The sun., 1919-04-08
FINANCIAL NEWS
AND COMMENT
Stocks Generally Show Gains
in Session Of Strength
and Activity.
PUBLIC INTEREST WIDER
Buying Is Confined Chiefly to
Industrials - Rails and
Steels Sluggish.
PUBLIC INTEREST WIDER

International peace by Easteri Will
Street yesterday sraspsd the predic-
tions Of Premier Lloyd George and
Foreign Minister Pichon for an Easter
peace ana proceeded to discount, to at
least O partial extent, all that such an
event would mean to industrial stocks.
1t was a million share day. Net gains
In the active industrials ranged from
fraction to sM points, with ono issue
| leaping forward 9h points. Generally
| speaking, the opening price was the low
for the day, and except for brief
period in the early afternoon strength
and activity were pronounced through
out the day. The enthusiasm displayed
| In the purchase Of stocks, which Wall
Street thinks win be benefited by the
contamination Of peace was not ex-
tended to the rails. and the steels or
so-called standard speculative stocks
were comparatively sluggish. While the
favorable indications of an early agree
ment at Paris on the terms overshad-
owed all other considerations, II should
| be noted that the political news from
central Europe was more reassuring
and remarkable Government
| wheat crop estimate IL scheduled for
to-day.
The session yesterday. not only was
active and strong but the breadth Of
I
peared to be an increasing interest on
the part OF the outside public Disap-
| pointne over the interruption and
possible defeat OF stabfli.ation price plans.
as well as scepticism of most Of the pro-
feseionals. was ovcrruied. Steel stocks
Of course were strong In sympathy with
| tho rest OF the industrials. but some
experts professed to SEQ q good deal
OF inside distribution In the so-called
uta a ov1 Ave tnI3 IN
day Wall Street looks for a large de-
cline in the United States Steel Corpora
| TONS untitled tonnage statement, and
even now II speculates as to the earn
| ings statement and dividend declaration
scheduled for April 20. In consequence
United States steel common yielded
| first place as the market leader to
American International Corporation, OF
which more than 100000 shares changed
hands with a maximum rise OF more
than 10 points higher than Saturdays
low. Tho buying wave in this stock
suggested competitive bidding for con-
| troll Of the company. 1t moved 80 cas-
lily that the appearance of few buy
ing orders in other specialties was SUI
hcient to attract a large speculative
| following.
| The rails obviously were held in
check partly by the low earnings for the
|
tionsl burdens on the Railroad Admins
tration, and partly by the conference be-
tween the Director General and the rail-
road brotherhoods. which Is expected to
result in increased wages 10 railroad
labor Of at least 360.oo0.00o. and pos
sibly 500, o00, 900, retroactive to January
II. Wall Street, however, aid not know
that the committee of the Association
of Railway Executives met yesterday
with the Director-General and worked
on the consummation OF arrangements
to care for the May / railroad require
ments with report late In the day
that the arrangements had been con-
cluded satisfactorily. The fact that
President Wilson Is expected to return
to this country in time to call an extra
session OF Congress early in May also
was overlooked.
There was no noteworthy change in the
time money situation. Call money began
the day at 4 per cent for mixed collateral
and AZ per cent. for all industrials, sub
sequently rising to per cent. for the for
mer and 615 per cent. for the latter.
At the top figures about IS ,00o, 900 was
loaned. There II no advantage to bank
ers in permitting money to go below 8
per cent. On account Of the Federal
taxation call money has TO loan at sos
per cent. to equal the advantage OF pur-
chasing az per cent. Treasury certi-
fcates. OF which n new 100000. 900 Of
ferins. will be put out on April 10 and
which are free of the normal tax. The
| foreign exchange market was weaker
yesterday with declines in francs, ster-
| ling and lire. An interesting item was
the receipt by the Federal Reserve Bank
of nearly Sc 5000, 900 gold and the with
drawal Of 100000 gold for shipment to
South America