The sun., 1919-02-14
FINANCIAL NEWS
AND COMMENT
Stock Market Continues Gain
in Strength, Which Is
Well Distributed.
SENTIMENT Is IMPROVING
Marine Shares Show Further
acknowledgements and
Steel Advance.

Without any exciting cause in the
market during the greater part OF yes
terday's session continued to display a
fair amount of advancing strength. which
was rather evenly distributed through
has been on an expanding scale all this
week. expanded still further. and cvi-
dence again seemed to be provided OF
the rather uncertain position Of these
who have been operating almost exclu-
sively OF late on the selling side Of the
market In anticipation Of n further re-
adjustment OF prices. There was no dis
position to bring about anything like
bear panic. but 1t was evident. never
theless, that the supply of stocks was
limited and that, moreover, buying
orders necessitated a considerable bid
ding up of prices in order to effect trans
actions. Toward the close weakness in
New Haven tended to check the advance.
but the general list held upSfairly well
in face of considerable profit taking,
closing near the high of the day.
What this movement reflects chiefly
is the growing Improvement in senti-
ment, and the fcciiN~ that the readjust-
ment. so far rs the stock Exchange is
con0rned, has been virtually completed.
There was no attempt to disregard the
fact that there is very little at lreaen,
upon which a bull movement can be
based. but at the same time Il is con-
coded in most important quarters that
II certain commodities, such as steel
were to experience extensive cuts in
prices 1t might mean an immediate re-
sumption of BUSINESS on a large scale
which is the thing upon which the mar
ket now hinges. The fact of the mat
ter is now that the cutting OF prices
of commodities has come TO be regarded
as constructive development, that Is 10
say. in the light of revival % business
Those who have been expecting such n
step in the steel industry have. of course
| been disappointed at the delay, bu,
whether or not this Is forth coming
within the next few weeks the stock mar
| het community has made up it's mind
| that 1t is coming and that moreover
| when It does come Il will mean that
, business has at last got down to a basi,
where 1t can proceed without hesitation
At least that seems to be the opinion oil
| those who are usually credited with
| large market operations.
| For the upturn Yesterday the explana.
ton was to be found entirely in techni-
cal conditions which have been apparent
for the last fortnight but which have
! been entirely disregarded by the trading
element. The signal for the movement
yesterday was n further upturn in the
| marine shares, which have been one OF
the principal targets for the bearsf
| operations of late. Indeed, when II
seemed that progress could not be made
/ in this department speculative Wal
street turned its attention to other parts
| OF the list, and for the greater part OF
the day proceeded to make a good dea
! OF progress, particularly in the steel ant
| equipment shares. SteA common ad
| vanced easily. as did Baldwin and other
leading speculative favorites. However. IL
the last hour the upward movement was
checked to some extent by the announce
, ment that application had been made by
| a group OF stockholders for the appoint.
ment OF a limited receivership for New
| Haven. The rest OF the market sus-
tainel its advance fairly well in face OF
considerable profit taking from new Iona
! accounts, but New Haven gave way
easily, and for the time being put a
quietus on what obviously would have
| been buoyant last hour.
Notwithstanding the fact that the
banks were called upon to make pay.
ment to the Treasury Department fol
the last block OF certihcateS OF indebted.
| ness. money remained fairly easy
! throughout the day. Rates were abou,
unchanged and there seemed to be plenty
, Of funds in evidence that is to say. al
| least enough TO supply what little de.
| mand there was on account of the ex.
pansion in trading. which was about Sc
| per cent. over the average of recen,
sessions. Nor was there any change In
| the foreign exchange situation.