The sun., 1919-10-17
FINANCIAL NEWS
AND COMMENT
Market Is Concerned Chiefly
With Specialties and Many
Standards Sell Off.
MOTORS CONTINUE GAIN
Professional Pressure and
Realizing Result in Drop
in Steels.
MOTORS CONTINUE GAIN

Yesterdays stock market was again
very largely a speciality AFFAIR, with the
greater number of standard stocks SELL
ing off under professional pressure and
profit taking, while the motor shares con-
tinued their advance. Altogether It gave
the market a very Irregular appearance
on the surface of things, but had no special
significance More than anything else 1t
indicated q general slowing down Of the
speculative enthusiasm in the standard
issues on account Of the money situation
and shifting of commitments into
speciality and motor stocks which traders
figured would not be so likely to be af-
fected by any further frming of the
rates for speculative money. There was
no question however about the predomi-
nance Of the upward tendency. This was
just as clear as 1t has been at any stage
Of the recent movement The only
trouble was that the heaviness of the
standard stocks confused and misrepre-
sented the actual situation. which was
just the same as 1t has been all the way
along.
The most remarkable thing about yes
terday's market was that 1t refused to
be influenced by the great volume of
bearish literature which poured from
commission houses From almost every
direction speculative Wall Street had to
contend with bearish rumors, running
all the way from reports as to the Presi-
dents condition to solemn assurances
that the recent high money rates meant
nothing more than an attempt ON the
part of the banking fraternity to check
the widespread speculation in the indus
trial and speciality departments. Whether
or not this view was correct the special
ties at least paid no attention to the
money situation. There were. of course,
a number of very sharp setbacks, which
were laid directly to the fears in
connection with the money situation,
but the market always came back
very strongly, particularly at the
closing. which was the strongest
period of the day. Still the money
situation was not ignored altogether.
1t made itself very apparent In the
standard stocks, and in this connec-
ton Wall Street seemed to have made up
its mind that perhaps after all the specu-
lat on here had been a little excessive,
and accordingly began to adjust its COM
mitments, This was what gave the
| standard stocks their heaviness.
There was also a very notable slow
ing down in speculation in comparison
with the record of recent sessions and
another very significant feature Of the
mitrnents into the specialties shares, q
circumstance always to be expected
under the present conditions. This
gave a large number of individual stocks
great prominence In the trading, and
among the most spectacular Of these
were the motor shares Of the type of
White Motors. Pierce Arrow and Chan
dler. Next to the motors the most i'm
pressive features were the oils, which
advanced very sharply again under the
leadership of Pan-American and Next
can Petroleum. Also there were a num-
Der of special advances among such is
sues as American Ship and Commerce.
Remington, American Wool and the
sugar shares The latter were very
active again. On the other hand. none of
the standard issues did anything more
than hold their own, which is about the
best that could be said of them. Steel
common acted very we'll under the cir
cumstances, but it was heavy nearly all
day.
The money market was very firm
again. Call money opened at 10 per
cent, which was the renewal rate for
the day. In this connection it is inter
esting to note that that 10 per cent re-
newal rate is the highest since last July
and incidentally marked the fifth time
that money was renewed at this figure in
ten years. 1t was this perhaps more
than the fact that money on Wednesday
loaned at Is per cent. that alarmed the
trading fraternity. In banking circles
there was no change of opinion In con-
nection with the money market, but il
was thought that If speculation qu!eted
down for time there might be easier
rates with the return of the crop money
to this centre. There was no special
change in the money foreign exchange
market. Sterling continued weak and
most of the other rates declined in SYM
pathy but business was very quiet. The
Belgian loan, which was to be announced
shortly, 1t was learned yesterday has
been delayed and 1t is understood that
the amount will be $25.O0O.000 instead
of $50. 100000, as had been announced
recently.