The sun., 1919-05-03
FINANCIAL NEWS
AND COMMENT
Interest in Speciality Issues
Continues in Session Of
Great Activity.
MOST STOCKS ADVANCE
Buying Of Rubber, Oil, Food
and Other Individuals
Is Again Heavy.

terday was on a scale Of undiminished
activity and interest continued to CEN
are In the speciality shares. Strength
was perhaps an even more conspicuous
feature of the day in so far as these
particular issues were concerned. There
was the same heavy buying in the rub
bers oils, food shares and other indi-
vidpal Issues that has been going on all
week. 1t is true that the general list
did not recover materially from the low
levels OF Thursdays decline. But there
was n general upturn. which was rather
firmly maintained, and various aspects
OF The dealings went to suggest that
none of the matters which have been
mentioned In the talk Of Wall Street a,
untavorable to prices had really much
weight against the major factors which
are working In behalf OF constructive
positions. There was some disappoint-
ment around midday at the failure of
the market to sustain the heavy scale of
tracing established in the early deal
ings, but In the last hour business was
resumed in broad volume and nearly all
issues advanced.
Perhaps the most important feature
OF the day. aside from the heavy specu-
iation in the rubbers, was the recovery
OF Steel common. That this issue should
recover In face of the cut In the divi-
dend and the poor showing made in the
earning statement was surprising to
those who have maintained that until
there was some settlement OF the steel
price question Steel would break
away from the rest OF the list in the
matter of activity. However that may
be, the stock was strong yesterday. and.
although there were no indications of
new buying. there was more than the
usual amount of confidence in some
quarters as to favorable settlement OF
the price question. Steel producers are
scheduled to meet the Director General
or Railroads next week and there is
! cool reason to believe. according to in
formation reached in some quarters, that
come agreement will be reached which
Will be satisfactory to both parties. This
| is the question upon which the whole
steel industry is waiting. There are
those who do not agree with the price
stabilizinS plans in so far as it's being
the oest thing for the steel industry in
the long run. But It is generally agreed
so far as the immediate future is con-
cerned. that such an agreement would
undoubtedly stimulate buying, which has
oeen virtually at standstill ever since
the armistice was signed.
ments were concerned the most active
interest OF the day centred in United
States Rubber. which crossed par for the
first time In its history. The speculation
in this stock was even more violent thar,
heretofore and carried most OF the other
! rubbers upward in sympathy. There
was also more than the usual amount OF
interest in the railroad issues, especially
| in the lower priced shares. Among these
toe ha faa a.
peake and Ohio. which was In excellent
demand all day and established a new
high record for the current movement
st. Louis and San Francisco was plainly
under the influence OF profit taking for
the greater part of the day but whatever
effect this may have had on the dealings
In the rest OF the list was more than on
set by the strength of several other low
priced issues. which were equally as
active as was Frisco on Thursday
Steels strength was surprising. as was
the strength OF some OF the equipments
particularly Baldwin. in view OF the fact
that 1t Is still question as to whether
the directors will take action on the
dividend this month or wait until some
time in July.
The money market was considerably
easier. rejecting undoubtedly an I'm
provement in the reserve position in the
jam SeateineHt to-udy. Call money was
in better supply, and there also appeared
to be more time money than for some
time back. In the foreign exchange
market there was very little feature
Sterling moved up fractionally and Swiss
francs were easier, but aside from this
the market was practically unchanged
from the preceding days closing. In
connection with the Liberty Loan cam
paign 1t is understood that there is con-
siderable disappointment among the va
rious committees over the failure Of the
man in moderate circumstances TO come
forward with subscriptions. This class
of subscribers was the hardest to reach
in all OF the preceding loans