The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-04
FINANCIAL NEWS
AND COMMENT
Rise In Prices Is Fairly Gen
eral and Trading Expands
to Recent Average.
STEEL LEADS ADVANCE
Improvement Well Sustained,
but Some Profit Taking
Causes q Few Declines.
STEEL LEADS ADVANCE

Another fsiriy general rise occurred
on the Stock Exchange yesterday. al
though tho buying Of number OF the
specialties which attracted prominence
last week by their strength was more
restraipe6. In that respect the market
offezed a more normal appearance The
l1sdsrship Of Steel common, which, with
tho dividend included, went to q now
high mark. and the continuation Of q
good inquiry for the standard rails en-
Outraged sentiment. whereas the con-
centration of activity last week In q
limited number OF individual shares had
caused much misgfvings as being ut
terly abnormal. Trading expanded again
to about the average of recent sessions,
and the Improvement was well sustained
10 the closing. although some of the
more important issues declined fraction
ally toward the closing on profit taxi
ing. The absorptive capacity Of the
market. however. was excellent and,
while there were slight recessions. the
market at no time presented an aspect
The bulk the days gains were re-
corded in the first hour. but the trading
was we'll distributed throughout the Ave
hours of business Tho main factors
In the days dealings seemed again to
be the broadening Of outside buying and
the change in sentiment brought about
through the most prominent part played
by tho standard stocks In the trading.
There was no particular news with re-
spect to the standard shares to account
for their strength. Nevertheless, 1t Is
becoming apparent that business Is be-
ling gradually readjusted TO the new
basis and that the trend of the steel
business in particular Is toward i'm
provement SO far as the price question
Is concerned. Emphasis again was laid
on the meeting of producers to be held
during the later part of the week, and
the probability that some agreement
would be reached whereby prices would
be put down to point where business
could be expected to increase soon. The
passage Of the bond bill was encourag-
ing. as were indications from Paris to
the effect that the peace question will
be given first place in discussion from
now on in order to bring about the re-
turn Of trade relations as soon as pos
sible. Otherwise Wall Street paid very
little attention to the news that Is to
say. from the stock market viewpoint
The advance. while fairly general, as
sumed most important proportions in the
steel shares Under the leadership of
Steal common all of the minor indus
trials and independent steels made fur
Their gains. The specialties were by no
means neglected by the rising movement
elsewhere. but generally speaking. they
did not play an important part in the
dealings as they did last week. What
ever was lacking. however. in the way of
gains In this department was more than
made up by the strength OF the higher
H.. 1t ~
provement under the leadership of Read
ing. Among the stocks in this depar tment
TO show strength were Southern Pacific
Union Pacific, Canadian Pacific. Great
Northern and Northern Pacific. Cen
eral Motors made a further advance
Kelly Springfield was another promi-
nent feature, and some OF the oils were
marked up rather enthusiastically a,
first. Activity continued in the equip
ments. which gained ground in the deal
ings last week. making further and more
pronounced progress, especially Baldwin
The coppers, while generally active, did
very little at any stage of the trading
The disposition here seemed to be to
await the outcome OF the dividend meet
ings of several OF the larger companies
In the latter part of this week.
The money market was easier, reflect.
ing the Improvement on Saturday in the
reserve position of the banks as dis
closed in the bank statement. There
seemed to be plenty of money available
for call loans in spite of the increase ir
demand that has followed the expansion
of speculative activity on the stock Elk
change. In the foreign exchange mar
ket fluctuations in francs were again
the outstanding features There was
further weakness in that exchange al
the outset, but support appeared after
an hour or so, and there was a recovery
Of substantial proportions.