New-York tribune., 1919-10-01
Securities and Money
Tight Money
Checks Rise i'm
Stock Market

After the average price of the repre-
sentative industrial stocks had risen
to q new high for the movement yes
terday under the impulse of heavy
speculative buying for the advance,
getting within a few points of the
the upturn, bringing in profit taking
which wiped out II portion of the early
gains. Nevertheless, the market gen.
orally closed strong on news which
seemed clearly to point to an early col
lapse Of the steel strike.
The early rise, which extended we'll
into the afternoon, was led by the
mon, Bethlehem Steel 3D. Republic
Steel and Crucible Steel. The latter
stock, affected by special influences,
among them an apparent change in con-
troll of the property through purchase
IN the open market in recent weeks,
forged ahead more than 8 points to
new high record of 243, closing at 246.
Steel common sold to 103 on the heavi-
est buying in weeks, but closed off from
gain OF nearly point over the close
of the day before. Transactions in
Steel exceeded 10000 shares.
With the steel shares moving fer
ward, the rest Of the market got into
action without delay and the buying of
other Industrials reached large pro
portions. Among the strongest spots
we're Baldwin Locomotive, American
Writing Paper preferred, American
National Aniline, Underwood Type
writer Industrial Alcohol, Stutz Mo-
tors, New York Dock, Central Leather
and American Tobacco. Exceptions to
the general rule Of advancing prices
were Butte and Superior, Kelsey
Wheel, international Harvester and
United Drug.
While the renewal Of the strgency
in money served to induce realizing
sales in many parts Of the trading list
| the Street was not much perturbcd
over the Developments since bankers
gave the assurance that the situation
was only temporary and that as soon
as the end of the quarter dsburse-
ments had been provided for a return
to more norma! conditions could be
looked for. In fact the situation was
much easier at the close than an hour
before. for call money dropped back
l:5O stock exchange borrowers were
forced to pay as high as II per cent
for all industrial money.
Revival OF speculative activity on q
large scale in the industrial special
ties. recalling some of the big markets
or earlier in the year, resulted in a
broadening of the trading list, 3o1 df-
ferent stocks being bought and sold.
Dealings reached ,453,6O0 shares, max
ing it the most active session in several
weeks. Brokerage houses reported in
creaslng participation, indicating, no
doubt, returning confidence on the part
Of outside operators, who have been
holding aloof from the market pending
the outcome of the steel strike The
ticker yesterday told the story Of the
defeat of the strikers more conclus-
lyely than any day yet, in the opinion
Of the Street.
Liberty bonds were not so active and
prices tended to shade the quotations
Of the day before, yet the tone was
contident here, as we'll as in the stock
market. Investment bankers express ed
the opinion that the Improvement that
has taken place in the government
bonds of late is likely to be reflected
IN the near future in the general mar
ket for bonds Belief in banking quar-
ters that a higher level may be looked
for in the bond market is based on the
opinion that lowering Of interest
rates on capital is due in the not
distant future.