The sun., 1919-04-06
FINANCIAL NEWS
AND COMMENT
Trading in Stocks Continues
to Be Fairly Brisk, AL
though Slightly Less.
RAILS ARE STILL ACTIVE
Local Banks Increase Surplus
Reserve S21,50O,0OO and
Clearings Gain.
RAILS ARE STILL ACTIVE

Trading was maintained on a fairly
lively scale on the Stock Exchange again
yesterday, although the session was
quieter than since the first Of the week
A good round total Of business was trans
| acted, but the dealings were less excit-
ing. At least the sensational features to
which the financial community has be-
come more or less accustomed OF late
were lacking. Activity continued In the
rails and speculative specialties and fur
| Their advances were recorded In some
directions. But for the most part the
general list was given over to profit
| taking and other selling pressure. The
realizing was moderate and no more
| than might have been expected In conse-
quenee of the sharp rise on Friday, al
| though this tendency was undoubtedly
| emphasized in some directions by the
desire OF traders to liquidate their hold
ings over the period Of suspended anima-
ton. This was particularly true OF the
| standard steels and the higher priced
| railroad shares.
There was no change In the general
| situation. Developments in Washington
| overnight In connection with the steel
price question simply went to confirm
| the impression in financial circles that
the steel question must go back to n free
| market for It's products. Strange to say,
| turbed over this prospect as It did earlier
in the week, for in back Of all that has
been said recently Is a realization that
perhaps the steel market would be better
| on In the long run anyway with free
| and unrestricted market for its products.
This was responsible, however. for
limited amount of selling in the steel
| shares, but for the most part the pres
| sure resulted either from profit taking or
/ ha ~ tro En- Ia
their commitments open to the POSSIBLE
| ity of adverse developments over the
period of suspended animation. Among
| the developments which were considered
| most disturbing from this point OF view
| was the continued unsettlement at the
Peace Conference. Uncertainty also
| surrounded various other domestic prob
lens. but they were not important mar
ket factors The trade publications
again reported improvement in business,
but Wall Street was not disposed to pay
much attention to them, largely for the
reason that whatever improvement there
has been in business has already been
discounted at the hands of the market
The railroad shares which We're the
main feature OF Fridays excited last
hour held their strength fairly well.
Southern Pacific advanced again at the
outset, but sold of at the closing on
stock were still very much confused, but
the move in the rails as q whole was
hailed as very logical development
from the Wall Street point OF view. With
the steel situation still muddled, Wall
Street, In fact, had no other course open,
II 1t wished to continue the rising move
ment, and 1t was only natural that in
terest should shift to this department
under the circumstances. In yesterdays
trading. however. several Of the indus
| trial specialties were more active than
the rails. Among these were American
International, the Harvester shares and
the sugars, all of which are expected
| to gain by the early conclusion of peace
and by the sterilization OF the foreign
exchange situation. which Is expected
to take place in the near future by the
resumption of hold shipments to this
country on a large scale.
The weekly statement Of Clearing
| House members disclosed an increase In
surplus reserve Of approximately $751;
! 500. 900. which was accounted for almost
| wholly by the addition Of about $31,-
| 100000 to the reserve credits at the
| Federal reserve bank of New York. The
foreign exchange market, while quiet
continued steady. with sterling strong
The strength In this exchange is under
stood to reflect discussion as to the pos
sibility of a resumption Of gold exports
| to this country. In this connection 1t is
reported that the Bank of England has
| made arrangements to have the entire
| gold output of the Rand district ex-
ported to this country in order to bring
about somewhat Of a sterilization of the
exchange situation. Bank clearings for
the week totalled $7,272.354,624. against
S6197S106l2 in the preceding week.