The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-24
FINANCIAL NEWS
AND COMMENT
Enthusiasm Still Marks Stock
Trading and Whole List
Moves Forward.
AFFECTS EVERY GROUP
Industrial Specialties Attract
Most AttentiOn-Tobac-
co Group Leads.

The enthusiasm which marked trading
in the last hour of the preceding days
session was still in evidence in the
stock market yesterday, and under buy
ing. which appeared to be Just as vigor-
Gus as ever, the whole list moved for
ward again. recovering largely whatever
had been lost in consequence of the oper-
atoms on the selling side of the market
in Immediately preceding sessions. The
trading was not quite as exciting as
those markets to which Wall Street had
become accustomed several weeks ago.
and in this respect the dealings were
moro gratifying. but the movement en-
braced practically every group in the
list, and the business was fairly we'll
distributed, whereas OF late the larger
part of tho dealings has been concen-
trated either in the first or last hours OF
trading. This was particularly encourage
ing, for II showed that there was still
enough outside interest in the dealings to
sustain whatever price. advances that
may have been recorded at the outset in
face Of heavy profit taking toward the
close.
AS has been the case all along, there
was no news to influence the market one
way or the other. The whole movement
beeInco 10 De DhStu, just hb u HAS Deth,
on the knowledge that business Is proceed
ing at a pace as good as expected; that
there will be some solution shortly of
the perplexing international questions,
and that tho quarterly statement Of the
Steel Corporation, which Is due next
Tuesday, will be even more favorable
than the most optimistic have expected.
The latter consideration was somewhat
further emphasized yesterday by the
statement which the chairman of the
Steel Corporation gave out concerning
the steel situation in general and also
the labor situation. There has been a lot
Of uncertainty about the labor situation,
and as soon as the bears saw that still
another factor on which they had been
building hopes to get stocks lower had
been smashed, very little else remained
for them to do but to cover the commit
ments. which they had put out early
last week and again on Monday, at
prices not far removed from last nights
closing Otherwise there was very little
to influence the market. 1t nigh have
been expected that the Washington de-
velopments over night would have had
some effect, but such was not the case,
at least so far as the surface of things
was concerned.
Trading, as was to be expected, Gen.
tired largely again on the industrial
specialties. The short interests in these
stocks had been increased rather than
decrea sed as a result OF recent events,
with the result that insiders found 1t a
comparatively easy matter to run up the
issue to a point where traders had no
other choice but to cover outstanding
contracts. The leadership OF the spe-
cialty group. as in the case OF Tuesday s
recovery. was vested in the tobaccos.
-,tA In
American Tobacco gained about all II
had lost in consequence of the recent de-
cline and the rest OF the group, including
those In the outside market. also fol.
lowed suit Steel common was well
bought again all day in anticipation OF
the monthly quarter earning statemen.
next week. but generally speaking. the
standard issues did not occupy SO much
attention as was the case in the session
Immediately before the last break H.
prices. The motors also came back In
favor with the speculative public. and so
did the food stocks to some extent Per-
haps the most important feature OF the
motor group was Stromberg Carburetor
which closed the day with a gain oil
nearly 20 points.
There was no important change in the
| money situation. Call moeny loaned al
| day at from to 81 per cent. which Is
| as much as can be expected under the
| present circumstances. The loan item
had increased considerably in the las
few weeks. and Wall Street will un
doubtedly consider such a rate favorable
to Stock Exchange operations, providing
IL can be maintained. Just at presen
bankers see no reason why money shoult
go any higher. Practically all OF tn
loan financial operations have been com
pleted, the only one which Wall Stree
had any fear Of being several weeks
ago. The foreign exchange marke
was frmer. with sterling recovering
a small part Of its recent decline. Th'
consensus of opinion in brokerage cir
cles. particularly In those circles wher
II was regarded last week in yer!
serious light, is that this consideration
had been very largely overdone. Tn
argument now is that arrangements will
be made to take care of foreign trade II
due time. and that such arrangement will
be sufficient to take care Of all trad
that is being negotiated at the presen
time, especially in the case of Grea
Britain.