Evening star., 1923-04-04
MARKET OPINION
| VERY MUCH MIXED
Today's Price Movements
Are IrreguIar-Steel Group
A, Leads Advances.
~ STEWART p WEST.


BY STEWART p. WEST.
gpeeial Dispatch TO The Star
NEW YORK, April Avail street
opinion regarding the future OF the
stock market has become very much
mixed, and these conflicting views
were shown forth in the movement of
prices today.
The outstanding feature was the
activity and strength of the inde-
pendent steel shares. particularly
those involved in the Bethlehem
merger. BY this time preliminary
figures regarding steel earnings for
the first quarter are undoubtedly
available for insiders, and the taking
up of this group might well have
signified that these coGnizant OF
these data were acting upon them
in the market.
At the same time this development
fitted in with the view which has
been favored of late in good quarters
that in any renewal of the upward
swing, steel shares would be the
leaders as they were not in the ad-
vance Of February and early March
Westinghouse Drops.
Westinghouse Electric fell sharply
for a time preceding the announce
Inent of a new offering of nearly $15.-
O0O, 900 stock at $50. that is almost 10
points under recently prevailing mar
ket prices. The stock steadied later
Marland Oil appeared to have dis
counted the news that an additional
contract had been made with Standard
Oil of New Jersey for over 100000
barrels of crude oil to be supplied
by the Marland Company this year
Tho oil shares as group felt the
effects of heavy profit taking.
Maxwell Motors issues were again
bid up. The 1922 report was a disap-
pointment because advance estimates
had not taken into account the write
of of the Chalmers operating loss
Following this report the A stock
went down nearly 10 points from its
high.
Review and Outlook.
Interest in the financial situation
today was divided between the stock
exchange movement. which betokened
much uncertainty in the mind of the
speculative community, and the i'm
provement in the investment bond
market.
The latter has been a feature of in
creasing prominence since the begin
ming of the week. Bond prices have
hardened. but the more important
part is that there are inquiries in the
market for large blocks. whereas up
to a week ago it would have been
very hard to do any selling in a large
way without involving a considerable
concession.
Undoubtedly the partial revival of
the investment demand and the re-
cent setback in the stock market
check to speculative activities and
the decline in prices have meant a
considerable falling off In Wall
streets credit requirements.
Money Market Studied.
The result has been reflected in the
call money market rather than In
the market for fixed dates But evil
IDENTIFY investing institutions, which
have long been holding off for fear
that federal reserve rates would be
put up along with further advance
In open market discounts. are now
satisfied that. owing to the halt in
the speculative markets these things
are not likely TO happen for a time.
at least.
In the stock market of the day there
were evidences of conflicting opinions
who now have the field almost en-
tirely to themselves. This showed In
mixture of price changes and be-
tween Individual groups of stocks
The more important changes, how
ever, were on the side of advance.
Buying of the motor truck stocks
was likewise reasonably explained
by the capacity business which most
seem likely to do for an indefinite
time to come.
American Locomotive.
The reason advanced for the wide
fluctuations in American Locomotive
common. although 1t appears to be
simply moving with the other mem
bers of the equipment group. is the
fact that the floating supply OF the
stock has become quite small. During
the past year there have been heavy
purchases of American Locomotive
for investment and this has been the
supply. 1t is likely that quite a bit
OF this stock was taken out of the
market by general electric insiders.
owing TO the agreement reached be-
tween these two companies.
Steel Tonnage.
The March untitled tonnage report
of the United States Steel Corpora
tIon is expected to show an incr ca Sc
OF approximately 100000 tons. This
would bring bookings up to well
bookings of more than 100000 tons.
General users of steel products are
now heavy buyers, taking up the
slack as the demand for the railway
materials fell off. The steel corpor-
alton operations are still holding
around 80 per cent, although they
run somewhat higher at times.
Mack Trucks Up s Points.
By contrast with other days the
afternoon stock market was dull
Here and there stocks in the hands
OF pools were bid up, but there was
very little action either on the buy
ing or the selling side.
The position taken by real holders
OF stocks is that the market has
come down sufficiently from it's top
prices to remove the temptation to
sell, but that on the other hand the
tendencies of the outside business
situation must be watched a while
incentive for another buying move
ment.
Mack Trucks with another Jump
over 3 points making total gain
OF 8 points from the low of the
previous day was a feature of the
afternoon trading. This company, 1t
is said. on. good authority will show
between $40 and S12 earned on the
common stock at the close of the
first half of the year.
Although all records in the history
of the pig iron trade were broken
in March this has been succeeded by
a decided let-up in the demand, so
that only moderate tonnages are be-
orders for third quarter delivery
have ceased. Iron Age holds out
hope, however, that the obstacle of
high prices has now been removed,
EAyinS that the upward trend has
been checked to the satisfaction of
both buyers and sellers"
The call money market was the
easiest 1t has been on any day in
more than, month. Surplus bank
funds employed in day to day stock
exchange loans were actually going
begging and In the afternoon the
pressure of this money upon the mar
ket forced the rate down to per
cent. This produced some effect
upon attitude of time money lenders,