Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-05-25
LATEST WALL STREET NEWS.

Clark Childs-I have just heard the
preliminary figures of Studeoaher
Company for 1918, and believe they
will be surprisingly good.
Logan & Bryan-In the last week
or ten days. the desire to realize hold
ings of stocks that have advanced
materially has been more pronounced
and this is especially evident in the
high priced Oil stocks. A continuance
of this selling, we think, is reason
able to anticipate and the conserva-
tive important interests seem to be
accommodating stocks of companies.
principally the steel and rails and
some of the copper shares. In the
groups mentioned. the technical foun-
dation is firm because there has been
no excessive speculation in these sec
tions of the list. while in the copper
and steel shares there is no doubt
but that a large old short interest
still exists.
Moler-In the absence of any un-
favorable news the market has been
broadening out again with general
buying 1t has been mostly by local
and out-of-town commission houses.
Considerable profit taking has been
going on in United States Steel. but
1t is being well taken and the stock
looks strong and like working higher
next week. with the motor stocks.
Westinghouse and the tobacco and
railroad equipment shares.
New York Financial News-A can
vass shows that the optimistic senti-
ment expressed by the leading steel
interests of the country are having
a favorable effect upon the specula-
tive investment position as to steel
shares.
There is a more friendly attitude
toward the public utility issues in
general. with attention from traders
for attractive issues in the street
railway and gas groups.
Advice Is given by responsible chan
nels not to neglect the railway list,
and to take advantage of setbacks
in the stock market to buy the stand
ard issues which have shown good
earning power under government con-
troll handicaps.
WHY'S Overland is reported from
active houses to be taken by inter-
ests which are in touch with the gen.
eral demand for low-priced cars This
is understood to be constantly in
creasing to point where it is rum
ming far ahead of supply.
RumOrs have been current for sew
ersl days among floor traders of the
existence of something resembling a
corner in General Motors stock.
GILMAN d Co.-Mi lion share days
have ceased to be unusual. and the
last two weeks have shown well
sustained volume of trading and ac-
tivity The market has grown in
size and will continue to grow, and
for this reason sales running into
seven figures are indicative more of
the attainment OF a larger normal
scale than an exceptional outburst
Of speculation: The country has
orr frn civ nd
the stock market IL just beginning
to catch UP with it.
Constituting the heavy trading as
largely q manifestation of national
growth and prosperity. somewhat
stimulated by optimism, we do not
verish speculation which many feared
might develop. Caution has been the
watchvord recently. and stiff mar
gins have been required by all the
substantial houses.
Morse-Buyers of the steel stocks
at this level are looking long way
ahead for justification for these
prices. Lacka wanna is showed as in
q difficult position after very small
earnings for March. May will show
a large deficit. This is a pretty good
indication Of what United states Steel
Is doing. Prices Of the stocks are not
80 very far below what they were
when dividends were at the maximum
and there vas no lack of business.
The current speculation is evidence
of the process of Wall street to rush
to extremes. Before the railroads
badly need there must be some as
surance from Congress as to what is
to be done about railroad financing.
A good many men who were at the
steel dinner Saturday night will soon
be taking profits.
= Ia ;o1 % RI vl,iy 70
fleets a difference of opinion in the
directory, seemingly: Can, the tenn
porary occupation of leading in other
direction, Sinclair and o. G. s. and
some others. q desire to SELL but still
to boost the stock of the new COM
bination company, whose bylaws
seem in some respects unusual. con-
shutting a virtual pool.
]. S. Bache & Co.-The market this
week has been somewhat reactionary,
with gains, nevertheless. in various
specialties. Those who prefer to
translate the action of stock markets
into reflections OF current news, at
tribute the irregularity to uncer-
tainties as to the signing of the peace
treaty. BY the extension granted to
Germany, this theory will have eight
DAYS more of service. Probably more
nearly an explanation of the move
ments Of the market is arrived at
through study Of the technical sit
uatfon. The Presidents message,
translated as constructive. came out
while the market was reactionary.
and a rally followed. But the trans
lating was done by the specializing
public and not by the traders. and
the buying which revived the market
was the work OF the public and not
of the brokers' Traders have become
bearish, as they always do after a
period of prolonged rises. on the
theory. which has invariably proved
true, that some time after continued
advances fall must come. The bear
takes chances on whether the fall will
come soon Or later. and is always
thankful for any reaction. On the
other hand. reactions are vital and
necessary props to bull market in
keeping it out of danger from over
boiling. The trend Of the present
market for the long pull is upward,
and its underlying strength has not