session was
another fairly general advance In the
steel shares. which were under the
greatest pressure during the earlier part
OF tho week from the professional
traders and in which the speculation for
a decline became manHestly congested
several days ago The Improvement was
not alone confined to this department.
however, in that the combination "
short covering and new buying evoked
fairly general response throughout the
list But the strength OF the steelS stood
out most prominently and again fur
nIshed sharp contrast to the movement
Of the first part of the week. when the
speculation was almost exclusively de-
voted to the selling side. The net re-
suit was a substantial recovery all
around.
The actual announcement of the COM
mittee was not Forthcoming until after
the close OF the market, and for this rea-
son the movement probably was less I'M
portant than would have otherwise been
the case. There were plenty of rumors.
though. as to what might take place. in
GLIDING, in the first place. one to the ef-
feet that there would be a complete re-
Taxation with some kind OF string TIED
to II that would prevent speculation from
reaching very large proportions until the
next loan was we'll out OF the way. This
was not taken very seriously, however
In important quarters. and Tor this Iea-
son traders were disposed TO await FUR
Their developments before entering into
new commitments Of Importance on
either side OF the market But II was
generally agreed that something was
coming and that II II was in any way
favorable the position OF the shorts
would be even more hazardous than a,
present. This view was fully confirmed
! by announcement OF complete relaxation
| after the close. In addition the actor
of the Bethlehem Steel directors In con
tinuing the extra dividend made ia
yorabie impression upon the market. ant
while there was st!ll no news as TO tn'
long expected railroad plan from Wash
| ington the belief that It Will be OF
satisfactory nature undoubtedly was
continuing influence during the session
| All IN all. the market was unques
t,onably the broadest demonstration
which has been experienced for son'
time. Trading expanded above I'M
50O,0 share mark. and the moVemeh
became quite general IN the last hout
when trading was most active. IN
steel group recorded an advance aver
aging a full point all AROUND "h'i
Steel common In particular was rui
In more than points. The railroad
| rroup was not quite so active as on TN
preceding day. but activity continued II
| several directions. and certain OF TN
higher priced issues and 81. Paul mad
further improvements. Moreover. IN
conner shares displayed better ton
than thew have for several days past
and nearly all of the group snowe
some betterment at the closing. Inter
est continued IN the spectalties and o.
shares, with Mexican Petroleum recoN
eriny quite sharply from the low leve
touched earlier in the week, while au!u
| extensive advances were the rule !
Kelly Springfield. Industrial Alcoho
Goodrich, American Linseed and othe
Individual shares. which have occup!e
a large part OF the financial commun!
TVS attention recently.
The money market continued Quie'
with rates about unchanged. Far NOR
Interest, however, was manifested in Tn
reports of modification OF restriction
than in the movement OF money rate
themselves during the day. The foreig
exchange market was quiet Aside fror
neutrals, which were trihe easie
again. the market showed very lttl
change from the preceding days clos
ling. Bank c.earings for the week q
the principal cities aggregated s6,34s
503. 04s. an increase OF 1914 per cen
over the same week a year ago. TT
gain In New York city was 1878 IN
cent. while that OF the other cities {
,ba nation was ?34 per cent