The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-22
FINANCIAL NEWS
AND COMMENT
Broad Buying Movement, Led
by Steel, Develops in tho
General List.
MANY NEW HIGHS MADE
Money Eases, but Exchange on
Foreign Countries Still
Is Erratic.
MANY NEW HIGHS MADE

Whatever hesitation there may have
been on Thursday as TO the effect OF the
new steel schedule disappeared entirely
In the stock market yesterday. Begin
ming with the steel shares broad buy
ing movement developed throughout the
general list and carried prices, with
some exceptions, to new high levels for
the year under the Leadership Of Steel
common. The way that issue and va
rious others went ahead showed dis
tinctiy that the speculative movement
had lost none OF it's momentum In spite
Of the temporary revulsion OF bullish
feeling on the preceding day. To those
who had anticipated anything like a con-
tinuation OF the reactionary disposition
the upturn undoubtedly was q surprise.
and Indications of this were plainly seen
In the first hour In tho manner in which
the shorts were driven to cover In the
steel group, which had been the princi-
pal target of bearish traders in the
speculation for q decline in the last few
days.
The bulk OF the day's trading was in
Steel common. In fact the total turn
over in that stock was almost half Of
the aggregate dealings in all stocks The
theory on which traders proceeded TO
mark that issue up was that the cutting
of prices s,gnalized the resumption OF
which broke Off last fall with the sign
ing of the armistice. Those who had
been speculating for q decline had an
ticipated some revival Of buying. But
the thing that they had not expected
| was that the new agreement would
stabilize the steel market for the whole
OF the current year. This In short means
that unless the various consumers in
tend to hold off on their improvements
o. A. AAtA xr-tn Al M
enter into the steel market now to pro-
hvide for their needs. Just how much
i'business this is likely 10 bring imme-
| diately ia a matter of great conjecture,
! but Il seems as though the most inpor-
| tant question with consumers, now that
| prices have been stabilized, would be
that OF early delivery. In other words
| It appears as though there Is TO Be an
immediate rush of orders IN order to
gain preference IN the delivery OF prod
ucts. At any rate II will undoubtedly
mean a resumption of business, which Is
the one thing that the Wall Street mar
ket has been waiting for.
| Naturally, with attention centred on
! the steel situation, such considerations as
receivership for New York Railways. the
| possibility Of n receivershtp for Inter
borough Consolidated and even the UNI
| pegging of sterling exchange were rather
| overshadowed. Indeed. the trading in
! the steel shares was entirely too eI-
| citing to permit much attention to the
fractions, although Dhey continued weak.
The short interest In the steels was ms n
| ifestly uneasy during all OF last week In
| spite of the efforts to dislodge the ex-
| tended long interest in the market, and
| when at the outset yesterday II was seer
that the distinctly unfavorable overnight
Developments made absolutely no I'M
preston whatever upon the trading the
| shorts rushed to cover. Steel got up &c
above eS in the initial outburst and car
red all of the rest of the market with 1t
with few exceptions. Around moor
profit taking developed and the marke
sold Off fractionally. But In the Ms
hour, however, the buying movement wal
resumed and steel was rushed up to 997s
a net gain of more than points for tn.
day.
| The money market was easier. reflect
ing the retugn Of much OF the money IN
volved in the tax payments last SatW
day to the banks, and the indication!
were that for the immediate future there
would be no further furry in that par
ticular department. The foreign eX
change market continued erratic. Fol
lowing tho announcement that eterlln:
had been unpesged 1t was announced b.
the Federal Reserve Board that restric
ton also had been taken of OF lire
That, together with the unsettlernent re
sultlns from the confusion In sterling
brought about a rather nominal rnarke
in all exchanges throughout the day
Sterling was quoted lower In the fore
noon, but there were very few real trans
| actions and, so far as lire were con
| cerned dealers were not inclined to max
commitments except at the fixed price.