The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-27
FINANCIAL NEWS
AND COMMENT
Standard Stocks Are Slightly
More Active, but Situation
Generally Unchanged.
MANY ISSUES GAIN AT END
Some Profit Taking Appears
i'm Last Hour, but Does Not
Cause Serious Drops.

Much the same conditions prevailed in
Wall Street yesterday that have been
witnessed all during the last week or
more. There was slightly more activity
perhaps in the standard shares on ac-
count of the short covering preparatory
to the usual week end evening UP OF
commitments, but on the whole specula-
tive conditions underwent very little
change. The steel situation was still
the dominant factor. and the uncertainty
OF overnight developments had re-
straining influence on speculation all
through the list-that Is to say. with the
exception of the specialties, which pro-
vided the financial market with the out
standing features of the day. The stand
ard stocks, while displaying a strong I'M
dertone, were generally neglected. as
was to be expected in view Of the uncer-
tainty as to the next step in the steel
strike. The whole market Is still hing
Ing, for that matter, on the labor situa.
ton, and outside of the specialties the
attitude Of Wall Street continued to be
a waiting one.
Just as had been expected, the real
fear now in connection with the steel
strike is the possibility of the Govern
ment stepping in and not the possibility
OF the men winning out, as many be-
lieved. This consideration has been fore
most in the minds OF important financial
interests all the way along. and until
there is a decision one way or the other
It is the opinion of many persons that
this question is likely to become almost
as serious to the market as was the pos
sibility OF a steel strike some time ago.
AS for the steel strike itself. the con-
fidence which continues to be expressed
in the market Is Of itself as much of an
expression on this subject as Is needed
The only thing now is how long will II
last, provided labor interests are unsuc-
cessful in their attempt to have the Gov
eminent step in and force a settlement
II 1t should end next week. as some Of
ficials have predicted, 1t would undoubt'
eddy have a very favorable influence or
the trading, but unfortunately the most
conservative interests are still looking
for long drawn out fight, lasting per
haps a month or more.
Nevertheless, there was a rather ex-
tensive array of net advances disclosed
at the finish and some of these were
pronounced. General Motors. for in
| stance. was especially strong with a mel
| advance of more than 16>points. Ameri'
can Can stood out strongly all day
Crucible Steel crossed 200 to a new high
| and the sugar stocks. with Cuba Cane
| Sugar in the lead, were unusually strong
| features. Most of these issues, how
| ever, were speciality stocks, for Will
one or two exceptions, the standard is
sues and Steel continued to move within
a very narrow range. The only differ
/ ence in this respect between yesterday,
! market and those Immediately preceding
was that the net changes instead Of
being fractionally downward were frac
tionally upward. Some profit-taking sci
| in the last hour. but, inasmuch as tho
| trading in the last week has been very
largely on the short side, this did mo-
| amount TO much so far as causing Sc
| rious setbacks The tobacco stocks were
almost the sole exceptions in the spe
cialty group to the advancing move
ment. These issues were under the in
fuence of prof1t-taking and receded
| American Tobacco lost several points
and most of the other stocks. which
have advanced In sympathy recede'
| slightly.
| The money market was firm again
| Cali money after opening at per cent
loaned around per cent at~the clos
| ing. There was no actual change in thu
situation, however. Banks are Still
called upon by the Government 10
funds, and in addition TO this furthe
| strain was put on the Money marke
| Yesterday on account of financing stool
purchases for over the week end. Their
is no money market on Saturday, an
for this reason arrangements Away
| have TO be made on Friday to carr,
stocks over the period of suspended ami
nation. The foreign exchange marke
| was very strong. Following the an
nouncement that the Government ha
decided to fund the interest in the for
eign credits, It became known that Their
is considerable gold on its way to thi
country. The first of this will be lande
to-day and undoubtedly will have yer,
important effect in the exchange mar
ket as this is one Of the main reason
why there has been no argument In Ia
vor of an improvement in exchanges
Heretofore the British Government
which is permitting the shipments, ha
refused to allow gold 10 be sent to thi
country, and, inasmuch as credit coul
not be arranged. absolutely nothin