The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-30
FINANCIAL NEWS
AND COMMENT
Profit Taking in Leaders in
the Recent Advance Feature
Of Season.
-
COURSE OF BUYING SHIFTS
Decrease in Surplus Reserve
of S14,358,O00 Shown in
Bank Statement.
OF BUYING SHIFTS

Saturdays short session of the stock
market was given over pretty largely
to an absorption of speculative profits
accruing in stocks which were lead
ers OF the advancing movement on Fri
day. With new buying in some OF the
food shares and individual issues which
have rather Jagged behind recently.
There was some further strength in the
steel group at the outset. but on the
whole the tendency in this direction
seemed to be to restrict operations in
order to give the market an opportunity
to adjust itself to the new price level
The strength in the specialties was not
very impressive. nor was the selling of
the standard issues for that matter.
The indications with respect TO the lat
ter were clearly that tho market has
been heavily overbrought on tho con-
structive side. Out prices did not recede
with any degree of ease and there were
no suggestions that the selling could
not be accounted for either by profit TAX
Ing or the usual week end evening up Of
considerations.
There we're no fresh news develop
ment during the day, and primarily the
impulse to sell eecurities came from
the knowledge OF the weakened techn!-
cal position and the usual week end
considerations Some little attention
was paid to the vunfavorable news from
Europe and there seemed to be a dig
position to take a somewhat moro con-
sentative attitude on the general situa-
ton. for no other reasons, however.
than have not been apparent previously.
The annual report Of the Steel Corpora
ton, which gained circulation through q
leak on Friday. seemed to have pretty
well run its course as a market in
fluence and less attention was paid TO
the forthcoming reports OF the Midvale
Steel and Ordnance Company, United
States Rubber and two or three others
which will be published early this week
All of these seemed to have been dis
counted and traders were apparently
content to let the market follow It's own
course. The weekly trade publications
continued to report Improvement In
the general business situation. but the
market paid equally as little attention
to these as 1t did to other and more
important considerations, or In fact any
thing which might ordinarily have been
expected to exercise some influence on
the trading.
So far as the individual movements
were concerned, the outstanding feature
OF the day were the food stocks. Corn
Products continued its advance in spite
OF the open encouragement earlier in
the week on the part of insiders. and
the strength of this issue carried all OF
the other miscellaneous stocks along
with Il. There was further running In
of the shorts in General Motors at the
outset; Studebaker went higher. Wilson
& Co., the Rubbers. Mexican Petroleum
and, in fact, most OF the other special
ties made further improvement under
the stimulus OF fresh buying IN the gen.
eral market at the outset. The strength
Of most OF these issues. however, was not
maintained after the first hour. Begin
ming with the steel shares, proflt taking
set in and the general list weakened.
selling off rather heavily at the closing.
which was about the lowest OF the day
III the selling which followed the initial
outburst of strength the only conspicu-
Gus Issues to hold their gains were the
food shares Corn Products. American
Linseef and Wilson & Co. although re-
ceding somewhat. held strong and closed
the day with fairly substantial gains.
The weekly statement OF Clearing
House members disclosed a decrease In
surplus reserve OF approximately 314.-
ass 900 despite a moderate reduction In
deposit liabilities. Tho Impairment IN
tn. reserve position was due solely to
decrease OF $14 ,23l 900 on reserve cred
its with the Federal Reserve Bank of
New York The foreign exchange market
was quiet and most OF the rates wore
especially in the case OF etsr.
ling and francs. Bank clearings tor the
week totalled Sc, 6,653.445 against ST.
6SS,s1S,410 last week and s5,7l4.o96.377
in the corresponding week n year ago.
Increases were reported by most OF the
leading cities. including New York. Bos-
ton, Philadelphia Kansas City. Pitts
burg. Detroit, Baltimore and New Or