The sun., 1919-09-10
FINANCIAL NEWS
AND COMMENT
Market Active and Strong and
Speculative Favorites Gain
Substantially.
ALL ADVANCES NOT HELD
Steels Benefit Through Favor
able Tonnage Statement
Of Corporation.
ALL ADVANCES NOT HELD

Instead of the customary pre-hoIiday
session, which everybody had expected
on account of the unsatisfactory show
ing which the market made on Monday.
"all Street had a fairly active stock
market yesterday and most Of the ac-
tive speculative favorites closed the ses-
sion with substantial Improvement. al
though not all of the days advance was
sustained to the finish. 1t was still a
| waiting market In the sense that no
definite word had been received from the
steer conference In Washington But
S6erally speaking, It was better under
stood by the financial community yes
terday that even n decision for a gem
| eral strike is reached, leaders will hardly
dare to call the men out before the big
conference which the President has
called for next month. This meant that
the whole question had been put aside
| Tor at least a month, and that in the
meantime there was no good reason why
| tne financial district should not go
| ailead with special movements. lust as IL
mas been doing for the last two weeks
| Onoer the circumstances, therefore.
the strength which characterized the
market at the outset yesterday was not
as surprising as 1t seemed to be. par-
tlcularly to those who have made a close
study OF underlying conditions. The
4
1t Is true. convinced that the market
| could do nothing one way or the other
until the conference was well out of the
way and everybody knew for certain
What the status of the steel question
| was likely to be. But the thing that was
overlooked was the Presidents views Of
| the situation. 1t vas then realized that
even II the President had not already
sent telegram to the labor leaders ask
ing tnem to postpone the decision on
the strike, it was highly improbab ble
any way that the leaders would take
definite action until after the conference
In october. This was Immediately real
lzea at the opening, with the result that
lne list reversed itself completely In
auoltlon, stocks again drifted back into
strong hands. a fact which made IL i'm
possible for the shorts to even up\ their
commitments for over to-day's holiday
without bidding up prices throughout the
ise from anywhere from one point to
AS inuch as ten points in the specialties
Those stocks which benefited most in
the Improvement were the specIaltjes 90
might have been expected. There was M
string tied to these issues, and even n
'he news about the steel strike had beer
unfaVorable there was no reason anv-
way why they should have continued
downward. But the most SURPRISING
thing OF all. however, was the fact thai
the steel stocks shared in the forward
movement almost as much as did the spe-
clalties Steel common got within a point
VI its hlgh or last week. and Crucible
and the rest OF the independent steels
made further substantial advances Per.
maps the reason for the strength of
these issues, aside from the better feel.
ing IN connection with the strike situa
tlon' was the very favorable showing
wnlch the monthly tonnage statement of
the Steel Corporation made Tbis
showed a net increase in untitled orders
on hand at the end OF last month n;
more than 100000 tons and marked tn,
third successive monthly increase il
oIuers on hand Tor the corporation since
the armistice was signed All of III,
motors and oils were active again h,,
they were not quite the fayorites ma
they were on Monday and Saturday
Inc money market was easier. in thai
rates Tor call funds did not get boye ,
per cent As a matter of fact II wa,
dehnitely easier during the best part OF
the session. The high rate on the mr.
cedlnS day had resulted In an influx O
tunds TO this centre again. with the re
sun lhat money was in good supply
again Yesterday from the outset on
bankers refused to predict whether this
would last throughout the week. but Ger.
'alniy there is no reason for any bigbe,
rates in the light OF the statement wbic,
secretary Glass made public on AIonda,
IN the light of this statement the forth
"nlng tax instalment will involve notl
hg more than a bookkeeping arrange
'nent on the part of the banks here
mere was no change in the foreign ex
mango markets. Sterling and franc.
were generally frmer. The only veal
>pots in fact were marks, which declined
quite sharply