The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-23
FINANCIAL NEWS
AND COMMENT
Stocks Make Further Improve
ment on Comparatively
Small Turnover.
SENTIMENT Is OPTIMISTIC
Plan for Support Of Foreign
Exchange Market Improves
Feeling.

activity the stock market in the greater
part of yesterdays session continued to
display a fair amount Of strength, which
was most uniform In the Industrial and
speciality departments. Toward the end
Of the day some selling developed in the
standard list in consequence of the
slightly nrmer turn In money rates,
which carried the majority of higher
priced Issues or fractionally from the
highs Of the session without, however,
weakening the general trend toward
higher levels.
The conspicuous moveme ats were
confined again largely to the higher
priced issues and specialties of the type
OF the Marine shares. which played a
large part in the preceding days deal
inss, but the standard issues did much
better than they have for some time
back, and in the main the Improvement
was well sustained.
Sentiment was distinctly optimistic
The bad news which has been pouring
into the financial district all this month
seemed to have been pretty we'll ex-
hausted In so far as its influence on the
share list was concerned. while on the
other hand, the street began to realize
that stocks are about as low as they
ought to go in present circumstances
These considerations. coupled with the
fact that the exchange market again
displayed fair evidences of stability re-
suited In all around recoveries, which
began IN the standard stocks right at
the opening.
1t was still a tame market in COM
parlson with the sessions with which
Wall Street has become familiar Of late,
The financial community had no COM
plant to make over the slowing down
in the pace OF trading or over the more
conservative attitude OF commission
houses, while the trading element is get
ting Its bearings preparatory to a re-
sumption OF the big movement which
everybody is predicting for Inter in the
year.
1t was still much Of a speciality mar
ket, however. Those interested In the
steels and other standard issues were
inclined to believe that there Is little
possibility of a complete tieup OF the
steel industry in the immediate future
but at the same time conservatism was
still In evidence as 1t should be. What
ever may have been lacking in these d.
rections was more than made up IN the
manner in which some of the specialties
went forward.
srhe Marine shares. both common and
preferred. were particularly strong spots
The report is current again that senti-
ment Is gradually crystallizing among
the company's directors in favor of the
payment Of at least part of the back
dividends on the preferred.
Tobacco stocks were strong again and
so were most of the tire issues, which
suffered so heavily in the bear attacks
in the early part Of the week. This was
particularly true of Kelly Springfield,
which at the high OF the day yesterday
had recovered somewhat more than 10
points from the preceding days low.
Trading was much quieter than the av-
erage of recent sessions, circumstance
considered as favorable IN commission
houses after the close OF the dealings.
The improvement which began on
Wednesday in the foreign exchanges mar
ket continued. Sterling recovered again,
as did both francs and lire. One devel-
opment which was considered OF i'm
portance in remedying the present de-
in the exchange markets,
and which undoubtedly had a sentiment
tai effect on yesterdays market was the
overnight OF the project
to sell a large amount of foreign held
American securities In this market This
plan is admittedly not large enough,
however, to correct the entire situation.
but Il is a step in the right direction.
Undoubtedly it will be followed by es-
large credits here just as soon
as the international situation permits
the completion of negotiations under
way.
There was no explanation of the sud
den rise in money rates to s per cent
1t was due In large part TO the ordinary
heavy demands on Friday to carry stocks
over the week end. and no doubt in
large part also 10 the heavy withdraw
ais going on recently from this centre
by out of town institutions in conse-
quence Of the recent low rates for call
funds.