The sun., 1919-08-10
FINANCIAL NEWS
AND COMMENT
Whole List Moves Forward on
Improved Sentiment After
Presidents Address.
CAR AND FOUNDRY LEADS
Bank Statement Shows Drop
in Surplus and in Demand
/. Deposits for Week.

| The rally which set In near the close
OF Fridays market continued yesterday
n the short session. both rail stocks and
| industrials rising two to three points
| by reason of the Improvement in sefiti-
ment following the Presidents recon-
| mendations to Congress and the GER
tainty that Congress Is antagonistic
toward the Plumb bill. From the start
of trading the whole list moved for
ward and the rebound was all that could
be desired In two hours of purchases and
sales. The rails were helped, not only
by the news from Washington that the
Plumb bill could command little sup
port in Congress, but the reports indi-
eating that striking shopmen were re-
turning to work was construed as favor
able. On the whole the Presidents ad-
dress had been more than discounted
| and attention was directed to its favor
able features In many cases the active
buying in the transactions of 100000
shares represented the evening up of
accounts by those who had taken n short
position earlier In the week. Because of
the three breaks, which occurred during
the week. stocks ended below the finals
OF the week before, generally 8, points
! or more under the closing of August 2,
| 1t appearing that scale buying and short
covering combined only partially Offset
the liquidation which had been discern
tble. The tone of brokerage letters yes
terday was rather on the constructive
side, largely on account of the Presi-
dents message and the fact that stocks
| were In stronger hands
American Car and Foundry sprang
into prominence as a market leader,
selling UP to a new record price and
ending the session with q net gain of
| 9 points. An increase In Its dividend
| to IL per cent per annum is the pros
peel. Tire stocks responded to the re-
ports that the manufacturing concerns
favor an advance in the tire prices.
In fact there was not a weak spot in
the entire active list. and while Sat-
urday market is generally unimportant
| on account OF the many absentees,
| the major portion of the invest
ment and speculative public looks for
ward to an interesting and construo-
tive market this week, providing OF
course that no important unfavorable
developments arise On the other hand
/ the banking community would like to
see a quiet and orderly market during
| the balance of this month. and 1t prefers
waiting policy pending the working out
OF the labor problems. the cost Of living
unrest and rehabilitation to some ex-
| tent Of the exchanges. More. II is ex-
| peteu, Will O6 nedTu INC III
| ternational situation and satisfactory
| foreign credits must be negotiated II our
| foreign trade Is to continue In its pres
ent large volume. The principal fea-
lures of the days news were the mega
| ton of destructive effects from the
Presidents message and the unified
| tonnage statement of the United States
Steel Corporation.
The gain of some 6s5.00o tons in un-
filled orders was slightly better than
had been anticipated, but the statement
appearing after the close of the market
had no effect on Steel common, which
gained 1ss to 104ss, compared to the
weeks low of 1904.
There was no feature In the foreign
exchange market and little feature IN
the bank statement, which showed q
decline in surplus Of S16,002.32o. to
S51,137,750. Demo nd deposits decreased
s41 .2O4 900 and time deposits increased
s11,223,0 900, indicating considerable
shift in the character of deposits and
enabling the banks to put out more
time money. Loans showed decrease
Of only s21916,000. Bank clearings
last week totalled sS,055, 8os.417. against
ss,l2s,s3s,045 week ago and $751;
eO6. 006 a year ago According TO the
trade reviews, the good outlook for fall
trade is clouded only by the possibility
of dislocat.on of the means OF trans
narration.