The sun., 1919-10-18
FINANCIAL NEWS
AND COMMENT
Movements in Specialties Still
Feature Market, but Wider
Variety Affected.
INTEREST SHIFTS ABOUT
Motors, and Accessories in
Particular, and Leathers
Are Strongest.
INTEREST SHIFTS ABOUT

The same sort of specially movements
which have characterized the stock
market all during the last week made
up the largest part of the business on
the Stock Exchange again yesterday.
The only difference between yesterdays
session and those Immediately preceding
was that there was wider variety OF
specialtes included in the days move
ment. Instead Of being confined almost
entirely to the motor shares yesterdays
price movement embraced practically all
OF the individual issues and among these
some very spectacular advances were re-
corded, particularly In the case Of such
issues as EndcottJohnson, American
Bosch Magnetic Pullman Company and
the Cuban sugar stocks The rest of the
list acted precisely In the same manner
as on the preceding day and also the
day Immediately preceding that. There
was no liquidation anywhere, 1t was
merely a case of the standard Issues
quieting down while some readjustment
ia being made to conform with the ideas
nf those whose business IL is to finance
the speculative market.
The news OF the day was fairly favor
able-that Is to say, in SO far as the
strike situation Is concerned. The only
really unfavorable development was the
report that the President might have to
undergo an operation, but this was very
largely discounted in the afternoon on
the receipt OF later reports concerning
his condition. AS a matter of fact, there
/ was considerable encouragement to be
derived from the manner in which the
money market acted in the afternoon.
Usually on Fridays the money market
firms very considerably on account of
arrangements for extra money to carry
stocks over the week end. There Is no
money market on Saturdays and In con-
sequence the rank and file of Wall Street
generally anticipates boosting the rates
in the last hour even in ordinary times
and when the money market yesterday
| 7frernoon eased from 10 to 6 per cent,
which were the closing rates, many in
terested wondered whether or not the
peak OF the money troubles had been ex-
peri need At any rate II was very en-
couraging. and the share list lost no
| Jime IN expressing it's opinion nv clos
ing the day practically at the high-that
is to say, in the case, OF the specialties.
which were the only active stocks any
where.
AS has been the case all week. there
was no disposition to stick to any one
group of stocks for any length OF time.
The speculative community first took up
one group and then another and in this
way included a much wider variety OF
issues in the days movement than has
been covered on any day thus far in the
speciality market The most conspicuous
strength was to be found again in the
motor stocks. particularly the accessory
issues and the feathers. In the motors
the outstanding feature Of the day was
Pierce Arrow and Bosch Magnetic, both
of which sold at new high records. Next
to these issues the most spectacular were
forward movement In American Hide
and Leather, but, perhaps, the most con-
spicuous in this group was Endicott-
johnson. The oil group was again very
prominent Also there was short
lived movement In the railroad stocks,
which was led by Southern Pacific in an
ticipation of a favorable decision next
Monday on the so-called Southern Pa
cific oil land case. This suit has been
pending in the courts for several months
and lately It has been the habit OF pro-
fessionals each week to purchase stocks
on Fridays and Saturdays in anticipa-
tlon of tho decision, which is due very
shortly.
The action of the money market dur
ing the session was the source Of much
favorable comment in commission house
circles after the closing. Instead of
having to face even higher money rates
than usual on account Of the extra de-
mands on the market on account Of car
rylng stocks over the week2epd, the
money market actually eased off to 6
per cent. at the closing, which is above
the lowest touched by call money this
week This Il was thought In many
quarters indicated a very favorable bank
statement to-day. at least, Improvement
over the position which Wall Street has
had to contend with Ately. The foreign
exchange market was again featured by
weakness of the leading exchange
Sterling went lower again, the weakness
here naturally was reflected to certain
extent in all other principal exchanges.
Bank clearlngs for the week were un-
usually heavy, the total Of the week at
twenty of the leading cities being $780,
73s,046, an increase of 29.3 per cent
over the figures OF the corresponding
week year ago and Of 30.4 per cent. In
comparison with those of the same week
in 1917.