The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-16
FINANCIAL NEWS
AND COMMENT
Stock Movements Continue to
BE Independent Rather
Than General.
MILLION SHARE SESSION
Spetialties Touch New Highs
for Year in Spite of
Profit Taking.
MILLION SHARE SESSION

The stock market again yesterday was
succession Of special moves rather than
any general movement. There were
many stocks which were neglected alto
gether. and either stood still or moved
forward fractionally In sympathy with
the specialized In the latter department
here was another headlong rush for
yard which gained Increased momentum
with the progress Of the session. These
issues. one after the other were whirled
upward again at times with great vio-
lence into new high ground for the year.
despite the obvious weight OF consider
able profit taking in stocks which the
latest bulge made too profitable to carry
any longer. The effect OF the favorable
terms OF the new Victory Loan seemed
to have largely worn Off, but there were
no Indications OF any letup of the ad-
vancing movement. On the contrary, the
way some of the issues advanced seemed
to have given new confidence to the
financial community in the ability of the
market not only to maintain its ad-
vance but also to continue II. Dealings
were again on the million share scale.
There was very little news to account
Tor the movement except the continuing
influence of the Victory Loan terms and
the progress made toward peace In Paris
All of this. OF course, tended to increase
confidence. but for the most part the
strength Of the market seemed to be due
to general broadening Of public IN
terest In the market to the disregard OF
all factors. So far as the general situa.
ton is concerned, Wall Street contends
that the stock market has pretty well
discounted any developments toward
peace. II is anticipated that there may
be further bulge on the announcement,
or the signing of the official document BY
the Germans. but tho real movement is
gradually simmering down to stocks IN
which there are real prospects Of an
early revival OF business activity, or In
which business activity has already
starred to large extent. 1t Is argued
100, for instance, that this Is the real
reason for the strength Of the motors
while the failure OF the steel business to
pick up is the real reason also for the
failure of the public to pay much atteu-
tion to the standard steels and other Is.
sues. There are several other reasons
of course, In the case OF Steel common
Including the uncertainty about its divi-
dend, but there Is undoubtedly a great
deal more discriminating in buying
stocks In the current market than there
has been In months.
The outstanding feature Of the day,
the strength OF the specialties In case
Of yesterdays market It was the marine
shares and shipping issues. With re-
spect to these issues there has been a
revival of t2lk of merger of all the
principal shipping concerns operating
ships under the American flag This is
the same shipping deal that was under
way last year and which was finally
dropped because of obstacles in connec-
tion with the deal for the sale of the
British ships OF the American Interna-
tional Mercantile Marine Company
There has been no official confirmation
that any deal Of this kind is in progress
but nevertheless from the stock market
point OF view the strength OF the issues
makes this explanation as good as any
other that can be raked up TO account
for the sharp advances Baldwin and
the other equipment issues were more
active yesterday. and there was strength
also in number OF the higher priced
rails, notably in Southern Pacific, but
otherwise the market was practically a
repetition, of the preceding days session.
and also of the various sessions imme-
diately preceding that. The coppers
continued heavy. and the steel stocks,
with one or two exceptions, moved with
in very narrow range.
There was no change in the money
situation, nor is any change expected
until after the Victory Loan and the
payments on II are well out OF the way
In the foreign exchange market the
most noteworthy feature was continued
strength in francs. French cables ad-
vanced more than points In sympathy
with the favorable settlement of that
Government claims at the peace table.
Sterling steady and italian lire showed
considerable recovery from the sharp
declines of the last few days. Liberty
bonds yielded slightly on the days trad
ing