The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-14
FINANCIAL NEWS
AND COMMENT
Advance Of Prices Is Resumed
in Last Hour, but With
Less Vigor.
BUYING QUALITY BETTER
Offerings Are Readily Taken,
With ,Specialties as Most
Important Feature.
BUYING QUALITY BETTER

Reactionary talk preceded the stock
markets. opening again yesterday and
Tor the fore part of the session the price
movement was entirely In keeping with
expectations. There was further and
more pronounced selling than at any
other time since the current movement
began. and for the moment It appeared
as though the upward movement had
lost much of its impetus. But the reac-
| ton had involved no change in the spec
ulative position of those who have been
mainly responsible for the rise, nor had
II been successful In bringing out any
real long stock except in the way of
profit taking sales and when this be-
| came apparent In the last hour the rise
was resumed, although with less visor
than has been characteristic of most of
the sessions OF late. This feature OF
elasticity nevertheless showed that the
buying was still better than the selling
| and that Notwithstanding the extent OF
the recent upward swing, the technical
position Is also great deal stronger
than most people have been led to be-
lieve.
At any rate II afforded a fairly per-
suasive test Of the markets inside posi-
ton and in the main the markets an
swer to this test We rather satisfactory.
There was of course a great deal of
cashing in of profits that the latest bulge
had made too tempting to carry any
longer. and also "A large amount Of short
selling by those who figured that the
market was duo for a more substantial
reaction. But all offerings were readily
absorbed again. and at the closing II APP
peared as though the market had about
cleared away the unsafe superstructure
that had been erected as result of the
sustained rising movement There was
still a great difference of opinion in
brokerage circles as to the immediate
future of the market, the majority OF
houses believing that the rise has now
reached n point where it IL advisable to
do more selective buying. But they were
all OF the same opinion on at least one
point, and that was that the market is
in an entirely too strong a position to
permit any about face as a result OF
short selling from the professionals alone
There was again very little news with
bearing on the market. and what little
there was had no influence whatever
upon the price movements during the
day.
As was the case on Wednesday, special
ties again provided the most important
features while the rest of the market
was reacting. Industrial Alcohol made
another spectacular gain in face of the
profit taking elsewhere. closing the day
with a net gain OF more than - points.
All of the food stocks were active, as
were the feathers and one or two OF the
equipments. But the great majority OF
standard shares were reactionary to the
last hour, when strength developed all
around. Steel common was under pres
sure, and in this respect the opinion
seemed to be that these particular stocks
have experienced about as much or an
advance as they are entitled to under the
ri eta
pected that the new steel plan would
have the effect of increasing the orders
on hand, but 1t now appears TO have
had Just tho opposite effect, according
to the weekly trade reviews. The rails
were disappointing again, although
somewhat frmer than the rest OF the
market. But as a whole, they showed
no disposition to improve except in a Few
special descriptions, in which there was
rea son for price betterments in the days
news developments Trading was active
again. being maintained on the million
shares scale. and fairly we'll distributed
throughout the five hours of business.
The money market was unchanged
Call rates were a little easier II anything.
This was especially significant in view OF
the broadening of public interest into the
trading. There was much talk in specu-
lative circles about Il large expansion in
brokers' loan accounts, but a canvass OF
several houses yesterday revealed only
one case where any such thing had taken
place This was only small amount,
however, and was due more TO invest
ment purchases than to the broadening ,
of speculative activity during the last
month. There was very little of interest
in the foreign exchange market. Francs
were slightly easier again, as were
some of the neutrals. but as a general
hnt
changed from the closing on the pre-
ceding day.