The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-29
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Is Some
what Confused and Stand
ards Are Restricted.
SPECULATION BROADENS
Royal Dutch Issues Lead the
Oils in More Pronounced
Price Gains.


was naturally more or less confused on
account of the uncertainty over to-day's
steel meeting. The prospect OF an unfa-
rorable earning statement together with
cut in the extra dividend, tended to
restrict operations in the standard
shares and otherwise confuse the move
ment of prices But whatever hesita-
ton there may have been in the buying
OF these stocks was more than made UP
for In the range and breadth Of the
speculation which was carried on again
In the various oils and so-called oil
rails. Starting with the Royal Dutch
issues, which were the features Of the
renewal of activity in Saturdays ses-
sion. all of the oil shares made further
and more pronounced gains, particularly
tho higher priced shares of the type of
Texas Company. Final prices in the
standard list generally disclosed irregu-
lar net changes for the day, averaging
fraction one way or tire other The
oils and specialtjes showed further pro-
nounced improvements, ranging all the
way from one to as much as Q points.
However brisk the speculation in the
oil shares may have been. there were
indications. nevertheless, of more con-
seTvatism on the part of Wall Street in
general. One example Of this was to be
found in the fact that the banks were
demanding moro margin in their loaning
operations on the higher priced oil
shares. This had absolutely no effect on
the price movement during the day, nor
was 1t expected to, but It furnished an
other instance of the caution that Is
being taken by the financial community
to prevent repetition of what happened
at the end Of 1916. when the big bull
market collapsed with the first indica-
Ntytth
far as to-day's steel meeting was con-
cerned. not great deal of attention was
paid to that except in the steel and
standard shares. There was practically
a unanimous opinion that the extra divi-
dend would be cut The only thing that
was uncertain was tho extent Of the cut
and the extent of the falling of in the
corporations earnings. It was reported
in conservative quarters that the extra
dl'!eend might be reduced to so cents a
quarter This had no foundation. how
eve-. Wall Street was inclined to ac-
cep, II at its face value, however. and II
1t should turn out to be true 1t would
undoubtedly be pleasing, inasmuch as
tn, financial community has expected all
along that extra disbursement would be
cut of altogether.
Trading was still maintained on the
million share SCALE although the greater
part OF The transactions centred In such
stocks as the Royal Dutch issues, the
lower priced rails and some of the equip
ments. There was a further deluge of
rumors about the prospect OF the various
railroad companies owning property in
Texas and New Mexico, all of which
were of some value in moving the issues
to new high records: that Is to say. from
the speculative viewpoint. None of
them, however. had much foundation but
this apparently matters very little in the
kind of speculation that is being carried
on in the Stock Exchange at the present
time One OF the disappointing things
about the trading aside from the heavi-
ness OF the steel and standard shares
was the heaviness OF the railroad stocks
At least a part of the speculative frater-
nifty had come down prepared to see a
continuation OF Saturdays movement.
But instead there was profit taking
throughout the higher priced issues. The
only group of rails. in fact. 10 hold their
strength and attractiveness to the out
side public were the lower priced issues,
about which much Is being said as to the
possibilities OF striking oil on some of
their properties in the Southwest.
There was very little change in the
money market the loss in excess reserve
on Saturday to the contrary notwith-
standing. The foreign exchange market
was steadier. Rallies took place in sterling
and francs which were the weakest fea-
lures in the market last week Otherwise
rates We're about unchanged from Satur-
days closing. In some quarters disap-
pointment was expressed at the failure
OF the New York Federal reserve district
to make a better showing in the loan.
This feeling however. was not general,
and in no sense confined TO the broker
age fraternity. which believes that the
notes are too attractive TO cause a re-
newal of the talk OF the banks having
to take a majority OF the loan.