New-York tribune., 1919-09-30
Securities and Money
Steel Shares
Again Lead Rise
In Stock Market

Early unscttlcmcnt in the stock mar
ket yesterday gave way in the after
noon to a general advance in industrial
shares. From the vigorous character
of the upturn, particularly in the case
of the steel shares, the market ap-
pcared TO have broken away from the
influence OF the strike in the steel in
dustry.
Reports received in the financial dis
trlct during the course of the day ndi-
Gated that Wall Street was right last
week when it concluded that the strike
OF steel workers was petering out. Con
fdental advices indicated that the at
tempt of labor to drag the Bethlehem
steel plants into the strike had failed
notwiths tandinl, statements of the
labor leaders tot contrary
Regarding thu general strike situa-
tion, the Street heard from trustworthy
sources that. whereas week ago
fully 4S per cent Of the workers in the
steel industry were idle because of the
strike, yesterday less than Is per cent
made that another week would see the
termination of the struggle, with a
victory for the steel manufacturers,
provided there IS no interference from
the government.
The market started in a hesitating
manner because Of some uncertainty
as to how the strike at the Bethlehem
works was proceeding. 1t was not
long, however, before reports came in
showing that most employees of that
company were ignoring the order sent
out by the labor leaders. Up to this
time stocks had displayed declining
tendencies in many cases. Bethlehem
Steel b opened 3 points off, while
Steel common rcceded more than a
point.
The later news w..s followed by sharp
recoveries. and Bethlehem stock rose
from its early low of 102 to 1OS3s.
closing 2& points up at 107a,. Steel
common declined early 10 104 x. but
rose to 1912 in the afternoon a new
high for the movement closing un-
changed at 106 a. Crucibe Steel
made new stock history when it ad-
vanced to 237i2. closing l5l, points up
at 230l4
Other strong issues included the
sugar shares. the motor stocks, Inter-
national Harvester and Endicott John
son. Some of the low priced railway
issues also joined in the upward
movement.
i.t li>t IN Ndlt money 20 - per
cent at the close came too late to make
It's effect felt strongly. although il un-
questionably caused some profit taking
in the closing half hour. Banks cur
tailed their offerings Of call money in
order to prepare for the large end Of
the quarterly disbursements-a fact
which caused active bidding among
brokers to cover their immediate re
quirements. All told. not more than
Sl.0O0,O0O0 was put out on call at the
ID per cent rate. most Of the loans be
ing made at per cent, which was the
renewal rate.
Nervousness in financial circles over
the action of the United States Ship
ping Board in ordering he suspension
of all sailnGs to British ports because
OF the railway strike in Great Britain
did not affect stock market values to
any appreciable extent A slight de
cline in some OF the shipping shares
was attributed to this influence. The
belief that the suspension of sailings
Will be only temporary was indicated
from the action of the foreign ex-
change market. where sterling rates
fell off sharply. cables closing at
S4.2l l2, off AZ cents in the pound.
The bond market was somewhat less
active. although the Liberty issues
continued in good demand, with prices
holding firm around the levels estab-
lished last week