The sun., 1919-03-15
FINANCIAL NEWS
AND COMMENT
Stock Market Closes Strong
After Irregularity in
Early Trading.
MILLION SHARE SESSION
New Specialties Come to Front
While Standard Issues Are
Reactionary.
MILLION SHARE SESSION

There was no change apparent yester-
day In the speculative conditions which
have been in back of the upward move
ment on the Stock Exchange during all
of the last month. Prices went through
practically the same process of hnsettle-
ment as on Thursday. closing strong af-
ter a period OF more or less uncertainty
during the early part OF the day. But
so far as the general situation was con-
cerned the market remained in precisely
the same position 1t has all along. II
was wholly a question of technical con-
siderations as to whether the realizing
of speculative profits which had been
built up in the rise had involved any
considerable amount OF fresh profess
sional selling and as to how far 1t would
be continued before new buying orders
came into the market to permit a re-
sumption of the advancing movement.
The markets answer to both OF these
questions was entirely satisfactory
from the viewpoint of experienced OBJ
servers. and at the closing It appeared
as though the 'reactionary disposition
had about run its course.
Nevertheless the fact was not to be
overlooked that the readjustment had
not been accomplished without some
change in speculative sentiment The
great majority of commission houses
still held their bullish attitudes toward
of view, but SO far as the immediate fu-
ture was concerned the general opinion
seemed to be that the list as whole had
experienced all the rise 1t is entitled to
under the present circumstances. While
this view was not held in all quarters,
nevertheless the opinion in conservative
quarters seemed to be that while the
tendency Is undoubtedly upward the
principal activity from now on would be
likely n Cantre n tha ind iXidnal stoCka
stocks of companies which are likely to
feel the revival of business activity first.
This was apparent yesterday in the buy
ing OF a number OF the equipments, the
food stocks, individual specialties of the
type of the motors and other specialties
in which there has already been some
indication OF a revival of business activ-
ity on a large scale. Trading was still
maintained on about the million share
scale, but the activity was not as well
distributed as previously and the mar
ket at times seemed to have lost much
of the momentum that was characters
tic Of the dealings earlier in the week.
AS was the case on both Wednesday
and Thursday. specialties came to the
front while the rest of the market was
reacting. There was a further spectacu-
lar rise in Industrial Alcohol. the
marine shares and other shipping
stocks, the food stocks and other special
ties issues. while new features like Har-
vester and others were taken up in the
last hour, which was the strongest
period of the day. But all of the
standard stocks of the type of Steel COM
non were irregular throughout the best
part of the day, although showing
slightly better disposition at the closing.
The fact that the standard shares did
not make better showing in the last
hour was probably a disappointing
feature Of the trading to those who had
expected a sharp upturn after the
thorough housekeeping which the long
account has experienced in the last two
days. But considering the extent Of the
months rise, the expansion in activity
as we'll as the fact that to-day is a half
holiday the market undoubtedly did as
we'll as could be expected under the cir
cumstances. At least this seemed to be
the opinion of the greater number of
commission houses whose views are
usually regarded as rejecting banking
sentiment.
The money market was easy through
out the best part of the day, a rather
remarkable circumstance too. in view of
the fact that the first instalment of
taxes falls due to-day. That no effect
was felt in money circles was I'M
doubtedly due to the smooth arrange
ment which has been completed in bank
ing circles to facilitate the payments and
also TO the fact that only one-quarter
of the total will be paid in to-day. In
the foreign exchange market weakness
in neutral rates was the outstanding
feature. There was no explanation OF
this, but it undoubtedly reflected the
nearness of actual peace and the re-
sumption OF trade relations between
this country and the rest Of the world.