The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-22
FINANCIAL NEWS
AND COMMENT
Stock Prices Pitched Violently
Upward, Although Trading
Contracts Slightly.
PUBLIC ENTERS MARKET
Bank Statement Shows Loss in
Surplus Reserve, but Money
Is Easier.
PUBLIC ENTERS MARKET

Whatever doubt there may have been
among the short interest on Thursday
as to the ability Of the market 20 main
tain It's advance disappeared entirely IN
the last hour yesterday. Starting with
the oils, coppers and rubbers. after q
period of moderate reaction during the
early part of the day. the stock mar
ket made another headlong rush. whirl-
ing prices upward, at times with great
est violence Trading was again on a
scale of about unchanged activity, al
though slightly contracted from the pre-
vious days volume on account OF the
curtailment Of business in the first three
hours The session was also remarkable
for the breadth and range Of interest
And, moreover. II gained increased sig
nificance from the fact that the Gus
tomary week end considerations, en-
phasized by the double holiday oevr
Sunday, would have ordinarily had q
tendency to restrict the entrance of new
commitments. whereas yesterday the
buying phenomenon d the market was its
most pronounced feature.
In this respect the market was dis
tinctly surprising. II had been gen
orally expected In most important quar-
tiers that the market would experience
a substantial reaction on account OF th'
holidays. This, It was declared. would
be accumulated somewhat by the pool
earnings statement OF the porphyry cop
per companies, which were made publi'
during the day, and also by the usua
amount OF profit taking from tlmid trad
ers who make 1t a rule never to carr,
stocks over a period Of suspended AMI
nation. But those who figured the mar
ket out in this manner failed apparentl,
to take into account the broadening o
| public interest in the trading and tn
| possibility that the statements OF tn
, copper companies may have been dis
counted in the speculation for a declin
| in the early part OF the month. As
| turned out this was precisely the case
| The professional traders. finding that n
| progress could be made by selling tn
market, turned their attention to the con
structive side. with the result that some
| thing in the order OF a bear panic &C
| CURED. Indeed II was noticeable tina
most of the buying came in stocks whicl
| had been the principal targets OF tn
| bearish activity two or three weeks age
The most important gains were in tn
| speciality shares. as has been the cas-
| right along. But they were not the onl.
| features. Steel advanced to 9t&. new
| high for the current movement. and tn
| independent steels, rubbers. oils and to
baccos, in fact all OF the individual
shares and speciality stocks, followe
, suit. Aside from the specialties. how
ever, the most important advances &C
| Cured in the coppers. These stocks ha-
been under persistent selling pressur
| for the last two months and had not ex
perienced the same rise that the rest o
the market had in the past week. 1
that department there was virtus
panic to cover, which whirled prices @
all of the copper issues to new high rec
ords for the current movement. Uta
made an advance of more than tw
points at one time. Kenncott advance
more than a point and American Smell
ing, Anaconda and Inspiration all close
the day with net gain OF two points c
better. Marine preferred was also
strong feature, advancing more than tw
points on a report that important deve
opments were expected shortly in cor
nection with the deal for the sale of III
company's British tonnage.
The bank statement disclosed loss
surplus reserve OF s35,593,0oo. bringin
that item down to the smallest tots
since March q, 1918. The reductto
was due chiefly to a curtailment OK $50
500, 900 in reserve credits at the FEEDER;
Reserve Bank of New York. The stat'
ment was rather surprising in view {
the easing OF money during the day. Ca
loans closed at from 4 II to per cent
whereas on Thursday the closing was
to 81 per cent The foreign exchane
market was quiet again. With the e,
ception Of a slightly frmer tone in Swl'
i francs, guiiders and Spanish pesets
rates were about unchanged from u
preceding days final.