The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-26
FINANCIAL NEWS
AND COMMENT
Dealing Slows Down Some
what, but Prices Continue
to Hold Firm.
ROYAL DUTCH IS ACTIVE
Session Marks Twenty-first
Million Share Day of
Upward Rush.
ROYAL DUTCH IS ACTIVE

Although the stock market yesterday
ing influences and prudential considera-
tons, such as are involved in the COM
pick problems now confronting the
Peace Conference. the main develop
ments of the day again expressed a good
deal Of speculative confidence in that
prices still held we'll. Dealings were
on somewhat quieter scale than in the
average OF recent sessions, and there
seemed to be a disposition to await the
outcome OF tho Steel meeting on next
Tuesday before entering into the mar
ket In any important way. Those in
terested in the surface fluctuations were
inclined to believe that the result OF
this meeting might produce some revul-
sion OF the bullish feeling that has
prevailed in financial circles for the
past month or so. At any rate, there
was great deal more conservatism In
the attitude of the greater number of
commission houses, and Wall Street in
general had no complaint to make over
the slackening OF activity while 30 many
important questions were being de-
cided.
There were still no indications OF
any widespread alarm over the turn of
ton, together with the expectation that
the meeting Of Steel directors OF Tues
day may turn out unfavorably. induced
many traders to take q more cautious
attitude. Strange to say, the hull In the
market was rather pleasing to the finan-
cial community. All during tho past two
months the stock market has been ad-
vancing almost continuously without any
slowing down or without any substan-
tial reaction such as might be expected
to follow the advance which most OF
the industrial securities have expert
enced. In the first place It gave COM
mission houses the first opportunity
they have had to put their houses In
order for whatever may happen in the
future. While there was no disposition
TO regard the current movement as any
thing more than 4 temporary lull in the
course of 4 natural bull market, never
theless there Is realization that the
advance In most securities has been con-
siderable, and that the public Is in the
market to a much larger extent than
most people have been led TO believe.
This fact Is borne out by the great in
crease in speculative activity within the
past few weeks. and. furthermore. by
the fact that yesterday marked the
twenty-first million share day Of tho
current upward swing.
In SO far as yesterdays price move
nients were concerned the principal
feature Of the day was tho continued
strength In the Royal Dutch shares and
some Of the lower priced rails OF the
type OF Texas and Pacific. This latter
issue was advanced to a new high record
with great enthusiasm. as were several
of the other lower priced rails But this
was about the extent OF tho active in
terest in the days trading. The stand
ard shares, while they vere generally
arm. continued to move within a very
narrow range. although showing good
resistance to whatever selling pressure
there may have been. In the higher
priced speclalties such as the tobaccos
and a number OF the oils there was
further profit taking after the recent
bulge. The motor shares were taker.
up again in the afternoon and given a
further swing upward, but they lacked
the vigor which has been characteristic
OF their movement heretofore. Also a
number OF minor Undesirable and equip
mentsI such an American Locomotive,
were more active than usual There
was no explanation for thip other than
an attempt on the part OF traders to
bring these issues In line with the rest
Of the list.
There was very little change in the
money situation. One interesting thing
came to light yesterday IN the form of
a statement that there had been no in
crease In loans during the current move
ment This statement Is. however, con-
trary to general opinion of commission
houses, most of which believe that the
loan account Is more than double the
amount II was at the time the restric-
lions were removed from borrowing by
the so called money committee. To-
days bank statement should reveal some
interesting information as to the increase
in loans during the last week. The
foreign exchange market was unsettled.