The sun., 1919-10-16
FINANCIAL NEWS
& AND COMMENT
In Irregular and Constructive
Session Stocks Generally
Make RecOveries.
SPECIALTIES SHOW BEST
Although Money Rates Are
Still High, Abnormal Rates
Do Not Affect Market.
SPECIALTIES SHOW BEST

TOT tne peter part OF yesterday
session of the stock market Wall Street
engaged itself principally in covering
up short contracts which it had put out
on the preceding day in anticipation, Of
much lower prices than actually took
place. There was still great deal of
irregularity In the standard stocks, but
on the whole the tone was strong enough
to make 1t look very Improbable to
short sellers to carry out the line of
operations which had been begun so
auspiciously on Tuesday. The conse-
quence was a very irregular but con-
structive session, which resulted in all
around recoveries, particularly In the
high priced specialties of the type of
the motors and oils, all the way from
to as much as 10 points and more.
The rest of the market did not do so
well as the specialties for the reason
that the selling on Tuesday had not
teen so pronounced as in some other
departments, but there was very
strong closing, which was suggestive OF
something more than ordinary profess
sional buying and covering,
Along with the Improvement in prices
also came a very notable betterment in
sentiment. It was realized, for instance,
that Wall Street, as usual, had gone en-
tkely too far on the preceding day In
the manner of reports concerning the
Presidents condition, and that, more
ever. the fact that the strike situation
in New York city was great deal more
favorable showed very clearly that en-
tirely too much emphasis had been laid
in this direction also. The only thing.
that continued to trouble the financial
community, and this was no more than
might have been expected, was the firm
ress of the money market. Professional
Wall Street, however. has all along con-
tended that when the crop movement is
over. which will be toward the latter
part of this month, this situation
will adjust itself automatically, and II
IS apparent that this is the theory that
Wall Street is still basing its stock maT-
ket operations on. At any rate, the
money market went above normal
Yesterday in the last hour, and, as has
been the case for the last two weeks,
the stock market fraternity refused to
pay any attention to this consideration
whatevey. That was the only trouble,
perhaps. with Yesterdays trading, the
fact that too little attention was PAID
to seemingly important market con-
siderations.
otherwise. however. it was perfectly
normal affair and acted in every sense
of the word as might have been ex-
pected in view of the heavy selling OF
securities on the preceding day ana the
remarkable change in speculative senti-
ment. Wall Street. generally speaking
was Just as bullish at the closing yester-
day as IL was bearish at the finish OF
the preceding days session. The princi-
pal stocks to gain were precisely those
issues which had lost most In Tuesdays
market. namely issues of the type OF
Mexican Petroleum. the motor stocks and
the ellis. The steels did not do as well
as some others, for the reason that the
weakness there was not quite so pro-
nounced Tuesday as in the case OF some
other departments, but the equipments
and other industrials came back very
sharply. In addition to this there were
evidences of renewed operations IN the
sugar shares, and there was particu-
larly brilliant squirt again in Chandler
and Bethlehem Motors. The latter made
an especially rapid advance in the last
hour to new high level for all time
while the former. while not quite so
active, nevertheless made new high
record.
There was no special change in the
money situation Call money closed the
day at 10 per cent, which was the hlgh
OF the preceding day and also the high
OF the year. There is no Immediate
reason. bankers say. to expect any
change for the better. but at the same
tine there are hopes in conservative
circles that with the ending of the crop
movement this month money viii again
become much easier in this centre AT
any rate at least one thing Is certain
and that is that until money begins to
flow back again to the New York dis
strict money for speculation will con-
tipue high as it ought to, according to
some interests who believe that money
Ia cheap in comparison with the prices
Of ordinary commodities. There was very
little of interest in the foreign exchange
market. Sterling held to above the
same level as the preceding days closing
and nearly all other rates huctuated
within a very narrow range.