The sun., 1919-03-08
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Expands to
Million Share Scale and
Prices Harden.
PUBLIC MORE INTERESTED
Real Centre Of Attraction Is
Steel, Which With Other
Issues FORCES Ahead.
PUBLIC MORE INTERESTED

Activity expanded in the stock market
yesterday to the million share scale and
the day was further sisnalized by the
most emphatic turn Of strength for the
current movement. Starting with the
shipping shares and one or two of
the specialtles. the buying movement
broadened as the session progressed ard
made itself felt in all parts of the indus
trial list. There was further short
covering in the rails and a general
broadening OF public trading in the
equipments. industrial shares and in
divldual specialtles. But tho real in
terest of the day converged. just as II
had right along, upon the steel stocks,
particularly Steel common itself. The
way those stocks and various others
went ahead was suggestive of a more
complete revival of speculation than
traders had dared to anticipate at this
time and also that perhaps the move
ment might have the backing of more
substantial interests than have been
credited as being leaders In the recent
upward swing.
At any rate It was the broadcast and
most active market OF the year. II did
not go ahead without some opposition,
however. on the part Of the bear traders
who still have In mind the unfsvorable
Impression created by the railroad situa-
ton and other problems with which the
market has had to contend OF late But
all offerings were readily absorbed and
although there was some profit taking
toward tho close. the last hour was
period of renewed and further harden
ling of prices, with the result that the
finish was at about the high Of tho day
Speculation in some Of the speciaities
was very much excited at times and the
advance seemed to be entirely too rapid
to be maintained but there were no in
dications OF any let UP In the activity
at the closing. although undoubtedly
some issues have been as heavily over
bought as they were oversold at the be-
ginning OF last month. In fact there
was a disposition after the closing to
proceed rather cautiously. so far as the
leading specialties were concerned, and
talk was heard in brokers' quarters also
That a diversion OF interest to other
parts of the market would not DO out
Of order while the speculative position
In those shares was being readjusted TO
the advanced price level.
There was no news again to account
for the movement. II anything the days
news developments were unfavorable !:
that Is to say. except in so far as the
news of the railroad situation was con-
the short interest which had been built
up in the rails was plainly nervous. al
though no very determined effort was
made TO drive them to cover until the SEES
sion was well advanced. But those in the
steel shares who have been holding OFF
in hope that the steel conference would
produce some bad news and bring out
enough stock for them to cover ex-
perienced another day. They came In
for more attention than at any other
time thus far. and not only that, but
there also seemed to be a broadening OF
interest in some of the minor steeIs
| which had been rather neglected in the
| course OF the upward movement OF the
general market. This was particularly
true of Republic and Lackawanna Steel
The equipment shares were all strong
| under the leadership OF Baldwin. and
there was further urgent covering In
the marines. Among the specialties the
most important feature was American
International Corporation. which MADE
another sharp advance during the day
to a new high record. Industrial Alco-
hol lost none Of its favor. nor did the
petroleum shares. although profit taking
was plainly under way In some of them
during the last hour or so.
The money market was slightly easier
in spte OF the increase in speculative
activity TO the million share scale. Rela-
lively however, there was more interest
in money circles In the report Of the
possible formation OF large pool for
tho purpose of helping the Railroad Ad-
mlnistration than there was IN the mar
ket for money for speculation. That re-
port created much interest during the
day, but investigation proved that Il
was hardly practicable. There Is IN
fact no need for any such thing. The
problem IL being worked out by the
Director-General and the Treasury De-
partment.