The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-07
FINANCIAL NEWS
AND COMMENT
Market Resumes Advance in
Last Hour and Most Issues
Show Recovery.
GENERAL TONE rs STRONG
Standards Average About One
Point Gain as Specialties
Go Higher.
GENERAL TONE rs STRONG

Evidence was supplied yesterday to
week of a great deal of the speculation
i, for a rise had not changed the optimistic
temper OF the market. The scale Of
trading was maintained on the level of
recent sessions and the tone of the mar
ket was strong In the main. despite the
, failure OF some depressed issues to rally
with any vigor. But so far as the gen.
eral list of securities was concerned
proof seemed to be furnished by the
days trading that the market was not
In particularly sensitive position for
further reaction on the selling side.
Experiments OF this sort were continued
again throughout the early part of the
day. but In the afternoon the tone i'm
proved, and there was fairly good re-
covery in large part of the general
market The net result as revealed
by the customary statistical averages
was an improvement OF about a point
all around in the standard shares, with
numerous moro extensive gains In the
spec altieS
The news with which the market was
confronted during the day was rather
unfavorable again from the stock mar
ket point of view. but II II had much
Influence on the dealings Il was not ap-
parent on the surface OF things There
was further uncertainty as to the rail-
road situation, although that problem
was not as confused as on the preceding
day. 1t was not known until the last
hour OF trading what might develop at
either the steel meeting or at the rail-
road conference. and moreover further
cuts again had to be faced In the divi-
bends of the porphyry copper companies.
But as II turned out none Of these con-
siderations had much influence on the
days business. The principal factor
was the improved technical position and
the thorough cleaning out which the
long account had experienced in the re-
cent speculation by the bears for a de-
cline. Thus. when II was found that no
great amount OF progress could be made
on the selling side, even in face of the
unfavorable news developments traders
again turned their attention to the con-
structive phases OF the market. with the
result that considerable progress was
made all through the list in the last
hour of business. This was more es-
pecfally true of the speciaIties than of
the standard issues, although the latter
shares were not weak by any means
Perhaps the most reassuring thing
about the days dealing was the return
OF strength In steel common in the last
few minutes. This issue. together with
the minor industrials had showed a dis
position to lag behind the speciaities I'D
until the final period and their strength
was matter Of favorable comment in
the brokerage community after the
close. Steel regained leadership and
carried the rest of the market upward
with degree OF ease. the coppers shares
also coming In for their share OF
strength in spite OF the cutting OF the
diN-iIande
ther progress in the Mexican stocks,
which. aside from the abrupt rise in the
steels In the last hour, probably con-
stituted the outstanding feature of the
day Mexican Petroleum had another
headlong rush upward and both Pan
American and Royal Dutch rose in SYM
pathy. The railroad stocks, while not
in particular favor reflected the some
what more easy feeling as to the prob
ability OF some plan being worked out
whereby the roads can be uded over
until Congress meets again Among
the specialties to show special strength
we're kelly-Sprlnsfield, Industrial AL
'ohol, the marines. practically all Of
tho motors and the rubbers. all of
which recovered virtually all of the
ground lost in the declines OF Tuesday
and Wednesday.
The money situation was virtually
unchanged. Both call and time money
were in good supply. with rates at
about the preceding days closing The
foreign exchange market was likewise
quiet without any particular change in
rates except for f1rmness in some OF
the neutrals The Bank of England
statement disclosed proportion of re-
serve to liabilities of 1850 per cent
asainst 20.51 per cent. last week. The
institution's bullion holdings decreased
sl.SOO.0o0. leaving that item at s4O6.-
100000. Circulation holding increased
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