The sun., 1919-10-10
FINANCIAL NEWS
AND COMMENT
List Generally Advances Again,
With Speciality Stocks in
the Lead.
MUCH REALIZING APPEAR RS
Motor and Accessory Shares
Go Forward as Steels
Lag Behind.
MUCH REALIZING APPEARS

The stock market distinguished itself
again yesterday by another very gen.
! eral advance which was fairly uniform
| 80 far as the speciality stocks were con-
cerned. The strength Of the rest of the
market however. was not 80 pro-
nounced as on Wednesday, nor was the
interest for that matter. 1t was essen
tally a speciality market, with the mo-
tor shares and accessory stocks leading
the rest of the list in the matter Of
| strength at the expense of interest in
| the steels and industrials, which on the
preceding day had given evidences Of
returning to favor with the speculative
public. These issues rather Jagged yes
| terday in comparison with movements
of the specialties, for the reason that
the market had to contend with a good
deal of realizing on the part of traders
whose profits had become too attractive
! TO carry on longer and for the addi.
! tiQnal reason that many persons took
advantage of the strength, particularly
of the steels. to even up commitments
! for over the period of suspended anima-
ton over the week end, which will be
prolonged on account Of the extra holi-
day next Monday.
This. selling was not important
| enough to bring about any general de-
cline in prices in the steel shares, nor
did 1t have the effect of weakening the
general undertone. but It hindered the ef-
| forts OF those who are attempting to
move prices to a much higher scale and
undoubtedly foreshadowed much larger
operations along the same line to-day.
Many traders, for instance, are planning
| to clean up commitments to-day SO as
| to be away from the Wall Street dis
trict until next Tuesday. and for this
reason not a great deal is being antici-
pated marketwise until after the first of
the week. But this was in no way al
lowed to interfere with the movements
Under way in the special stocks. nor is
it expected to have any material infiu-
ence in to-day's market so far as these
particular issues are concerned. There
| was no special reason yesterday for
selling the standard stocks so far as
the news developments were concerned
The steel strike situation was as favor
able as could be expected under the cir
cumstances, and President Wilson's con-
dition continued to improve. 1t was
wholly a case of technical condition
with the steel shares and of the desire
OF traders to rid themselves of standard
issues over a period pregnant with so
many possibilities for adverse develop
ments to affect the course Of securities.
Nevertheless the whole market was
still a very remarkable AFFAIR in so far
as the demonstration Of underlying con-
| 1uenCe was concerned. Inc manner IN
which the speciality shares. particularly
the motor shares, were marked forward
was especially impressive in view of the
statements which have been made as to
the effect Of the steel strike on the auto
mobile industry. 1t had been commended
| all along that II the strike Is long
drawn out the motor industry will be
bit very hard, but all OF this was ig-
nored yesterday. General Motors was
marked up very sharply again there
was another spectacular advance In
Stromberg: the oil shares, with Next
can Petroleum and Texas Company
leading, made very remarkable
showing. and interest was revived in the
tobacco stocks. which went forward
again under the leadership of United
Retail Stores. The rest OF the market.
how ever while displaying a very strong
| uu6ertone, did very little. There was
an effort to continue the advance in
Steel common. but 1t met with consider
| able stock for the reasons pointed out
| above.
There was no change in the money
situation Call loans ruled high all day,
| but the stock market community has
| apparently got used to the spectacle
| of high money. for there was no sign of
| uneasiness in this connection yesterday.
| iAS hiOhSy nv SSeNSaNnSt
was much frmer than usual, a circum-
stance which was rather surprising in
view of the fact that more than $751;
600, 600 went unloaned on the Stock Ex-
change at the closing of business on the
preceding day. Yesterday there was an
actual shortage OF funds all day. and
the closing rate was practically the
highest of the day. The foreign ex-
change market was still featured by
irregularity. Sterling went lower dur
ing the forenoon but rallied somewhat
later on in the day along with the other
rates.