The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-02
FINANCIAL NEWS
AND COMMENT
Confused Cross Currents and
Dull and Active Periods
Feature Market.
TRADING rs FAIRLY BRISK
Firm Undertone Characterizes
Observation-Disclosures Under
Selling Pressure.
TRADING Is FAIRLY BRISK

The action Of the stock market again
was puzzling to those who have been
looking for a more or less pronounced
reaction in prices. and also to the re-
mainder OF the Wall Street district
which has been on the side of advancing
prices. From start to finish the mar
ket was full of confusing cross currents.
OF good and bad symptoms. and so far
as the list as a whole was concerned the
day was marked by alternating periods
Of great dulness and activity. Heavy
profit taking sales and other selling
pressure were plainly under way In the
standard stocks. while speculative buy
ing was on the increase In several new
directions. such as the shipping shares
and copper stocks. Trading was again
maintained on a fairly active scale. and
there continued an underlying tone of
hrmness all through the dealings, which
was both surprising and discouraging
TO those who had previously made up
their minds that a reaction of some size
was impending.
There was no news to bear out the
movements in the general list Those
who had figured that the market was due
for a substantial reaction on the selling
side based their contention entirely upon
technical considerations, which seemed
to be Offset in large measure by a sus-
This in short. was the whole situation
yesterday, just as It has been the situa-
ton all during the past week or two.
The so-called public. in spite of warn
ings from the financial district. continues
to maintain a bullish attitude toward
the market and steadfastly refuses to
be shaken from its position. On the
other hand the speculative element Is
equally as firm in its conviction that the
n rlxa "
ened in consequence OF the rise of the
last month or so. and should under or
binary circumstances have a more pro-
nounced reaction than has thus far been
experienced. Undoubtedly those who
take this view would be right in their
contention IL II were not for the stub
bornness OF the public In refusing to be
shaken from its position. In other
words. the market situation has become
deadlocked except in the case Of a few
specialties. and traders are marking
time apparently for news developments
which will have decisive effect on the
market ono way or the other.
The action OF few of the specialties,
which were in great demand yester-
day, could be accounted for in large part
by individual developments. In the case
Of the shipping shares. American Inter-
national and others, which were strong.
1t was a report that the Shipping Board
would lift restrictions which have been
in force all through the war: while in
the case Of the food stocks 1t was the
| removal 70 restrictions on the packing
| industry. This also had the effect of
reviving speculation in the can stocks
For the rest. the market continued reac-
| tionary. The steel stocks came in for
more attention in the forenoon and ex-
perienced fractional improvement. but
as has been the case all during the week
sold off In the afternoon under heavy
profit taking and other selling pressur.
! from the professionals The indications
continued to point to substantial and
excellent absorption of stocks on a scale
| down, but the offerings exceeded the
absorptive capacity. and the general re-
! suit at the closing in the case OF the
! standard shares was fractional de-
| cline. The result in the specialties, on
the other hand, was q substantial gain
all around.
The money market continued Arm. al
though rates were slightly easier on the
| close. The indications In this connec-
! ton are that there will be a gradual
| tightening up all around until the next
| loan Is we'll out OF the way. There are
as yet no suggestions OF this in the cur
rent market. but predictions to this effect
are becoming more general IN banking
circles. The foreign exchange marke,
was confused with rates generally lower
| Sterling was somewhat steadier. but the
decline continued in francs. which made
| new low record for the movement.
Lire broke again. forcing a further cut
! In the official rate by the Rome Institute
The bond market was quiet, with interest
centring again In the traction securities
which were irregular. The cotton mar
ket was irregular. with. however, a firm
| undertona throughout.