The sun., 1919-04-03
FINANCIAL NEWS
AND COMMENT
Market Is Strong Throughout
Greater Part of Session.,
With Some Gains.
PUBLIC BUYING BROADENS
Activity in Standards Renewed
and Most Industrials Go
Higher.
PUBLIC BUYING BROADENS

While in Wall street there Is view
to which underlying sentiment lends
itself that tho stock market has about
scourted the most favorable features
OF the immediate financial situation, yes
terday's stock market was characterized.
as on the preceding day, by an utter
absence of n rush to sell listed securities
On the contrary, the market was strong
throughout the best part OF the day,
and Notwithstanding several unfavora-
BILE news Developments, such as the
cutting of the Midvale dividend, the
great majority of standard issues con-
tinued to display. advancing strength on
a moderately increasing volume of bust
ness. This was one or the most rcassur-
ing things about the trading. for It
showed a vt II further broadening out Of
public interest in the dealings in spite
OF the bearish attitude which most of
the financial community has so persist
emily maintained toward the market ever
since the last upward swing came to an
end.
The broad inference in back OF the
days business again undoubtedly was
the growing confidence of an early set
tlement OF the difficulties now confront
ing the peace conference. At any rate
the feeling In tn 8 respect was sufficiently
confident to onset whatever effect the
cutting OF the Mdvale dividend and con-
siderable calling of loans may have had
upon the market. The Midvale dividend
was to be expected in view of the poor
showing of the company's cash position
made In its annual report. recently pub
lished. and also in view of the action OF
the stock itself recently. The calling
or loans. although no, altogether unex-
pected, was somewhat OF a surprise
The surprise. however. wits not so much
over the mere calling of loans as Il was
over the fact that II exerc sed SO littlef
influence on the market. The explana-
ton of this undoubtedly was that the
street has accustomed itself to the pos
sibility of flrmer money until the next
Liberty Loan Is over. There was still
very little in the way of real news to
substantiate the impression that peace
IS any nearer than II was at the first
part or the week, but the conviction Is
growing In conservative circles that the
1nal obstacles are gradually be 'ng ironed
out and that an announcement may be
expected sooner than most people believe
Specialties and the shipping shares
still occupied the most important part
Of Wall Streets afternoon, but they were
by no means the only features OF yester-
days market All of the standard issues.
including Steel common, came IN for n
great deal more attention than they
nave Tor several sessions past Steel
reached par again and carried most of
the other Industrial shares along with
IT, even to Midvale. much to the sur
prise Of those who had been selling the
stock In anticipation OF substantial
reaction on the announcement OF the cut
ting of the dividend But It was the
shipping shares, foou stocks and mis-
celianeous speciaIties in which the great
majority or transactions centred Ma
rine continued Its rise and there was
FRESH buying in Atlantic Gulf. American
international and United Fruit There
was also more life than usual In the
copper shares, circumstance which was
suggestive OF important accumulation on
the ground that these issues are likely
TO be the first to feel the effect of the set
tlement of the peace treaty A further
and probably more encouraging develop
ment was the increasing strength OF the
rails. These issues have been relatively
neglected recently, and their strength
added what has been lacking in most
OF the sessions OF late.
In spite OF the calling of loans ves
terday the market for money was COM
paratively easy. Call loans closed a,
| from to 5is after a slightly firmer
tone during the early part Of the dav.
There was no explanation of the calling
| or loans In face OF a fairly large SUNNY
or funds other than 1t reflected merely a
local condition on the part OF perhaps
one or two institutions. The foreign ex-
change market was less erratic and
considerably frmer than II has been M
any other time since the restrictions
were removed from both sterling and
francs Sterling was firm throughout
the day. rejecting the covering in London
on tho part of shorts.