The sun., 1919-09-14
FINANCIAL NEWS
AND COMMENT
Stocks Go to High Levels as
Session Progresses and Buy
ing Power Is Felt.
SHOWING Is WEEKS BEST
Bank Statement Reveals Gain
of $1S,655,OOO in Sur s.,
plus Reserve.
SHOWING Is WEEKS BEST

The stock market, having given such
A good account of itself on both Thurs
day and Friday In face OF the unfavor-
able news of the steel strike situation,
traders threw aside all restraint yester-
day and proceeded to mark stocks up
ward In q rather vigorous fashion for a
Saturday affair. Beginning with the
specialties and equipments, the buying
power made itself felt in all parts Of the
list as the session progressed, with the
result that prices at the closing were
generally at the high OF the week ana
for the current movement. There was
no unfavorable overnight news to hin
der the advancing movement, and even
of there had been, the strength of the
preceding sessions had created such an
encouraging impression that 1t is doubt
full whether 1t would have had much eff
feet anyway so far as the general list
of securities was concerned. Trading
was still in a moderate volume and so
were the price changes for that matter,
, but, all things considered. 1t was the best
showing which the market has made
during the week.
1t was q rather curious session, too, in
that the steel strike situation was en-
tirely ignored. This was no more than
experienced observers had expected, how
ever. in view of the impressive action all
WICK, IOT llIlduCidl
about got down to the idea that there
is very little chance to avoid a tieup of
the whole industry. The Gompers tele-
gram In the case of the Boston strike
held out some hope of postponement un-
| til after the big conference in Washing
ton next month, but 1t Is admitted in
steel quarters that this is only a bare
possibility. Whether or not the strike
is postponed, one thing Is certain from
the very action of the market. and that
| lie that quoted values have about dis
counted the worst that can happen from
| q steel strike. All during the last month
| the share list has been moving with this
uncertainty always in view until at the
present time stocks seems to have drifted
back again into strong hands. The re-
suit is that whenever there is the slight
| est demand, as In case of yesterdays
market, the public is compelled to bid
| upward in order to fulfill commitments.
1t was the equipment shares which
provided the outstanding feature OF the
| market again yesterday. Baldwin went
over its old high mark for a gain of
| more than points. The marine shares
responded to the announcement that
President Franklin had arrived home
| from Europe. With respect to these
| shares 1t Is pretty well understood in
| the Wall Street community that the
, plan for the payment of a substantial
part of the back dividends on the pre-
| fered stock has only been awaiting the
| approval Of the president. All OF the
| other equipments moved forward in SYM
pathy with Baldwin, but the latter was
| the most spectacular The oils, under
the leadership of Mexican Petroleum
came back into public favor again to-
ward the closing and the excellent buying
noted In the tobacco stocks on the previ-
| Gus day continued undated. Fisher Body
| experienced another vigorous advance on
top of its spectacular movement on Fri
day and Kelsey Wheel, another Access
sorry stock. came in for an unusual
amount of attention. But perhaps the
most important feature Of all. aside from
the continued strength of the steel, was
the sudden squirt in the railroad shares
at the closing. Southern Pacific came
into prominence with sharp gain and
many of the low priced issues, including
Wheeling and Lake Erie, displayed
strength all during the trading.
Il The bank statement disclosed an in.
crease in surplus reserve of $13,655, 900
bringing the total excess reserve up L
SAL, 900 900, a circumstance which was iu,
In large part to an increase in member:
banks reserve with the Federal Reserve
n Bank of New York of approximate,
s36,000,000 The loan item showed {
small decrease of about $4,000. 900
Further weakness developed in lire an'
francs in the foreign exchange market
both touching new low records, franz
checks ct $3.50 to the dollar and lire a
II 9.79 lire to the dollar. This occurred de
spite the talk that is being heard II
financial quarters concerning the nego
| tiations for a loan in this country II
| favor Of France of some sS00.000,0 900
Sterling continued to show firmness, be
ing very little changed from the proceed
ing days closing. and there was also
slightly firmer tone to marks after thei
sharp decline of the last few days.