The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-16
FINANCIAL NEWS
AND COMMENT
List Continues to Exhibit All
Around Strength Following
Sharp Advance.
PRICES ARE IRREGULAR
Gains Are Most Marked in the
Speculative Leaders as the
Steels and Specialties.

Although there were indications OF no
little uneasiness among speculative hold
ers of stocks before the opening and al
though there was some early weakness,
the course Of prices again yesterday
proved q disagreeable surprise to traders
who have been operating bearishly for
some tine back. The Stock Exchange
session ended the day with all around
strength following another sharp ad-
vance at midday. which converged. just
az 1t has all along. upon the active spec
ulatlve leaders OF the steel and speciality
groups. The buying Of some Issues,
however, was more restrained than here
tofore and the irregularity Of the market
increased with the progress of the ses-
sion. but Notwithstanding this and the
continued high rates for money those
who have feared that the high rates for
money might bring about some revul-
| sion Of the bullish sentiment did not
appear to be able to make any more
progress. on the selling side OF the mar
ket than they were able to last week,
| when prices were considerably lower all
around.
| There was no news again to influence
| prices. The whole market was simply
| carried along on It's own momentum and
| although the technical situation OF the
market seemed to have been consider
ably weakened by reason of the recent
| advance those who ordinarily would
| have sold stocks under the circumstances
hesitated because there was no reason
for doing so on the surface Of things. II
might have been supposed. for instance
that the bears would have been able to
| marshal enough forces to put stocks
| down on tho simple fact that money con-
tinued high, but this was not the case
| Apparently the financial community hal
become convinced In thS connection thai
1 after the various financial transactions
have been completed, such as the install
ments on the Victory bonds, &C, the sit
uation Is bound to strAighten out again
At any rate tho money situation had alb
solutely no effect yesterday or else !
was overshadowed by the continued ad
kvance Of the price OF copper metal. tn
Breports which are coming forward o
the Improvement in the steel business
and last but not least the understand
ing that tho quarterly earning statemen
Of the Steel Corporation, which will b.
published later In the month. will max
d much better showing than expected.
AS on the preceding day the mall
interest in the market, SO far as the in
dividual movements were concerned
centred In the steel stocks. Yesterda!
1t was Bethlehem B which provided tn
fireworks, whereas on the preceding
day the big feature was Crucible. Tn
latter issue was still very strong ant
made a new high record In the after
noon, but toward the closing there wer
unmistakable indications Of realizini
after the tremendous advance which
has experienced. All of the Tobacco
issues continued to gain ground, par
ticulariy those which are scheduled 4
go into the new United Retail Store
combination. The specialties were still
very active, likewise 80 were the cop
pers. There was another attempt T.
revive interest in the lower priced rail
road shares. but as happened on Mon
day, the strength was short lived
Otherwise there was very little chang
in tho character OF the market from
the preceding day. AS a matter of fac
the day to day sessions In Wall Stree
are becoming so mich alike In charac
ter that 1t is hard to find anything L
distinguish them, except, OF course, tn
continuous rise of prices.
The money situation, while It wa
somewhat easier during the best part o
the day, was still very firm. There wa
no explanation of this, that is to say
any explanation that has not been re
peated in the immediate past. In bank
Ing circles II was explained as due t
the 10 per cent instalment on the Vic
tory loan, which fell due yesterday, but
ipasmuch as this was offset by maturing
Certificates of Indebtedness, this expla
nation was not accepted in all quarters
particularly in speculative quarters
where the recent fluctuations In tn
money market were regarded as nothing
more than an attempt to restrict specu
lation. There was another sharp breal
in the foreign exchange market. whicl
sent sterling down to another new loy
record and which at the same time car
ried all other exchanges. The continues
decline of this rate Is becoming alarm
ing, and in some quarters 1t Is state
openly that unless something is don
1t may tend to. check the development
of foreign trade. Neutral rates. Will
weak In some cases. were steadier. par
ticularly those on Scandinavian coun
tries