The sun., 1919-10-28
FINANCIAL NEWS
AND COMMENT
General Revival of Stock Buy
ing Comes in Final Period,
With Motors in Lead.
MOST ISSUES SHOW GAINS
Tobacco and Equipment Issues
Improve-Rails Are Heavy
and Money Firm.
MOST ISSUES SHOW GAINS

There was great deal less apprehen-
sion in Wall Street yesterday over
the labor situation as result of
developments over the week end and
stocks which were sold in the wild
rush of Saturday were bought back
again freely. The whole market opened
higher, with the majority of recent
speculative favorites UP anywhere from
l TO as much as 10 points, but 1t
was a very much quleter affair than
those sessions to which Wall Street
has become accustomed of late. For the
best part of the day, from the outset,
Rin fact to the last few minutes, the mar
ket merely dragged along without much
change from the opening. Then in the
final period the motor stocks came to
the front In general revival of buying.
but failed to result in any material
progress except of course in the motor
group itself. The rest of the list Weld
it's opening advances very well consd-
| ering what 1t went through on Saturday,
and at the closing most stocks showed
net gains. but that was about the best
that could be syfd OF it.
Still in many ways IL was a very re-
markable demonstration Of underlying
strength. The majority of Wall Street
| traders had gone home on Saturday ex-
pecting a general resumption of selling
Yesterday from the West and South
which had not had opportunity to dis
! pose of their holdings on Saturday or
account of the short session. However
instead of selling stocks there was an
actual accumulation of buying orders
over the week end. which reflected fol-
the most part the changed aspect OF the
whole labor situation. Whereas the
| financial community on Saturday had
believed that general strike was i'm
| minent. II knew definitely yesterday moi
only that such strike would not be
called but that the President and Con.
gress were distinctly opposed TO the
| whole programme at the present time
| Under the circumstances 1t would no;
| have been surprising If the shorts had
! mad very serious time in covering
short contracts yesterday. but such was
I not the case, except at the outset and
at the last hour. The market seemed to
be satisfied to hold its own, which prob
ably was about as well as could be ex-
pected after what happened on the Stock
| Exchange Saturday.
The big feature Of the day so far as
| individual issues were concerned was
the motor shares. Lead by General
Motors. which made a net gain from
Saturdays closing of more than 80
points. the whole motor group revived in
Studebaker was the feature, making a
very spectacular gain in response to a
statement from the company that the
outstanding Indebtedness would be re-
! tired. The tobacco stocks also did much
( letter and likewise the equipment, but
that was about all that could be said
about the market After opening up
very materially, Steel common turned
very quiet and not even the outburst of
strength in the motors resulted in any
definite trend in this direction. The
rails were generally heavy, with South
EN- Pacific off from Saturdays closing
on account of disappointment over the
failure of the Supreme Court to render
its decision in the long expected oil
land suit. There was also some dlsap-
pointment in the failure OF the same
court to render its decision in the stock
dividend case. This had been looked
forward TO confidently in the last week
as one of the factors. on which further
advance in stocks could be based.
The money market was distinctly firm.
Call money loaned up to per cent.
during the session. and after the close
vas quoted at 10 per cent. The latter
was unofficial, however, but it showed
the trend of the money situation. which
reflected the decrease in surplus reserve
on Saturday. However, in conservative
banking circles it is not expected that
any serious difficulty will be experienced
in this direction, the bank statement 10
the contrary Notwithstanding, for there
was a very substantial reduction in
loans in the last week and furthermore
crop money is beginning to flow back
to this centre. This should correct the
present difficulties very shortly. The
| foreign exchange market was quiet and
,vithOut feature eNcept for francs and
| lire, which lost ground again. Sterling
was firm in response to statements that
| the new British loan was going very
well. Otherwise most rates were not
very much changed from Saturdays
| closing