The sun., 1919-08-30
FINANCIAL NEWS
AND COMMENT
Stock Market Is Buoyant on
News Of Improvement in
Labor Situation.
100000 SHARES TRADED
Mad Rush to Buy Southern
Pacific Is-Noteworthy Fea-
ture of Session.
100000 SHARES TRADED

Constructive developments OF the first
Importance greeted Wall Street yester-
day and a degree OF buoyancy war
ranted by the betterment of the situa-
tion was manifested at the opening and
continued throughout the day. The ac-
tual market. with sales of about 900, 900
shares, was great contrast to the
usually dull pre-holiday market, with the
exchange to be closed for ninety-one
hours. The sudden relief to the business
and financial community from the bulk
OF It's worry OF the last two or three
weeks over the labor situation, TO say
nothing of the dismissal from the
United States District Court OF the
southern Pacific case and the action of
the Mexican Senate regarding the con-
nscatory oil DEGREES, were sufficient 70
force the shorts to run to cover and for
this holiday the bulls had the best end
Of the bargain. with impulse to buy
stocks exhibited on every hand. The
determination expressed by the Admin
istration at Washington to put down any
railroad strike which threatened to tie
up the business in the United States
was n primary factor. the news that the
executive committee OF the shopmen's
unions were advising their local organi-
zatioDs to accept President Wilson'S
was known late in Thursdays session,
and the settlement OF the California
troubles being secondary considerations
What the small minority of steel work.
ers who are affiliated with the Ameri-
can Federation Of Labor may do is a
matter of small consequence as COM
pa, ed with the rail labor situation and
there seemed to be a disposition on the
part of labor to give the country's nu-
thorities three months or 80 to reduce
the cost Of living. indicating increas-
Ing power on the part of the more
conservative labor leaders It is
NOT too much to say that the entire as
pet of the labor situation looked
brighter yesterday, but at that there
were investors and SPECTATORS who took
advantage of the improved sentiment to
even heir commitments
The net gains, with the market clos
Ing strong at or near the best prices of
the day. ranged generally from one to
seven points in the active list, with such
net advances as 1873 In tho case OF
Mexican Petroleum and 1913 in the case
of Crucible. The outstanding feature of
the noteworthy session was the wild
optnitg in Southern Pacific There was
a mad scramble for the stock following
the overnight announcement of decis-
ion favorable to the company in the
most important Of the suits brought by
the Government and covering patented
land granted to the road and the open
ing sale was 10000 shares at 103 to
105, up IN to ek points. the stock be-
ing ex dividend n points yesterday
In all nearly $4,000 shares of Southern
Pacific were traded In. the closing
showing an advance OF points over
Wednesdays final.
Tn Anzv ~ NeSn
throughout the active list the oils were
among the leading issues. Mexican Pc
troleum and Pan American Petroleum
beading the upward movement In that
department. The announcement that the
Mexican Government was to eliminate
the retroactive features OF the bill to
nationalist oil lands in Mexico was IA
vorable, as 1t foreshadowed a more
reasonable attitude on the part of the
authorities of that country toward for
elgn investments. The news develop
ments in the case of the Southern Pa
cific and Mexico brought an intense buy
ing wave in these issues at the start de-
spite the statement In Washington that
the Government would appeal the South
ern Pacific case and the disposition to
doubt the good faith of the Carranzista
Government. The upward movement ex-
tended into all departments, and
wherever a short started TO bid for stocks
pronounced scarcity of stock for sale
was found. Again there was demon
stration OF strength in the market po-
sition of high priced Industrial special
ties. Baldwin was the leader In the
equipment group, and all the rail issues
participated In the rise. Traction Is
sues alone were quiet.
There was no new feature In, the
money situation. call money loaning in
a range OF bh per cent to per cent.
and time money business being quiet
In foreign exchange sterling lost about
a point, demand ruling at 1920 to the
pound and francs losing about 4 points
tn SOS francs to the dollar. With the
volume Of commercial bills and bankers
bills that confronts the market at pres
emit, with a large amount of cotton bills
in sight, experts predict further de-
cline in exchange rates. The upward
movement in the stock market indicated
that fresh weakness In exchange was
considered relatively unimportant in the
IF attention on