The sun., 1919-04-01
FINANCIAL NEWS
AND COMMENT
Stocks Generally Irregular at
Close, With Few Standards
Fractionally Lower.
SOME SPECIALTIES GAIN
Steels Continue Reactionary in
Spite of Reports-Money
'r Is Firmer.
SOME SPECIALTIEs GAIN

Trading held It's own on the Stock
Exchange yesterday. and although the
share list showed a good deal OF un-
DERIVING frrnness the stock market In
the main was reactionary. The set
back. however, was moderate in proper
tlon to the advance which has taken
place In the main speculative position,
and while the majority of professional
interests continued to take an unfav-
orable view OF the immediate financial
outlook the general list held as well as
could be expected under the circum-
stancss. Heavy professional and
other selling continued In the stand
ard tndustrials and higher priced
sriecialties, with new buying In the
food stocks and other issues which came
to the front In the reactionary trading
on Saturday. The net result OF this
conflict Of forces, as in the preceding
session. was highly irregular range
OF prices at the close, numerous stand
ard issues showing fractional declines
and some of the specialties showing
substantial Improvement
In back OF the days trading indica-
lions continued OF substantial and
excellent absorption of stocks on a
scale down. The professional element
was bearish. however, and lost no time
In showing its attitude toward the I'M
favorable news development in the
morning papers from the Peace Con-
Terence. This was merely transitory
sentiment. however. based entirely
upon the effect Of the days news on the
market at tho moment. for In reality
the banking fraternity is generally op-
timistic concerning tho early settle
ment OF all present difficulties before
the Peace Conference. As a matter Of
fact i lie understood that banks have
already received advices from Paris
to the effect that the peace treaty may
be ready a great deal sooner than
most people expect These advices
give no definite time as to the an
nouncement Of the treaty, but It is I'M
derstood that II is only matter Of
perhaps hours. and that, moreover. the
date which German delegates will be
called into the conference will be
given out at the same time. So far
rs the other news developments were
concerned the Wall Street district was
not disposed to pay much attention to
them.
The Steel report and also that OF
Midvale. appeared to have been thor
oughly discounted previously. for neither
OF the Issues made any response
whatever In spite OF the very remark
eble showings. especially that Of the
Steel Corporation. These issues, along
with the rest Of the standard list, con-
tinued reactionary. while such stocks as
Corn Products. the motors and other
specialttes lost none of their recent ia
vor. There was some disposition to buy
the standard stocks at about midday,
but the strength did not last long and
Interest quickly shifted back into the
specialties. One of the most dIscuraR-
ing things about the trading continued
to be the heayiness OF the standard
rails Most of these issues lost ground
yesterday In. spite of the predictions of
more important participation in the rail-
road department In the near future.
Fresh buying was reported In Southern
Pacific, but aside from these Issues the
railc were generally neglected. The COP
per shares. although showing fair evil
dences OF stability, were not In special
favor. All OF the leather stocks were
strong. however. and the buying In this
direction continued to be one of the out
standing features of the trading. Cen
traI Leather made a sharp Improvement
and so did American Hide Leather.
The money market was nrmer DIT the
closing. rejecting the loss in reserve last
week and the preparations on the part
OF the banks for the next loan. In this
respect bankers were again predicting
flrmer rates for call money until the
next loanJis well out OF the way. The
foreign exchange market was weak.
Francs sold down to n new low for the
current movement and within Sh points
OF the record low In 1916. just before
the big private credit was arranged to
stabilize the franc market. Sterling was
steadier In spite of the weakness in the
rest OF the market Neutrals were gem
orally heavy and business was quiet.