The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-11-01
FINANCIAL NEWS
AND COMMENT
Market Is Active and Strong
as Better Glass Of Stocks
Are in Lead.
STRENGTH LASTS ALL DAY
Specialties and Steels Bound
Forward in Spite Of News
That Is Depressing.
LASTS ALL DAY


regular stock market, which everybody
had expected on account of the unfa-
vorable Impression which the market
created on Thursday, Wall Street had
an active and remarkably strong session
yesterday, with a better class of stocks
leading than on any other day this week.
The whole list opened higher and the
strength which developed at the outset
was continued throughout the day, not
withstanding the obstacles placed in the
way Of speculation by the uncertainty
over the coal strike situation and the
very high rates for money. II was In
truth a very surprising exhibition Of
the markets underlying strength. which
| was made all the more convincing by the
manner In which some OF the specialties
! and steel shares leaped forward in face
of news which ordinarily might hive
been expected to depress prices any
where from / to more than 6 points.
But 1t was not out Of line with what
Wall Street has been experiencing. 1t
| was merely a repetition of what hap
pened when the steel strike was first
called.
| Nevertheless commission house senti-
ment was still very cautious. This was
| not on account of the coal strike or any
other industrial consideration. but, as
has been pointed out frequently. because
OF the very uncertain technical situa-
ton with which the financial district Ia
dealing. This point was again empha-
| sized very strikingly yesterday by the
| sharp rise In call funds TO within point
Of the highest official quotations this year,
and. furthermore. by the fact that bank
| ers held out no hope Of relief until there
has been a material slackening Of the
present pace of trading on the Stock Ex-
change. There were rumors afloat again
yesterday concerning statement that
may be issued by the Federal Reserve
Board on the speculative situation
and In some quarters an attempt was
made to place such a construction on
the report OF business conditions which
was published yesterday morning by the
agent of the local Reserve Bank. But
thus far no real indications have come To
light of any step in this direction by the
board itself. although 1t Is we'll known
in speculative circles that the majority
of bankers are opposed to any such wild
speculation as has gone on recently in
the Wall Street market
No such fears, however, were allowed
to interfere with anything that went on
in Yesterdays market The share list
was stronger than ever If anything Re
public Steel, which has been one of the
leaders of the upward movement. made
another very sensational gain. and in
fluenoed a verv spectacular rise in Lack
awanna, another one of the independents
which has profted very greatly as
result of the war. The rubber stocks
continued very active, but they did not
occupy any such leading position as on
Thursday but whatever was lacking
here In the way of action was moro than
made UP by such issues as the tobaccos.
which reflected the announcement Of
taking over another large concern by the
United Retail stores, by the specialties
and by the oil shares. which gave evil
dence OF coming back intoSfavor with the
public more strongly than ever before.
There was still number OF issues which
Jagged behind, such as the motors, which
are Just now in the process of readtust-
ment after the long advance which they
have Just experienced. But outside OF
these and the rails the strength yester-
day was very uniform.
The reason that money went so high
yesterday, the rate being 10 per cent at
the closing, undoubtedly was on account
Of extra demand placed on that market
by arrangements which had to be made
to carry stocks over the week end. There
is no money market on Saturday. and in
consequence ell such arrangements have
to be made on Friday. Another reason
for the furry was the proximity OF the
first Of the month payments, which will
be made to-day. This always places an
extra strain on the money situation, par
ticularly in times when there is a very
active and rising stock market. Under the
circumstances the money market did ex-
ceptionally we'll yesterday. Still 1t was
no Involvement to those who are planning
operations in the stock market. There
was Improvement in the foreign ex-
change market yesterday. Francs, which
have gone down steadily for the last
week. were steadier. and there was
sharp rise in Belgian franco Sterling
| also was slightly higher Other rates
we're about unchanged.