The sun., 1919-07-15
FINANCIAL NEWS
AND COMMENT
Stocks Continue Their Ad-
vance and Rush Of Buying
Lasts All Day.
TRADING Is MORE ACTIVE
Rise in Standard Accumulated
and Public Participation
Is Greater.
TRADING IS MORE ACTIVE

There were no indications of any letup
to the advancing movement on the Stock
Exchange yesterday. On the contrary,
whatever hesitation there may have been
on Friday and Saturday seemed to have
entirely disappeared with the opening,
and, despite the continued firmness of
money, particularly rates on all indus
trial loans, there was rush again 20
buy stocks as soon as the opening bell
had been sounded. what made the ses-
| sion even more impressive, however. than
1t has been In the immediate past was
that, in spite of the fact that the special
ties were still very active, the leadership
OF the market was vested in such Issues
as Steel common, the Independent steels
| and other standard issues which have
been rather neglected of late in tho for
ward movement. This gave the market
tone OF quality which II had lacked
previously and tended to inspire conn.,
dence. whereas the concentration of
business last week IN q few specialties
was regarded in many quarters as being
utterly abnormal.
There was no news again to influence
the trading. The whole market mas
built entirely upon public participation
| and the knowledge that business is going
| ahead at a rate which promises to exceed
even the most optimistic utterance of
| those who felt some time ago that the
country was in for a period OF unprece-
dented prosperity. There was an at
tempt in the afternoon through the
money market to discourage speculation
In the industrials by advancing the rate
on all industrial loans to as high as IL
per cent, but, as has frequently hap
pened before, the public refused to pay
any attention to It whatever. Al the
same time. however, the pace appeared
| to be entirely too fast to be maintained.
| notwithstanding the fact that offerings
were readily absorbed and notwithstand-
ing the fact that there was heavy profit
taking in the standard shares in the final
period, which. by tho way. was the period
in which most OF the high records for the
day were made. In many respects II
was about the same kind OF a market as
was experienced on Saturday, with these
exceptions: the trading was more active
that the rise IN tho standard shares was
more pronounced, and that the public
participation was q more important
factor.
The copper stocks were the principal
features at the outset. all going into
new high ground on the announcement
of another advance in the price Of cop
per metal, but after the outset inter-
est shifted back into the specialties and
finally In the afternoon into the standard
steels and equipments, With respect to
these issues, those who have been SELL
ing Steel common in particular last
week on the theory that the market was
going down because the Steel refused
to rally after the publication of the
monthly tonnage statement had another
bad time of II and the situation was
even worse in the case of Crucible and
Baldwin. These two issues were the
really spectacular features Of the day.
Crucible got up to 1874, an advance Of
more than II points for the day, Bald
win went to rearly 125 and Bethle-
hem crossed par by a wide margin.
An attempt was made in the afternoon
to revive interest in the railroad shares,
but about all that could be moved were
the lower priced issues which were ac-
tive in the markets of last Friday and
Saturday. Even these issues turned
quiet, however. in the last hour. when
interest was almost exclusively devoted
to the standard steels and equipments.
The money market was disappointing.
Wall Street had expected after the
showing made by the bank statement
on Saturday that there would be no
further trouble in that direction yester-
day. However, those who had inquired
the situation out this way were under
an illusion, for in the AFTERNOON call
money on all Industrial collateral was
suddenly jumped up again to IL pei
cent, but it did not have the effect
of checking the advancing movement
Those who have followed the money sit
uation closely expected a small furry
on account of the payment that viii
be made on the Victory Loan to-day
but they had also anticipated that the
maturing certificates of Indebtedness
| amounting to some $6oO.ooo,ooo. would
take care of ell needs in this direction
The foreign exchange market was weak
gain. with sterling making its daily
low record and pulling all the rest oil
the exchange down with it. Francs
we're weak and SO were lire, although
some of the neutrals. which have beer
under pressure lately. showed hrmea
| tone.