The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-03
FINANCIAL NEWS
AND COMMENT
Emphatic Turn of Strength in
Industrials Is Feature
Of Market.
IMPROVEMENT SUSTAINED
NearlysAll Securities Move to
New High Records for the
Current Movement.
IMPROVEMENT SUSTAINED

Activity Of a constructive sort ex-
banded in the stock market yesterday
to about the million share scale and
the day was further signalized by an
other emphatic turn of strength in the
Industrial shares These issues con-
stituted the feature of the trading, and
despite the continuation of heavy profit
| taking throughout the greater part of
the day, particularly during the last
hour, nearly all issues moved to new
high records for the current movement.
There was no suggestion of anything
like a resumption of the spectacular
forward movement which ended several
weeks ago, but sentiment was unmis-
| takably improved in consequence of de-
velopments over the week end and
! stocks were bought throughout Tuesday
with a degree Of confidence which has
not been witnessed on the Stock Ex-
change since the early part of July.
The trading although about 100000
shares. was still below the average of
several weeks ago. but it was a notable
improvement over what Wall Street has
been experiencing of late,
The fact of the matter is that It was
| the best looking market which has been
witnessed in more than a month. Those
| who had been hoping to get stocks ut
lower figures on the theory that stocks
i
strike situation saw their chances fade
| over the week end in consequence of
the truce entered into by labor leaders
| and tried to get stocks back yesterday
morning as best they could. The re-
suit was a scramble for industrial
1 favorites at the opening, which put the
entire list up anywhere from one to as
much ~ Ave points and more in the
case of a few such issues as Crucible
But perhaps the most remarkable thing
| about the trading was the manner in
which the market sustained the early
improvement in face of the heavy profit
taking. This sort of selling went on
all through the session, particularly in
| the stocks which had gained most IN
| the recovering movement on last Thurs
| day and Friday, but despite some slight
| recession in the last hour most issues
| finished the session at substantially the
| highest prices for the session as well as
| for the current movement.
Naturally the most excitement pre-
vailed in those issues which have pro-
vided the most attraction recently. Cru
chile made it's daily new high record
with a net gain of about 10 points for
| the day. Baldwin was an active feature
\ again, and so was Car and Foundry.
4 The standard railroad shares were not
quite so active as on last Friday for the
| reason that most of the edge had been
taken off the Southern Pacific decision
! en- that day, but the lower priced issues,
sNch as Frisco. made good showing
again. The short interest, which has
been accommodating In Texas and Pacific,
and st. Paul ever since the big decline in
prices, had a very bad day of it, and
the other so-called oil rails, including
Missouri, Kansas and Texas and st.
Paul. were in active demand for the out
set In respect to the latter, official an
nouncement was made by the manage
ment of the company with respect to
the operations which have been carried
on on some of the company's property
1 for oil. Aside from the equipments the
Noils, food stocks. motors and steels stood
out most prominently. There was an
other sharp rise in Mexican, Petroleum
on the theory that the latest develop
ments in Mexico foreshadow early inter-
vention by the United States, and the
strength here was reflected to some ex-
tent in Royal Dutch, Transcontinental
and other oils.
The foreign exchange market was
weak again, but the stock market paid
absolutely no attention to the heaviness
of sterling and to the weakness in the
continental exchange. This demonstra
ton, however. was very important III
one sense, for it showed that the weak
ness In the stock market for the last
few weeks has not been so much on &C
count of the weakness in the exchange
markets as 1t has ON account of the I'M
settlement of labor. and more particu-
larly on account of actual technical con-
ditions within the market itself. AT any
rate had there been any serious alarm
over the exchange situation 1t is fair
inference that it would have been re-
Elected in yesterdays securities market
There was no change in the money sit
uation, Call money loaned all day at
6 per cent in spite of the favorable
showing made by the bank statement
last Saturday. But this made very little
difference during the session, for there
is very little reason to worry about
money difficulties at this time so far as
the Stock Exchange is concerned.