The sun., 1919-03-29
FINANCIAL NEWS
AND COMMENT
Leading Issues Generally Close
at Highest Prices of Day
and Movement.
TRADINGs SHOWS INCREASE
Few Rails and Individual
Stocks Are Weak-Public
Interest Is Broadening.

yesterday rather upset the calculations
OF those who have been looking for a
further reaction on the selling side.
Notwithstanding the fact that most Of
the speculative fraternity had come
down to the financial district yesterday
morning prepared to see a further set
back in prices, the market turned strong
at the opening and prices, with some
exceptions, were again carried forward
with a good deal OF ease. especially the
steels and higher priced specialties
trading was on a somewhat larger scale
than the average OF recent sessions, and
there were indications OF a broadening
out OF public interest in the dealings in
some directions. There were still a few
weak spots among the rails and indi-
vidual issues. but as a general rule all
or the principal Issues went higher
closing around the high Of the day and
also for the current movement
The principal incentive back Of the
advance In the steel group undoubtedly
was the Forthcoming annual report Of
the Steel Corporation. This report
while II Is not released for publication
until Monday, was much in evidence
among the brokerage houses at the out
In taking advantage Of the strong show
ing which the company IL supposed to
nave made in the last year. In spite OF
inc strength. however. most Of the i'm
portant houses still maintained a con-
sentative attitude toward the market.
and were still inclined to believe that
the market is In the process of Glowing
down until the next loan Is out of the
way. There was no disposition In the
financial community to argue against
the strength OF the market, nor the fact
that the bear attacks seem to made lit
ne impression upon the prices. But Il
IS generally considered that the market
mas mad about as much OF a rise as Il
Is entitled to under existing circum-
stances and that until the next loan ia
noated the speculative market Is due
Tor considerable slowing down of ac-
uvity, II for no other reason than the
gradual nrming of the money market,
At least this seems to be the opinion
or most OF the important commission
houses whose views are usually regard
ed as rejecting banking opinion.
Aside from steel itself, which rose 70
within a fraction OF its previous hieh
OF last week. the principal features of
inc DAY again were those Issues which
have been the most important targets
K
tensive advance earlier in the month.
General Motors made further spectac-
ular gain. all o. the tohaccos went
higher. the shipping shares were strong,
and most of the copper issues improved.
All OF these stocks had been sold by
the professionals last week on the the
Org that they had gone about as high
as they were expected to, AMI yester-
days further advances appeared TO rep
resent merely a rounding up OF the
shorts rather than new buying on ac-
count OF fresh developments in the gen
eral Nsituation. The independent steels
again stood out strongly. and SO did
most OF the food stock, the former be-
Ing helped considerably by the publica-
ton of the Lackawanna report, and BY
the knowledge that tho steel repor,
would be published on Monday. About
the only exceptions TO the upward ten
dency were the rails. which stood out in
sharp contrast to the rising movement
elsewhere.
The money market was about I'M
changed from the previous day, with,
however. slightly firmer tone in time
accommodations The foreign exchange
market was still nervous and unsettled,
both sterling and francs making new
low records for the current movement
Neutral exchange continued inactive
and quotations for the most part were
nominal. The bond market was quiet
and generally a continuation of the
market which has been underway
throughout the best part of the week
Liberty bonds were frmer, some Of the
issues experiencing substantial rallies
The cotton market was irregular
though losses were small compared with
the substantial advance in prices on the
preceding day.