The sun., 1919-05-08
FINANCIAL NEWS
AND COMMENT
Stocks Continue to Show the
Tendencies Of the Past
Few Weeks.
OIhS IN HEAVY DEMAND
Trading Is Still on Million and
Quarter Scale Without
Let Up Of Advance.
Obs IN HEAVY DEMAND

There was no change one way or the
| other In yesterdays stock market in the
| general conditions which have been in
| PACK OF the advancing movement OH the
stock Exchange during all of the las,
| month or more. There was the same
| heavy buying of miscellaneous assort-
nent OF oil and speciality stocks which
| mas been going on all through the cur
| rent series OF markets, the only differ
ence being that several new issues came
10 the front during the days trading.
But at the same time there was a great
deal OF shifting around OF commitments
| from one group Of stocks to another.
The morning was given over pretty
largely to activity in the rails. Industrial
specialties and one or two Of the oils.
while In the afternoon some OF the cop
pers. silver stocks and higher priced oils
| were more active and occupied q great
deal Of the financial districts attention.
Trading was still maintained on the
million and quarter share SCALE and
so far as the general list was concerned
| there were no Indications of any let-up
in the advancing movement.
| In a general way the market did all
that was expected of 1t. However, Their.
was certain amount OF disappointment
at the failure Of the rails to make a
better response over the announcement
1
Congress. There was somewhat Of a
squirt shortly after the outset in this
| department, but II was short lived and
hardly what had been expected to follow
| the announcement to which Wall Street
has been looking forward ever since the
last Congress adjourned without ap-
propriating the $75o.000.000 for the rail-
roads. The effect of the announcement
may have been somewhat Offset by the
4 a tn hA
| corning the prospects for higher freight
rates. and also by the copservatism in
the steel shares on account of to-day's
| conferences between the Railroad Ad-
| ministration and steel producers. Condi-
tons in the steel industry could hardly
be any worse than they are now, and II
Ia practically certain that eventually
freight rates will have to be raised again,
so that 1t was difficult to see how any
such considerations could have thrown
| cold water on the long anticipated move
ment in the rails. So far as the rest of
the days news was concerned, Wall
| Street paid very little attention to It,
The summary Of the peace terms was
| about what had heen expected and
whatever influence this may have had
had been pretty well discounted pre-
\ viously.
| Perhaps the most important feature
| VI ySStoIudy market, 30 Tar as the In
dividual price movements were con-
cerned. was the speculation in the
| higher priced oils. Texas Company was
| in active demand and made another
| new high record. There was a resump-
ton Of buying in the Royal Dutch is
sues and a further and rather violent
| gain, in Sinclair Oil toward the close Of
the day. There were a number of other
| stocks which shared equally as we'll as
| the days activity, including some of the
| standard rails, food stocks, silver issues
| and coppers, but the speculative favor
ties of the day unquestionably were the
| oils. The steel shares and minor indus
| trials were generally under heavy profit
| taking sales and, as a whole, did very
little one way or the other during the
session. This was particularly true of
Steel common itself. The fact these
issues were heavy was not surprising in
view of the meeting to-day between
| steel producers and Railroad Admin
istration officials. There was a feeling
| in conservative circles that a solution
of the problem would be reached, but
in the absence Of anything official. trad
| ers were not disposed to pay much
| attention to the steels.
! The money market continued easier.
Rates did not go as low as on Tues
| day, or Monday when the low OF the
year was reached, but call funds were
in abundant supply all day. and rates
| were not greatly changed from. the
| average OF recent sessions. There was
great deal of discussion again in brok-
| erage circles about the banks putting
brakes on speculation through the
money market but there were no such
indications in the money market