The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-30
FINANCIAL NEWS
AND COMMENT
Active Stocks, Except Oils
and Standard Rails Gain
in Broad Market.
NEW SPECIALTIES LEAD
Outburst Of Buying Appears
After Reaction Following
Profit Taking.
NEW sPECIALTIEs LEAD

Active stocks, with the exception of
the otis. which have advanced so rap
idly, and standard rails, which were
barely steady, made further progress in
yesterdays market. one Of the biggest
and broadcast of the year. The fact
that the directors of the Steel Corpora
ton were to meet after the closing
prices were recorded caused no diminu-
ton In the volume Of trading, but did
lead to o large amount OF profit taking.
New buying. however. appeared on the
reaction in the highly speculative issues
and the last hour was especially buoy
ant and exciting. 1t was noticeable that
the advice from many sources to take
profits and to exercise caution regard
Ing new commitments was needed dur
ing most of the session, but new spe-
cialties, particularly the shipping shares,
sprang into leadership and some Of the
market movements bordered on the sem
sational The opening was irregular
and sentiment appeared to be mixed.
but the shipping shares were strong
from tho start Transactions exceeded
100000 shares. 1t was the fifteenth
million share" day since tho first week
In April.
The market during the greater part
Of the session was q duplicate of those
which have come to be taken as a mat
ter OF course during the past month or
80. The general trend appeared to be
upward in spite of an advance in call
money and a report that the banks were
requiring q high margin in those issues
which have advanced so spectacularly of
late, There were sharp individual ad
vances, with here and there the varia-
ton Of an equally sharp decline under
81 a..
a curious phenomenon, this persistence
in repeated forward movements. no
matter how much the tendency to take
speculative profits. and no matter the
advice from responsible quarters to go
slow" in the tendency to indulge in In
vestment or speculation. The general
news developments appear to be ignored,
whether favorable or unfavorable. and
even Stock Exchange houses themselves
would be glad to get breathing spell
and time to take account OF stock.
A great deal OF attention was paid e
the market movement of Steel common
and American Telephone and Telegraph
to the former because of the light thai
might be thrown on the dividend actor
in the late afternoon. to the latter be
cause OF the collapse OF Government
ownership propaganda in the case Of the
ra Is and wires The rise in Steel com
mon to 1O2, with closing price OF lOl -
for a net gain of y. gave no indication
that the directors would cut of the entire
extra dividend. and II Is an open question
whether Steel common as per cent
stock can keep its head above par. One
Of the bearish points in connection with
the quarterly earnings was the steady
decline in net earnings, the March ngurt
being $s.390.1s0. against S12.240.167 In
January. With a monthly average o.
Il,l70.0o0 In net earnings and an un
stated amount OF deduction for Federa
income and excess profit taxes, the Stee
Corporation earned its Y per cent com
mon dividend, with balance OF $4.s22,
$40. American Telephone and Tele
graph. however. sold UP points, thu
end of the Government ownership men
ace and the nearby return to private
control overshadowing the possibility o
A lean period Of earnings during the tint
Of high wage costs and material AM
supply expenditures
Call money was trihe hrmer, tn
bulk OF the loans being placed at pc
cent. for mixed collateral and 81 pc
cent. for all industrial. There was littl
business in time money. Liberty bond
| advanced fractionally The foreign ex
change market was steady, the onl.
changes being a fractional decline II
sterling cables to 4.67h and demand 4
1854, and a small advance In peseta
to 2o.37 for cables and 20,27 for checks