The sun., 1919-10-08
FINANCIAL NEWS
AND COMMENT
Many Specialties Again Are
Buoyant in Enthusiastic
Stock Market.
STEEL STOCKS ARE HEAVY
Rise of Money Rates in After
noon Fails to Have Affect
on Trading.

Outside of a few standard industrials
which were conspicuous for their heavi-
ness stock market values again yester-
day moved in the direction of higher
levels, the improvement being BASED to
large extent on operations for the
professional element, which found In
technical conditions ample reason for
reducing the short account and In many
specialties actual cause for very
buoyant advance. It was by far the
most enthusiastic market which Wal
Street has had in some time, and de-
spite the temporary setback which high
money rates imposed upon the market
in the last hour the great majority OF
active speculative Issues closed the day
with a substantial net gain. This was
especially true of such stocks as Worth
ington Pump, American Wool and
others, which continued to attract the
main part of speculative interest. Tad
ing was very active with the aggregate
of transactions considerably over the
million share mark.
The steel shares were heavy all day
as might have been expected under the
present uncertain circumstances. While
the strike appears to have been wor
by the steel interests, nevertheless II
men intend to stay out (; and until Wal
Street is able to. gauge this it will un-
doubtedly mean continued decreased pro-
duction. accompanied by considerable
falling Off in the earning power Of tho
various steel corporations. However
there Is no special reason why this sit
uation should effect the rest OF the
market. that is to say, outside OF the
automobile stocks, representing compa
nies which are directly dependent upor
the steel mills for supplies. and this fac
is being demonstrated daily by th'
heaviness Of all issues indirectly con
nected with the street industry and by
the buoyancy of those which have M
connection at all. Otherwise there wa:
| no special change In the news develop
ments. President Wilson continued u
| improve, and there was no other reason
so far as the news was concerned
| which might have been expected to hell
those who are in favor Of lower prices
| The single exception to this was higi
money in the afternoon. which was yer!
! largely ignored by the stock market.
In addition to the high priced special
ties. which recently have attracted con
siderable attention, the list yesterda'
| included several new features. The pii
rise in worthington. for instance
brought increased activity in Allis
| Chalmers and stocks Of similar char
acter whose earnings have been ex
! t-ernely large recently. but which hav
| been overlooked entirely by the tradinl
community. There was excellent buyini
| also in American Wool, in the foo
stocks, in Industrial Alcohol and in som
Of the oils and lower priced rails. Blu
while these issues were advancing tn
| standard industrials and steel stock
| stood still or else moved back slightly
| Steel common closed the day with
| fractional net decline after having sol
! as high as los. This point has bee
! reached three times in the last few days
land the failure of the stock to go throug
apparently discouraged the trading ele
ment, which Immediately shifted It's at
| tention to the more spectacular issues
| such as worthington. The equipment
also gave a fairly satisfactory accoun
of themselves. particularly Baldwin.
| Money was very high again in tn
afternoon, but the stock market paid n
attention to it. There was moderat
reaction in the last hour, but this woul
have taken place undoubtedly anywhere
| for the advance in the forenoon ha
| been pretty rapid. At any rate tn
stock market community is getting use
| to tight money, and the idea Is gainin
| weight that so long as the market con
tinues to move upward at the presen
rates money is cheap at almost an
figure. The foreign exchange marke
was featured by weakness in the prin
cipal rates Sterling sold of cent
and francs yielded centimes. Lire wa
somewhat lower, while marks continue
firm. Cotton was steady to firm in
rather slow market and corn and oat
were slightly lower.