The sun., 1919-05-14
FINANCIAL NEWS
AND COMMENT
Firm Recovery in Afternoon
Causes General Advance in
Stock Market.
ACTIVITY SLIGHTLY LESS
Railroads Feature Trading in
Session of Confused Price
Movements.
ACTIVITY SLIGHTLY LESS

Although there were still indications
OF great deal of profit taking among
speculative holders OF stocks and al
though there was some real weakness
during the early part of the day, the
course of prices for the most part yes
terday proved a disagreeable surprise to
those who have been operating bearishly
since the setback last Saturday. The
stock market session ended the day with
all around strength. following a firm
recovery during the afternoon which
was emphasized by aggressive general
advances in the last hour averaging
from one TO as much as four points The
volume of activity was not quite so
large as on preceding days for the last
week. nor was there the same amount
or excitement, but II was clearly evident
that although the oil stocks have lost
much OF the favor they previously en-
5oyed. the standard shares were as gem
timely buoyant as ever. 1t was also a
very broad market With the excep-
ton Of the oils, which were rather neg
lected, practically everything on the list
participated in the movement
Probably the most impressive feature
OF the days trading was the indications
OF an excellent absorption of the rail-
road shares. These issues up to the
present time have been altogether neg
lected In the course of the current up-
! ward movement. and II goes without
| saying that their strength was a source
of satisfaction to the financial commu-
| nifty in general There were a number
| OF special considerations yesterday to
account for the strength of these issues.
| including the proximity of the special
; session or Congress, but perhaps the
most important were reports to the
| effect that President Wilson will devote
considerable part Of his Forthcoming
message to Congress to the solution of
| the railroad problem. The railroads
| have now passed through about the
worst OF the war readjustment, and II
10 now considered that developments In
connection with the railroads from the
| present time on will be more favorable
than they have been for a long time
| past. There Is of course a hood deal of
! uncertainty as to the plan to be formu-
| lated for the return OF the roads to pri-
vate ownership, but one thing is GER
| tain, and that is that they will not be
! permitted to come back under the old
conditions. In 30 far as the market in
| general Is concerned, there is still, a
| good deal of caution in commission
house circles over technical conditions
yet In so far as the actual market is
concerned this caution did not have the
As on the preceding day. there was
still great deal of confusion in the price
movement and further shifting about of
| commitments from one group of stocks
| 10 another. But in a general way the
| stock market session was more satisfac-
| tory than any since last Friday, when
the upward swing in the oil stocks came
| to an end. The largest gains recorded
in any single group of stocks occurred
In the equipments, which under the leau.
| ershp OF Baldwin all reached new high
| records for the current movement. The
advance in Baldwin was particularly
violent in the last hour. when the stock
| touched 9eA. at which point ii repre-
| sented an advance for the day of more
than six points. The copper stocks and
| silver shares also continued strong
| throughout the course of the day, and
there was good buying reported in all
of the higher priced railroad shares. in
| Guiding Reading. Southern Pacific, Union.
Atchson and others. There were a mum.
Der of other individual features such as
General Cigar and May Department
Stores, but for the most part the days
activity centred in the standard shares.
a circumstance which evoked a consid-
cradle amount OF favorable comment
after the closing.
The money market was somewhat
| firmer. as was to be expected in view OF
| the preparations for the second install
ment on the Victory Loan next week
This will be paid on May 20, or mex;
| Tuesday and will involve a considerable
| strain upon the banks of this district
that Is to say. IL the payments are as
large as the corresponding payments in
| all of the preceding loans. The foreign
exchange market was featured again by
weakness in francs.