The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-10
FINANCIAL NEWS
AND COMMENT
Specialties Advance Again, but
Tone Of General Market
Is Irregular.
MILLION SHARE SESSION
Few Stocks Hold Gains All
Day and Reaction Appears
in the Afternoon.
MILLION SHARE SESSION

Sun further progress was made In q
number Of special descriptions on the
Stock Exchange yesterday. although the
irresularity OF the general market In
creased. Despite the obvious weight of
considerable realizing and other selling
pressure, the absorbtive capacity Of
those issues was far from overtaxed, and
the level Of prices was again carried
substantially higher, although at the
close very few Issues maintained their
extreme advances and q large number
were we'll below the best figures Of the
day. Trading was still in excess Of the
million share scale, but there was n gen-
eral slowing down all around In the at
ternoon owing TO q reaction which lasted
for the best part OF the last half OF the
session. The market again stood the
test fairly we'll, but at tho same time II
was apparent that the market had be-
come overbought and that most traders
were awaiting Indications of a more
pronounced reaction than has already
occurred in the main speculative posi-
tion. At least this seemed to be the con-
sensus of opinion in speculative circles.
In the general list evidence was again
presented to show considerable amount
OF fresh professional selling. This was
based for the most part upon the techni-
cal position rather than upon the news
developments. While Il did not produce
the desired resultA II nevertheless was
indicative Of the Wall Street attitude
from the long distance viewpoint; that
Ii to say, that tho market Is due for q
considerable slowing down Of activity
until the next loan Is we'll out Of the
way There are still no suggestions of
any application of the brakes SO far az
tho money market is concerned, but
those who have studied tho steel situa-
ton and have gone into the prospects OF
favorable statement from the Steel
Corporation at the quarterly meeting
later in the month believe that. whether
or not peace Is announced in the immedi-
ata future, there Is room for conserva-
tive conservatism. No figures have as
yet been mentioned In connection with
the forthcoming Steel statement nor In
connection with the monthly tonnage
statement due to-day, but II Is no secret
In steel circles that both statements will
be disappointing; nor Is It any secret
that the Steel dividend will In all probs-
bility have to be further reduced at the
quarterly meeting.
Evidence OF what is to be expected in
connection with the Steel meeting was
presented yesterday in the quarterly
statement of Lackawanna Steel. This
statement had absolutely no effect what
ever on the market during the day, but
1t showed the trend Of things In the steel
business and what can be expected from
the larger and more important concerns.
The most conspicuous features Of the
market again yesterday were the spe-
clalties. particularly the motor shares
and food stocks. Baldwin and some of
the other standard issues were more &C.
tive. but the greater part of the specu-
10 iNrA tVNNn
In the individual issues. The most impor-
tant among these were Central Leather,
Industrial Alcohol. General Motors
Studebaker and other specialties which
have been attractive recently. Amer
lean International was active but reac-
tionary. and SO were the majority of the
steel shares. Steel common itself moved
within a very narrow range, getting
above its closing on Tuesday at one time
but later selling OF on what appeared TO
be heavy professional trading based upon
predictions In connection with the divi-
dend meeting later In the month. The
rails. with one or two exceptions, were
neglected altogether.
The money market was about un-
changed throughout tina day. Some call
Ing of loans was reported In certain
brokerage quarters. but this could not
be confirmed and had absolutely no effect
whatever upon the course of prices.
There was another bad break reported
in sterling and francs and in the foreign
exchange market, but. as in tho case OF
money, had no effect upon the trading
The weekly publications OF the steel
trade continued to report business at a
standstill as result OF the middle over
steel prices New orders have entirely
disappeared from thegmarket, and, ac-
cording to these current issues, the steel
Industry at the present time is virtually
at a standstill.