The sun., 1919-08-13
FINANCIAL NEWS
AND COMMENT
Constructive Price Movements
Follow Many Changes
Without Trend.
BUYING FOR BRIEF TURN
Firmer Feeling Develops When
Call Rates Fail to Go Above
6 Ia Per Cent.
BUYING FOR BRIEF TURN

Price movements were constructive
during the last hour OF yesterdays
market In the New York Stock Elk
change following irregular aud desul-
tory changes which possessed no defin-
lite trend or Importance. Net gains In
the active list ranged from a fraction
to points generally, with the loco
Alcohol rising to a greater extent and
with a two point decline In American
Telephone and Telegraph.
While the market thus had an APP
pearance of strength largely because
the predicted rise In call money rates
failed to materialize, II had too much
Of q professional character and there
was too much buying for a brief turn
to indicate that the waiting policy had
been abandoned. The volume OF trad
ing was restricted below that Of Mon
day and no enthusiasm was shown ex-
cept in one or two issues where definite
constructive developments are antici-
pated. Nothing unfavorable was In the
days budget Of news.
On the other hand constructive in
fipences were lacking until It became
evident that call money rates would not
get above 81 per cent. and until 1t was
known that definite preliminary nego-
tiations had been started for the fiota-
| 100000 loan to three French cities
| to enable them to meet a combined
! maturity of S36,000,0p0 on November
and to provide new working capital. and
that the plans for floating the national
equipment trust to finance s2s0.000. 900
| equipment purchases were nearly con-
| summated. 1t was stated also that so
per cent of the disputes between the
United States Railroad Administration
~ hA v-at e ~,
| tions regarding equipment had been
amicably settled. fact that should
| be helpful both to rails and equipments
The opening prices were lower than
| the previous Close and the market for
the most part drifted aimlessly through
| out the greater part Of the session. Spe-
cialtIes were in the lead. but It could not
be said that they represented a real
| market.
Baldwin Locomotive sprang into prom
| inence with a net gain OF u points, with
considerable gossip to the effect that the
| stock would be enlarged with per
| cent. dividend to be inaugurated on the
| enhanced stock. American Locomotive
| was strong In sympathy, rising 4 points.
There was also an improved sentiment
| regarding the oils, both on the curb and
in the big" exchange. Rail stocks for
| tho most part were neglected.
No new development regarding time
| money appeared. Cali funds loaned at
\ 6 per cent. for mixed collateral and 6 u
per cent. for all industrials throughout
the day except for the last loans, which
were " Of per cent. lower all around. 1t
was said that the demand and supply
were nip and tuck" all day. despite the
lethargic trading, and that any large in
crease in trading would have brought a
1 jump in the rates.
! Another call for funds by the Govern
ment Is expected tomorrow and the
banks will have to pay the next day in
| full for their subscriptions to the latest
issue of certificates of Indebtedness. In
consequence little Improvement in the
supply of call money or time funds can
| be anticipated this week. Foreign ex-
change fluctuations were unimportant