Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-02
STOCK TRADING TELLS
OF CLIQUE OPERATIONS
Same Quiet Firmness Prevails
as for Week Past--Steel
Shares in Demand
stock sales today on the New York
Exchange tOtaIed S33, 500 shares.

New York, April 1.-The New York
Evening Suns financial review for to-
day follows:
Today's stock market told the same
story of quiet frmness and clique opera
tions in particular groups and individual
specialties as it has been telling for
week mast. The session was in virtually
every respect repition OF that OF
Tuesday. Industrious professional give
and take gave sizable volume to trading
Tire steel shares were in excellent de-
mand from the outset, United states
Steel running up to close to par. Mid
vale was under some pressure in antici-
nation of the cut in the dividend from
&c anual basis to S4. This reduction
was expected because of the tenor OF
the remarks of the president in the
annual report issued last Monday win
respect to the business outlook IN the
industry as long as the excess prollts
tax must be carried. The best that
could be looked for, he said, was
healthy trade movement without ma
teriaI expansion in new enterprises.
The equipment stocks were also BID
I'M and the coppers were quite strong
throughout. The impulse given 10 IN
dustriaI Alcohol by the talk of its patent
on the new fuel with an alcohol OASIS
carried it above Isl and impaired buoy
ancy to Distillers as well, which. being
ex dividend. a total of per cent, sold
at an equivalent of better than &c.
The shipping issues made a good
showing. too, the impulse in that quarter
being supplied by the expectation or an
early removal of restrictions on snip
ming. The tobacco and paper groups
were well bought, broad gains oeing
made in both International Paper and
American Writing Paper preferred. The
rails were but little changed and largely
neglected. - roo
| There was nothing from the Peace
Conference to affect the market one way
or the other, although there Is some
| announcement felt that settlement
NAV be reached perhaps sooner than
surface manifestations would indicate
rhere can be no doubt but that speed
ing IN tactics are being employed and
less talk of an impasse was heard.
There was some unsettlement at IN
tervals through the atternOom, pur s,,S ~
until shortly before the closlns;, Wnei
trading became dull and prices fell ava!
! somewhat from the top. Bonds Wer'
fairly active. lnterborough MetrUpoliIai a,
AIS made further gain, selling U
AZ as compared with 27B at the en-
Of last week and 33 yesterday: VT
einia 6s, Brown Brothers Certihcates
Sold at 1919, an advance OF IL = on III
While inquiries and specifications hav
INCREASED. the Iron Age states that IN
second week Of new iron and steel price
bas brought little broadening OF de
mand Most of the business coming ou
nou, 10 that which had been held bac
awaitinp the reductions. Mill operation
In the last week of March showed tuI
their curtailment in numerous case'
and already forecasted the month as
: whole made an unfavorable comparlso
, with February. ..,,
: NJ the railroad administration in re
: fusins to accept the Industrial board
> nrices on steel, or bound by those to
: sxed on coal and building materials
seriously threatens the entire stabiliZin
D nropram II is figured that the road
Y INV 90 per cent of the country's ste'
4 nroduction. This situation at Washing
I ton Is not regarded as conductive
e individual initiative in buying. IL
= doubtful. however, II the government WI
a hermit the railroad administration
:; nuIlify the Department Of Commerce
: stabilizing plans.
}. In The money market call loshns wei
y inclined TO ease and time funds to stiffe
q biz. The former were quoted at ~
: ~ / per cent, the latter the renewi
;. rate. While the trading rate In TIM
!, noney remained at 5ls to 5& per cen
! the ks were credited with trying
: exact per cent. This is but anoth