The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-12
FINANCIAL NEWS
AND COMMENT
Trading on Big Scale Con-
tinues and Movements Of
Prices Are Irregular.
INDUSTRIALS ARE ACTIVE
Most Steels and the Rails Are
Heavy, While Marines Are
Strong and Advance.

With very few exceptions yesterday
stock market witnessed q continuation
of the Same sort OF price movements
which have been the rule in Wall Street
all during the past fortnight While
pressure Increased in the standard
| steels and minor industrials. fresh buy
ing continued in a number OF new de-
scriptions, which have either lagged
behind in the advancing movement or
have. on the other hand, been neglected
altogether The result Of this conflict of
forces was another one of the irregular
sessions which have been so puzxling
to the financial community, and which
at the same time have tended to CON-
firm the impression that the stock mar
ket has about discounted the most un-
favorable features of tho immediate
financial situation. There was some
what of an upturn in the last hour in
the standard issues. and likewise some
profit taking In the speciality stoclts
which had been advancing earlier in the
day, but neither one OF the influences
was satisfactory in SO far as it
Indicated anything as to the future
course Of the market
The days news DEVELOPMENTS from
the stock market point OF view were
distinctly unsatisfactory. On one hand,
further dfscouraging reports came from
washington on the steel situation, while
on tho other hand announcement waS
made of another increase in wages for
railroad employees. Both of these de-
velopments were not unexpected. but they
tended to complicate the situation still
further. and at the same time tended
10 increase the bearish feeling in pro-
tessional circles The railroad situation
was particularly unsatisfactory to
Wall Street.
The bearish feeling WAS counteracted
somewhat In the last hour by q report
that the peace delegates had finally
reached an agreement on all essential
details OF the peace treaty. This re-
port was merely a report, however and
while it tended to firm prices throughout
the best part OF the list, there was no
enthusiastic response such as might
have been expected In case the announce
ment or report had been of an official
character. Still 1t was Of course OF
some influence, and Wall Street could
not disregard 1t. knowing full we'll
mat the treaty Is likely to be finished
and made public at any time now.
trading was still maintained on the
nigh level OF expanded activity reached
earlier in the week. The principal part
OF this activity again converged on the
industrial specialties. The steel shares.
with the exception of Bethlehem q, which
was one OF the outstanding features Of
the day, were generally heavy until the
last hour. The rails likewise were heavy,
although under no particular selling
pressure except in few scattered issues.
Aside from the heaviness of the steels
and the strength OF Bethlehem b, the
main interest centred Just as II has all
this week on half a dozen or SO of the
speciality shares OF a more or less highly
speculative type. Among the most promi-
nent issues in this connection were the
marine shares. Both the preferred and
common were strong and made further
Improvement, particularly tho common
There was fresh buying In Sinclair OIL.
Some or the food stocks maintained their
recent favor with the professional ele-
ment, as did some of the motors. But
the great majority of standard stocks
were under pressure for the best part of
the day, and the trend as a whole was so
confusing as to make II hard TO discern
the real drift of things.
The money market was firm again
throughout the day. Call money loaned
at from to 62 per cent. for the best
part of the. session. and the time money
market continued to reflect the prepara-
tions on the part of the banks for the
next Government loan. The foreign ey-
change market was irregular and weak,
with wide fiuctuation continuing in both
sterling and francs. There was little
change In the bond market. Much in
terest was manifested in investment
circles over the announcement Of the
quotas for the next loan,