Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-03-28


Exchange totaled SS7,10O shares
New York. March 2S.-Tho New York
Evening Suns financial review for to-
day follows:
The ease with which stock prices ad-
vanced this morning and continued to
advance until well into the afternoon
must have occasioned considerable sur
prise in some quarters.
Notwithstanding tho evidences which
the market has given in the last few
sessions of its strong position. its re-
fusal TO yield to any extent in tho face
of unsettling news, increased bcarish
comment has been uttered and a great
deal of talk has been heard that stocks
were due for a substantial reaction.
Not only has 1t failed to materlalize
thus far, but prices went up today much
easier than they went down in recent
sessions Improvement was accom-
plished with very little in the wav of
additional favorable news. The appar-
ent betterment in the European political
situation and the signs that the peace
commission is making fair progress to-
ward the completion of it's labors were
undoubtedly the most influential factors
governing the immediate course of val
ueS.
Taking broader view of the situation,
however, buying of securities is proceed
ing at advancing prices because Dur
chaSers are looking months ahead. With
out bothering too much about the technl-
cal position of the market, stocks are
being absorbed in the belief that any
r1rtp i
temporary and that in the long run the
stock market is bound to more fully
measure the era of prosperous business
ACTIVITY which appears to lie ahead
Accordingly, the expected reactions
have not occurred or have been very
limited and of short duration. For sew
oral weeks back there has always
proved to be important buying ready to
get back into the market on any re-
cession, with the result that there have
been no important ones.
The professional trading element,
| realizing that it's offerings of stocks
were being absorbed and not inducing
any dislodgment of important holdings,
changed its tactics somewhat TODAY.
Covering operations assisted materially
in elevating quotations. With prices on
, the upturn, business expanded in
volume Many issues sold at new high
! figures for the week. and for the move
| ment, and the advance was fairly uni
| form in the industrial department. Rails
were dull and firm, with Reading and
| Southern Pacific making the only show
of activity.
The best prices of the day were gen.
orally made in the last hour. The
market encountered considerable profit
taking at this stage. but reactions were
a a iNTAlt 1at1 1T
| Steel, at 99ia showed a gain Of two
points and was the sustaining force.
A number Of stocks enjoyed broad
movements for one reason or another.
Net gains at times ran from . to 1
points in Industrial Alcohol General
| Motors, Corn Products, Texas Oil, Fish
er Body, Baldwin and the like.
Steel stocks were the upward leaders
Steel common exhibiting progressive
strength during the greater part of the
session. Larger gains were scored by
the independent steel shares, Bethlehem
Steel B." Republic and Lackawanna
receiving a good deal of attention. Con,
fldence in the future of the steel and
copper markets is evidently rapidly
growing, and while steel and copper
stock have discounted the worst fea.
lures of the deadjustment pprocess, they
have not as yet experienced a recovery
to correspond with that which 1t seems
safe to predict for these industries.
one of the rumors to circulate in the
financial district was that COlone
House is to make a very important an
nouncement tomorrow respecting de
velopments at the Peace Conference.
BY midafternoon, the advance hat
. carried the average price of active stock
from to points higher with yer!
few Interruptions in the way of re
actions Fisher Body rose in excess o
. s points; American Ice sold up points
D CCorn Products crossed 55 for a tw,
: point gain, and American Can recovere
Z to so.
In many cases, losses sustained owe
I, several days OF dragging markets wer
= more than cancelled in a few hours O
trading today II was obvious that shor
= covering was responsible for many @
!, the quick advances. fractions were de
s pressed and coppers were f1rmer. Pral
I tlcany all of the Liberty Loan issue
a = were higher.
: Money conditions underwent no chang,
call loans ranging between 52i and
per cent for mixed collateral. Foreig
exchange was again unsettled, sterln
going to new low in the morning, TO