The sun., 1919-02-28
FINANCIAL NEWS
AND COMMENT
Specialties Continue Advance
ing Movement in Another
Broad Market.
STANDARD LIST STEADY
Indications Again Point to
More Active Interest.
in the Rails.
STANDARD LIST STEADY

II was another day OF exuberant
strength in the stock market yesterday
or rather in certain speciality stocks upon
which most Of the speculative activity
has centred of late. There was trading
again In nearly million shares. and
the activity was rather evenly distrib-
uted throughout the Ave hours Of bust
ness. although the largest part of the
dealings was still concentrated in the
/ first and last hours. In this respect the
market presented a more healthy APP
pearance. 1t was still pretty much Of
an irregular affair, however, in so far
as the market as a whole was concerned,
and irregular net changes continued to
he presented at the closing. In some
quarters, such as the motors, feathers
and individual specialties. the rise was
resumed in a Vigorous fashion; in 9TH
ers the tone was decidedly uncertain.
. This was particularly true of the stan
| dard list. which was forced to take n
good deal of stock after the opening in
the way of realizing sales.
While the specialties still afforded the
most important features of the advanc-
ing movement there were Indications
again in the rails of shifting of atten-
ton to this department These issues
were not quite as aetiYe-on Wednesday,
ror did they hold their advances as well,
but the quiet absorption continued. and
! again evoked a good deal of favorable
comment on the part OF the brokerage
fraternity. which has been looking for
more important participation in these
| particular issues. There were several
very good reasons yesterday for the in
creased interest in the rails. not the
| least OF which were the indications that
! most of the difficulties between the Rail-
road Administration and the executives
with respect to the rental contracts are
| being ironed out without the need of
| further controversy. There was no real
news. however. even with respect to the
| standard shares to influence prices dur
ing the day. This made the continue
ton OF the advancing movement even
more remarkable, inasmuch as the mar
| ket has not as yet experienced a reac-
ton in the course OF the speculation for
| a rise. Obviously, however. most of the
floor traders have been engaged in an
effort to bring such a movement about
for several days past.
That such a movement did not occur
was considered disappointing in some
uuagters. yet it had absolutely no effect
on the stability OF the market. Stock
came out at times rather freely. par
ticularly in the steels and equipments,
but the absorptive capacity was excel
lent and all offerings seemed to be
readily absorbed. Steel was fairly &C
tive closing the day with a fractional
gain after having sold TO a new high
record for the current movement. The
rails, while presenting a fair degree OF
stability, were not as active as earlier
in the week The real movement of
the session was in the specialties, as II
has been all during the past two weeks
General Motors made another sharp ad-
vance to a new high for the movement
there was further squeezing OF the shorts
in American Hide and Leather; Indus
trial Alcohol made progress again. and
renewed interest developed during the
final period in the tobacco stocks. The
oil shares were under pressure for the
greater part of the day. although hold
ing their own as well as could be eX-
pected under the circumstances.
The money market was unchanged.
with rates holding at about the same
figures as at the closing on the pre-
ceding day. Time money was trifle
easier, If anything. The supply was still
limited, however. The foreign exchange
market was featured by heavy offerings
of bills on Paris, the rate declining about
three-quarters of point This was aC-
counted for in large part by the prox-
unity of the maturity of a large French
\ loan in this country in the near future.
Other rates were about unchanged from
the preceding days final. with the ex-
ception of Swiss francs, which were
slightly easier. The Bank of England
statement reported decrease for the
week in gold and bullion holdings of APP
proximately 100000. The proportion of
reserve to liabilities was reported as
2O.51 per cent, against 20.5s per cent.
last week. and 2O,40 on February 10,
The highest percentage reported by the
bank thus far this year was 20.5S in the
weak ended February 20: the lowest,
ll.7O, on January 2.