The sun., 1919-02-20
FINANCIAL NEWS
AND COMMENT
Speculative Buying Stimulates
Market and Specialties
Show Improvement.
MORE OUTSIDE INTEREST
Many Issues, Especially Steel,
Reach High Levels In
Last Hour.
MORE OUTSIDE INTEREST

Still keeping transactions on the high
level OF expended activity reached earlier
In the week, the stock market yesterday
made another pronounced improvement
in the speciality shares. The movement
was not nearly as broad nor as uniform
as on Monday, however. 1t included for
the most part all OF the tobacco shares,
which have been active in the Wall
Street market of late, the equipments.
some OF the motors and the rubber
shares, the steels and standard indus
trials coming in for more attention In
the last hour. when the general move
ment was resumed. The bulk OF the
gains was made In tho early dealings,
but the final hour was a period OF re-
Moved hardening OF prices. with many
issues closing the day at about the
sessions highest. This was particularly
true OF the steel stocks. which appeared
TO have thoroughly digested the new
price level, and which seemed to have
been taken up again by the speculative
element with a view OF continuing the
rising movement.
The market again received Its princi-
pal stimulus from speculative buying
but there also seemed to be slightly more
outside interest In some of the more
active shares. This was only a small
factor In the days trading, however, for
the real buying came from professional
Wall Street, and was based chiefly on
reports in the morning papers with re-
spect to the next Government loan. The
proposal for a departure in the method
OF Government financing seemed TO meet
with favor in the financial community
but this opinion vas not altogether one
sided. The chiefffeason for encourage
ment seemed TO Be in the fact that the
Treasury Department had at last recog-
nized that the loan must be placed on q
purely business basis. In so far as this
was concerned. the proposal was crafty
ing. But II was regretted that Secretary
Glass had deemed II advisable to con-
slider the issuing OF so many classes Of
securities at one time. There was. how
ever. hardly enough in the outlines in
the morning papers TO give the banking
fraternity a general idea OF what was
being planned for the spring loan. but
with the exception of the number OF
classes OF securities what had been made
known thus far seemed TO meet with
general approval from every viewpoint
This approval was evinced particu-
larly In tho buying of the outstanding
loans, which were disposed to be strong
throughout the day. The outstanding
feature OF the session. however was the
traction shares, all of which made sub
Transit was an especially strong fea-
ture. With respect to these issues the
idea seemed to be growing that relief
for the local companies is in sight and
that an agreement will be reached
shortly which will make 1t possible for
the companies to exact n bigger fare for
their services The tobacco shares again
occupied conspicuous place in the deal
ings, particularly United Cigar Stores.
which sold up to a new high record Of
1894. All OF the other tobaccos made
sympa thetic gains. Good buying con-
tinued in Baldwin, which made a net
gain of more than points on the day.
and there was further spectacular adj
vance in Kelly Springfield. The rest OF
the market. while fairly active, did not
do much until the last hour. when prices
hardened and there occurred a general
upturn all around. The rails were Arm.
but not in especial favor. which went
to confirm the impression that the buy
ing in them OH Tuesday was for the pur-
pose of facilitating the realizing else
where.
The money market was Arm. Call
money loaned at the closing at from s
to So per cent. This Is the first time
since the current movement began that
the money market has shown any signs
Of rejecting the expansion in speculative
activity. However. aside from this, the
impression seemed TO be growing In
banking circles that from now until the
next Government loan is out of the way
the money market probably will be
slightly frmer than IL has been since
the speculative restrictions were removed.
The foreign exchange market was quiet.
Sterling and francs were a shade easier,
as were most OF the neutrals. but other
wise the market was about unchanged
from, the preceding days closing