The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-03
FINANCIAL NEWS
AND COMMENT
Speculative Favorites Move to
New Highs as Market
Turns Stronger.
TRADING Is FAIRLY BRISK
Session Is Most Active Since
Big Forward Movement
Came to End.
TRADING Is FAIRLY BRISK

The action OF the stock market again
yesterday demonstrated very clearly that
the only thing that has been the matter
with the share list lately has been the
money situation. With call money loan
ing near normal. with the supply of
money again approaching the demand
for new funds in spite of the continued
Withdrawals by the Government the
general market turned strong yesterday
and most stocks. that lie to say the, lead
ing speculative favorites. moved into new
high ground for the current movement.
Trading was still some what below the
average sessions of two or three weeks
ago. but 1t was by lar the most active
session and also the strongest which has
been witnessed on the Stock Exchange
since the big forward movement came
TO an end with the furry in the money
market more than two weeks ago. There
was some profit taking in the last hour.
but in spite of this selling the closing
prices were near the high of the day.
1t might have been supposed that the
proximity of the three-day holiday over
the week end would have had a tend
ency not only restrict the dealings,
but TO cause a considerable -smeunt OF
the usual week end evening up trans
actions. but this was not the case.
Apparently traders felt certain enough
of underlying speculative conditions to
warrant them holding off whatever
operations of this character they may
have in mind until to-day's session.
There was no news again to influence
the trading, that is to say Of an inn
portant nature. There were several in.
dividual considerations, which had an
adverse effect on several OF the motor
shares, but the general market was not
disposed to pay much attention to these.
Indeed the only thing that seemed to
count was the money situation. This
having turned easier in the afternoon,
for the time being at least, traders felt
confident of entering into new commit
ments Notwithstanding the fact that the
market faces an extended period OF sus-
pended animation at the end OF to-day's
sessions. One curious feature of the
market was the continued indifference
OF Wall Street toward the railroad
shares in spite OF several very favorable
announcements during the day and also
in spite OF the recent signing OF the gen.
eral efficiency bill by President Wilson.
Perhaps the most impressive feature
OF yesterdays session, II any OF the
days features could be called impress
sive was the strength of the better class
stocks, that is to say the steels and
standard issues. Heretofore the up
ward movement has been confined very
largely to the food stocks and the spe-
cial issues. But yesterday the movement
embraced practically the whole market
with the exception. OF course, of the
railroad department. which continued
neglected. 1t Is true that tho principal
steel Stocks such as Steel common, did
not make much progress, but they were
strong throughout the day and some of
the independents were in particularly
good demand. Crucible Steel had an
especially sharp rise in the last hour.
going almost to los at the closing. All
of the equipments were strong again
and likewise so were the speculative
specialties. although, generally speaking.
they attracted a great deal less atten-
ton than OF late. The fact that more
attention was paid to the standard
shares was considered encouraging at
the closing. inasmuch as 1t led to the
belief that the stock market situation
has been sufficiently corrected to war
rant more serious attention Of the
standard shares.
The money market was firm again
during the first half of the day. but
| there was an unmistakable Improvement
at the closing. Whether or not this i'm
provement is permanent remains to be
seen, but one thing is certain that the
money situation has ceased to have any
very important effect on the share list.
For one thing Wall Street has learned
that the high rates for the past week
have been due to perfectly normal con
! ditions and not to any such attempt to
| check speculation as the furry several
weeks ago. The opinion was expresss
| in Some circles that money might be
firm again to-day on account Of the
fact that all arrangements will have to
be made during the session for carry
ing stocks over the week end. but II
! was also stated In the same quarters
that II this takes place 1t will be tenn
porary. The foreign exchange market
| was decidedly heavy. Sterling made
another new low record and francs de-
clined sharply again, as did pesetas
| Lire. OF the other hand, showed sharp
! Improvement. Otherwise rates were not
very much changed from the preceding
days final.