The sun., 1919-05-06
FINANCIAL NEWS
AND COMMENT
Trading Continues Active, but
Volume Is Reduced Due to
Holiday Period.
DEALING SHOWS BREADTH
Rails and fractions Are Most
Sought, and Prices Move
Less Violently.
DEALING SHOWS BREADTH

Trading. although somewhat reduced
in volume on account Of to-day's hol-
iday. was maintained on q fairly active
scale on the Stock Exchange yesterday.
Tho movement of prices was not as spec
tacular as in most of the recent sessions
but there was broad demand for near
ly all Glasses of stocks, particularly the
rail and traction shares. The fact that
! price movements were not quite so vio-
: lent as in most OF the sessions with
which Wall Street has become familiar
of late was not due to any slowing down
| OF the speculative enthusiasm. but was
merely on account Of the holiday. Many
| larger traders were absent from the A.
| nancil district altogether. Snd those
| who came down were not desirous Of en-
tering into any extensive commitments
until after the period of suspended AMI
nation. There was also a great deal OF
wne trouble reported in tho middle West
on account OF the storm that is sweep
Ing through that section. and many Of
tho wire houses were unable to get in
touch with their correspondents until
late in the afternoon.
The effect of all this was to restrict
| transactions somewhat below the aver
| ago OF recent volumes. The aggregate
OF dealings was still maintained on the
| million share scale. but as compared
with the million and a half and million
and three-Quarter affairs Of the past
| week the days market was a compare
lively tame affair. The chief incentive
| In back Of the renewed buying Of the
| standard rails was the expectation that
President Wilson will soon cable a call
FOR an extra session of Congress. This
would mean the end OF tho temporary
financial difficulties and eventually a
| solution of the whole railroad problem
| as we'll as the return of the roads to
private control. In so far as the rest
| OF the market was concerned. there was
no apparent change in the situation. The
| traction shares were helped somewhat
| by the appointment of Lewis Nixon as
the new Public Service Commissioner
| on the theory that 1t might mean a
| change in feeling over the increa sed
fars proposition. Wall Street. although
admitting the situation for the local
| traction companies is serious, has not
as yet given UP all hope OF some relief
! for the companies. Much interest was
manifested in reports that Italy would
send her delegates back to the Peace
Conference. but in the absence OF any
confirmation the reports had very little
influence on the days trading.
| The chief feature Of the days trading
from the purely speculative point OF view
| was the revival of interest In the higher
priced rails These shares have been
neglected during all OF tho current up
ward movement and their strength was
gratifying to those who have maintained
all along that these issues were due for
more serious consideration on the part
Of the speculative public Among the
issues which were most active yesterda,
| were Reading, Great Northern pre-
ferred. Union, Canadian Pacific and one
or two OF the lower priced issues. such
as Denver, which was one of the out
standing features OF Saturdays short
. session. in addition to this there was
more than the usual amount OF interes,
In the fractions nearly all of which
showed some improvement at the close
of the day. In SO far as the general
Industrial list was concerned the ma.
tority OF stocks were neglected for the
best part of the day. Such issues as
the rubbers the steels. the food share.
and other speculative favorites which
were the centre OF attraction last weeh
continued under profit taking sales fol
the greater part OF the session, and al
the closing prices were not very far re-
moved from Saturdays final.
In spite OF the loss in reserve in th.
bank statement yesterday the none,
market showed a decided improvement
for the better. Call money loaned al
low as 3A TO az, a new low record foi
the year and marking the first time tha
money has loaned down to that leve
since the so-called money committee pu
its restrictions on speculative fund.
shortly after the entrance OF the coun
Try into the war. Another remarka bl,
thing about the decrease in money rate,
was that It occurred in spite OF tn,
increase in loans last Saturday, which
brought that item in the Clearing Hous,
statement up to the largest aggregat,
in tho history OF the association.