The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-11
FINANCIAL NEWS
AND COMMENT
Activity in Stocks Increases
and Trading BrOadcns in
Million Share Session.
PUBLIC INTEREST LARGER
Profit Taking Checks Upward
Movement of Market
in Afternoon.
PUBLIC INTEREST LARGER

There was no letup yesterday TO the
activ ty which the stock market devel-
oped last week The dealings. in fact,
were broader and more active than ever.
There was trading in more than
million shares again, and although some
stocks which have advanced most re-
Gently were plainly under selling pres
sure for the greater part of the day,
new speculative buying appeared in other
quarters OF the market Thus while
Steel common showed n reactionary dis
position from the opening, stocks like
Mexican Petroleum, American Wooden,
Distillers, American Sumatra, American
International and other specialt es forged
ahead again with the same vigor that
was characteristic of all sessions last
week. The selling OF Steel was reported
as extremely important in the broker
age community. but 1t did not make
much impression on the price, nor d
1t have the effect of producing any very
large amount of weakness in the minor
industrials which were features of Sat
urday's short session.
Nevertheless there were indications
at the closing that the long account
had been somewhat overdone in the
sessions recently and most of the large
comm ssion houses were advising the
liquidation of profits These advices
development or on any other considera
ton which ordinarily would be a factor
In the current market, but merely upon
the theory that the market has had d
sharp rise and that there are many
accounts in which the speculative prof1ts
are too attractive to carry any longer.
This will, 1t Is contended, place the mar
ket in a much stronger technical posi-
! ton. for although most of the large
tN,t ~tx ell 81
loans, It goes without saying that the
market is not in as strong a pos tion as
1t was month ago. with its extensive
short interest Moreover, 1t is becoming
evident that the amount of public inter-
est in the trading is much larger than
Wall Street previously has been willing
to admit. This was especially clear at
the outset yesterday, when the over
Sunday recess brought in a large num-
Der Of new buying orders from the
public which resulted in another distinct
advance of the price level from tine high
OF last week recorded on Saturday.
These prices were not maintained
very long. however, for stock came out
on the market after the first hour and
the general list sold off fractionally.
This pressure did not continue except
in the steel and equipment shares and
as the session progressed II became evil
dent That there was certain shifting
Ia speculative interest in anticipation of
a reaction in the main position. Among
the most prominent of the oils and spe-
cialties to be taken UP WAS Mexican
Petroleum, which sold 10 a new high
for the current movement and within
only few points OF its previous his h.
The rails also came in for slightly more
attention and the feeling in this respect
was a great deal more hopeful than at
any other time since Congress adj
journed without passing the General
Deficiency bill, with its 100000
addition to the revolving fund. Ameri-
can Internationals advance was con-
tinued and Republic Steel held its
strength, but the steels and coppers
were plainly under the influence of real
izing sales for the best part of the day
and some other pressure in the form of
professional selling from the floor trad
ers. This may have been due to the
further falling off in the monthly ton
mage report which was made public at
noon. but at any rate the aDsOrptive
capacity in steel common itself was not
equal to the offerings. There was moth
ing surprising in the falling off in the
tonnage statement, but it undoubtedly
had a sentimental effect OH the dealings.
There was no important change in the
money situation. Call rates were slight
ly easier as was to be expected in view
OF improvement in the reserve position
as disclosed by the bank statement on
Saturday. In the foreign exchange
market weakness in francs continued TO
be the outstanding feature. But other
wise rates we're about unchanged from
last weeks closing.