The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-21
FINANCIAL NEWS
AND COMMENT
Broader Trading Affects Most
of List i'm One Of Years
Busiest Sessions.
OLD FAvORITES POPULAR
Easing of Money Rates Is Chief
Factor in Bringing About
Better Market.
OLD FAyORITES POPULAR

Trading in yesterdays stock market
broadened out very perceptibly, taking
in practically the whole list in one of
the most enthusiastic sessions which has
been witnessed on the Stock Exchange
this year. Not only did II include all of
the speciality stocks. such as the motors,
oils and accessory issues, in which most
of the activity has centred of late, but
1t also embraced all of the old line
standard stocks of the type of Steel
common and other speculative favorites
a circumstance which was commented
on very favorably in commission house
circles after the closing. II was a rep
etition of last weeks session on larger
scale and was due no doubt to the ia
vorable impression created by the cas-
ing of money rates. This has been the
one thing that has prevented broad
ening of speculative interest. and as
soon as it became apparent that some
real Improvement had taken place the
market did just exactly what expert
enced observers had said it would all
along.
The financial district was also very
much pleased with the stand Juuge
Gary took before the labor conference.
There had been some uncertainty as ~
what might result from the pressure
that was being brought to bear in this
respect. and the statement yesterday
from the head Of the Steel Corporation
must have been sufficient to clear away
all doubts in this respect 1t was no
doubt very important consideration in
reviving interest in the steel shares, for
outside of money considerations, which
we're perfectly well known on Satur-
day, there was no other news to account
for the strength, particularly of these
shares. The Presidents condition con-
, tinued to improve and there was less APP
prehension over the various labor diff
culties, but these considerations had
practically lost their influence on the
market any way. The only thing that
really counted yesterday was the i'm
provement in the money situation, a fac
tor which made itself felt In all parts OF
! the list. There was some doubt as to
whether the Improvement would con-
tnue, but most OF these doubts were dis
PEELED In the last hour when the ruling
rate went as low as per cent, which
IS the lowest in many weeks back
The upward movement in stocks which
resulted was very general. 1t included
practically everything on the list. with
the single exception of the railroad
shares. These issues, as have been
pointed out frequently. have lost their
tttractiveness on account of the uncer-
particularly on account of the attrac-
tiveness of the specially stocks and in
dustrial shares. The most spectacular
gains were still In the motor shares,
however. General Motors, for instance,
had net advance of more than 20
points to new high record, and all
other issues had proportionate gains
Next TO the motors the oils continued to
hold the centre of attraction. However,
~ g.
the specialties, was the strength which
developed in the steels, following the
publica ton of Judge Gary's statement.
on the strength of this statement Steel
common was bid up very sharply to above
ITO, and for time 1t looked as II the
movement in the steels had been resumed
in full force. Toward the closing how
ever, activity in the steels died out and
interest again shifted to the specialties,
which closed/very strong.
The Improvement In the money situa-
ton, while 1t was very pleasing, was not
Il all surprising. 1t had been forecast
by the drop in rates in the last hour Of
last Fridays session. and again last
Saturday by the Improvement in the re-
serve position, as well as by the drop In
loans. Bankers would not predict
whether the improvement would con-
tinue, inasmuch as the crop money is
not as yet returning to this centre, but
it can be stated on good authority that
the peak of the money difficulties has
been passed. This was passed last week
when the Liberty Loan instalment was
made. From now on it is expected that
Wall Street will have to watch out for
temporary money fiurries. but nothing
such as has been gone through in the
past two weeks or more. There was
nothing special in the foreign exchange
market Sterling held steady all day,
which was a relief after the steady de-
| cline experienced all last week. Other
rates finished the session not far re-
moved from the preceding days final