The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-27
FINANCIAL NEWS
AND COMMENT
Stock Market BrOadens to It's
Greatest Activity Of the
Current Year.
TRADE 100000 SHARES
Motors Show Largest Gains,
but Dealing in Steels Is
Still Brisk.
TRADE 100000 SHARES

Activity expanded In the Stock Ex-
change yesterday to the largest scale Of
the year. close to two million shares
changing hands in the five hours of trad
ing. exclusive OF the large volume Of odd
lot transaction which were not recorded.
The day was also further signalixed by
the broadcast and most enthusiastic buy
ing which has thus far been experienced
In the current movement There have
been other days in the past month when
various groups OF special stocks moved
forward violently. but yesterday It was
the case of practically the entire list.
The pace at which trading was con-
Quoted again appeared entirely too fast
to be maintained for any length of time,
and some profit taking was encountered
in the higher priced Issues in the last
two hours OF business. But there were
still no very pointed indications of any
let up OF the rising prices or Of the
public buying at the closing, that Is to
say on the surface of things at least.
The buying in that period, in fact, was
more enthusiastic, IL anything, than ever.
The baSis Of the movement, as in the
Immediately preceding sessions, was the
emphatic support which is being given
security prices by the general public. It
would seem as though such buying has
about run Its course for the time being /;
yet there Is absolutely no sign of II. Tho
encouraging utterance such as that Of
the chairman of the Steel Corporation,
the improved outlook for the railroad
the enormous bushes being done by the
motor industry and the record crop out
look all have contributed to a buying
movement by the public which has gone
beyond all expectations, 80 far as Wall
Street Is concerned. The only danger
| to the present situation would seem to
be In the overextension of the public on
tho constructive side of the market and
the tremendous accumulation of profits,
yet so far as the markets OF the past
few months are concerned, all profit TAX
ing has been readily absorbed. Indeed
| 1t could not be said that Wall Street has
experienced yet what the professional
| traders call a substantial reaction. On
| the contrary, the market seems to be
| having its small reaction each day, a
Circumstance which may account in
large part for the steady Improvement
| OF prices from day to day without any
| material setback In any part Of the list.
II It could be said that there was any
outstanding feature in such a broad
market as yesterdays, II probably was
| the motor group for the reason that the
| advances here were moro spectacular
| than in some of the other departments.
| But they occupied no more attention
than did any other group. The steels
| were just as active as they were last
| week. in fact moro SO, and there was
q broad advance all around. In this re-
spect there was a disposition to realize
on profits In the last half Of the day.
but all stock offered was easily absorbed.
/ r,rt Naa rlA In NhA lou In,
| at or near both the high of the day and
| the high of the movement. Another
, feature Of yesterdays market was the
| strength OF the copper stocks This was
remarkable. inasmuch as they havt
been rather neglected in the current
series OF markets. The rails were active
again. Atchison advancing with great
rapidity to a new high for the year,
while nearly all Of the other higher
priced shares participated in the advance
to some extent The specialties ad-
vanced with the rest OF the market. but
the oils were neglected. that Is to say
in comparison with the plunging activity
in the rest of the list.
The money market was easy in spite
| Of the enormous volume of transactions
on the Stock Exchange and the corre-
| spending increase in demand for call
money. This reflected the return of
much OF the money paid In last week to
the Government on the Victory Loan,
and the improved showing on Saturday
| in the bank statement The foreign ex-
change market again showed improve
| ment. Francs were stronger, recover
| ing some OF their previous decline; lire
| improved and sterling was strong al
day. This was very gratifying to the
| financial community after the weakness
which has been experienced in this mar
| ket for the past two weeks. 1t was
another enthusiastic day in the cotton
market. Advances were registered from
IS to more than IS a bale in the broad
| est and most active market that has
been witnessed on the Cotton Exchange
| since last fall.