The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-16
FINANCIAL NEWS
AND COMMENT
Stock Exchange Prices Move
Forward Again Through
out the List.
IS SUSTAINED
Bank Statement Discloses a
S15,OOO,O00 Increase in
Surplus Reserve.

In the stock market yesterday the
weeks scale of trading was fully main
tained and the market suffered no loss
of strength. The session indeed was ex-
traordinarily busy for a Saturday. and
the manner in which profit taking and
were overcome again testified TO re-
vival OF speculative interest which Is
being manifested as a result of the gen.
ernl Improvement In sentiment Trading
was again characterized by breadth and
sustained activity, and there was less
| one sidedness in the display OF strength.
although individual shares. particularly
the oil stocks, still provided the most
aggressive features and made extensive
/ gains. The dealings were also marked
| by more confident new buying, which was
"A change from the passive. absorptive
capacity recently exhibited. Total deal
ings aggregated about 100000 shares,
| the principal contribution to the activity
being in the last hour, when the buying
was at its height.
There was no particular news devel-
topment during the trading to account for
the abrupt change in the character OF
| the trading, the advance being due again
| TO inside conditions which have been APP
parent to experienced observers for some
time. past. During all of last month Il
was clear that the stock market had
| ceased being sensitive to unfavorable In
fiuences. and that the bears had obvi'
ously carried the selling movement Toe
| far. This has been especially clear In
the last few days, and when last Thurs
day professional traders found that prog
ress could be made on the constructive
side, they made no effort to conceal theil
plans for the future. Consequently wher
a short covering again made its appear
ance at the outset yesterday. they fount
n small supply of stocks which necessi
tated considerable bidding up Of prices
and which in the end resulted in g
fairly general advance all around. onc'
the movement had gained Roadway. Tit
fact the advance was confined largel!
to the oil shares was not considered dis
appointing, for the steels and STANDARD
industrials showed a disposition to i'm
| prove whenever there was any buying
power.
So far as yesterdays market was con
cerned the main buying centred In tn
oil shares. In that department ther'
was another headlong rush. and severa
of the leading issues made new higf
| records for the current movement. Thi.
! was particularly true of Royal Dutch
Mexican Petroleum. Pan-American Pc
troleum and General Motors In the mo
tor department. all of which ended thu
day with very substantial advances
| Activity also continued in the marine
and other individual shares such as HID
and Leather But In the last hou
trading spread throughout the list, Stee
common being carried to a new high 10
the week, along with the Independent
industrials and few Of the high price,
rails such as Union Pacific and South
ern. The fact that some of the rail
Joined the movement gave the market
tone of quality which II has lacke'
heretofore, and at the same time indi
Gated that the movement had not run IL
course by any means. although nothlni
in the trading could be construed as
disposition to indulge in reckless spec
ulation under the present uncertain con
ditions.
The Clearing House statement dis
closed a gain in surplus reserve or ap
proximately sl5,000.000. This was &C
counted for entirely by like increas
in reserve credits at the Federal Ike
serve Bank. The statement also DIS
closed an expansion in loans OF $50.
OOO, 900. rejecting Patty the expansio
of business in the Stock Exchange i
the last week. The loan item no'
stands at siS03,64s,0 the larges
since January IS and close to the high
est mark ever reached. The foreign ex
change market was dull and stead,
with the great majority or rates abou
unchanged from the preceding day
closing. Bank clearings for the wee
total s5,e37.O43.714, against s6.s39,l2b
las last week and $3.50, ooo.4SS in tn
corresponding week of last year.