The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-11
FINANCIAL NEWS
AND COMMENT
Nearly All Issues Make New
Highs in Busiest Session
of Present Move.
RAIL STOCKS EXCEPTION
Specialties Feature Trading,
but Standard Shares Also
Are Conspicuous

The action OF the stock market again
yesterday rather upset the calculations Of
those who had figured on sort of a pre-
holiday affair. consisting very largely of
evening up of commitments for over the
two day holiday at the end of the week.
Instead of an ordinary, commonplace
affair, which everybody had expected.
Wall Street had the most active session
since the new rising movement began.
with strength that resulted in new high
prices for practically everything on the
list with the exception of the railroad
shares. These Issues Jagged behind, as
might have been expected in view of the
news which the rails have had to face
this week. but whatever was lacking in
the way of interest here was more than
made UP by the manner In which some
of the specialties. such as the motor
shares, the oils and others, continued
to move upward on top of the tremen-
dous rise which has been experienced on
previous days this week. 1t was the
specialties which featured the trading,
but the standard stocks were very con-
Fspicuous also.
The fact that the market was given
over to vigorous buying instead of SELL
ing for the purpose Of evening up of COM
mitments for over the holiday was un-
doubleday very surprising in some quar-
ters, but not to persons who have fol-
lowed the market closely recently and
have realized the underlying strength of
most important issues. 1t was this
realization. together with the failure of
the professionals to make any progress
on the selling side which was mainly
responsible for the vigorous buying of
securities yesterday. for there was no
news to speak Of which might have been
expected to influence prices. The steel
strike situation was unchanged; likewise
there was no news about the President
which had not been discounted pre-
'iously at the hands of the market The
"esult was that the share list yesterday
was left entirely to its own merit, and
the demonstration which ensued could
not have been more satisfactory under
any circumstances Indeed it was a
very remarkable session considering the
fact that stocks have risen steadily for
the last week without the slightest indt-
cation OF any setback in either the spe-
ciaitics or the standard stocks The
only trouble was that the advance ap-
peared too fast in some directions to be
maintained
Not only was the strength of the in
dustrial shares and specialties very con-
specious, but there was also vigorous
buying In some of the railroad stocks
Ihese were exceptions to the general
rule, 1t Is true. and only included such
issues as Southern Pacific. but the
strength in them was very significant
Notwithstanding. The fact that other
rails were neglected however in. no way
interfered with the specialties, which ad-
vanced anywhere from to as much as
80 points and more in the case of Chan
dler Motors. AS a matter of fact all
or the motor stocks were very strong,
and In addition to this the strength
which was noted in the oils on the pre-
ceding day also continued as a prominent
feature of yesterdays dealings Mexi-
can Petroleum was the leader of this
group, but 1t did not absorb all the at
tention by any means. The steel shares
appeared to have undergone the worst
part OF the protit-taking and came to the
front again under the leadership of
Steel common, which sold within a few
points of the high of the day. All othe,
Independent steels naturally followed in
sympathy with the market leader
As has been the case all week the
market entirely ignored the high money
rates, which were no firmer yesterday
IMAM on other days. The demand fol
call funds was very heavy again. as
was to be expected. in view of the ex-
banding market. and also in view of the
fact that arrangement had to be made
for the financing of securities for over
the week end In connection with the
money market announcement was made
that the Stock Exchange had discon-
tinued the practice of giving out the
loan figures each day: that is to say,
the amounts loaned and the rates there
at This was very Disappointing In most
commission house circles, as the in
formation which has been available
lately has been considered not only in
teresting but very valuable for market
! followers. There was no special feature
! 10 the foreign exchange market Rates
| steadied. but outside of one or two un.
important rates most exchanges closed
he day not very far removed from the
Irnceding days final..