OCR Text |
Show EXPANSION Of ACTIVITIES FEATURE OP STOCK MARKET' I I Impression Prevails in Speculative Circles That' Country Has Discounted Many of Grave Problems of Post-war Period. NEW YORK, March 8. Pronounced expansion ex-pansion of activity on the stock exchange this week heightened the impression prevalent prev-alent in speculative quarters that the countrv has discounted many of the grave problems which ciouded the financial horizon hori-zon in the first months ot the postwar porki. Average prices in the industrial division divi-sion and specialties identified with that varied group not only rose to highest levels so far this year, but In several noteworthy note-worthy instances actual new maximums were made. defeat of the general deficiency bill caused moderate reversals among rails, which were fully retrieved later. Foremost banking interests are expected ex-pected to' cooperate in plans for the temporary tem-porary relief of the railroads. Such support, sup-port, it Is believed, will be given in generous gen-erous measure, but there Is little probability proba-bility of the formation of a huge money pool. Interest in the industrial situation converged con-verged around the conferences between steel and Iron producers and representatives representa-tives of the department of commerce for the stabilization of that Industry. Despite De-spite l he sanguine views of industrial executives, there is a fast growing conviction con-viction in trade circles that further price reductions are imminent, regardless of wace schedules. That the country, is doing a very large and profitable general business, and that money is reasonably free for constructive purposes, is evidenced by the enormous bank clearings and the comparatively easy rates for time ( and call funds. Tno brief session ' of the stock market today was characterised by extraordinary activity and further bullish enthusiasm ; which lifted many issues to top levels of . the year, with here and there some actual j new high records. i Among tiie influences which gave fresh ; stimulus to the advance was the report that the administration had ordered an- other postponement in the pending anti- : trust litigation. Indications that the railroads rail-roads would soon be provided with funds I was another hoDeful factor. I There was a noticeable increase of i outside Interest In the market which j concentrated largely in steels, equipments ' and shippings, rails failing to fulfill their early promise of strength. j United States Steel contributed almost one-fifth to the day's business at an ex- i treme advance of 1 V2 points to 97. but affiliated stocks. particularly Midvale, . Pethlehem, Crucible and Lackawanna ! Steels and Baldwin Loeumotive, gained 2 to 5 points. I Marine preferred yielded part of its. j 3-point rise, but other shippings. Includ- ing American International, Atlantic Gulf ' and United Fruit, were less susceptible ! to realizing. Sugars, fertilizers, coppers and utilities helped to swell tiie advance.; but motors, oils and tobaccos were ir- i regular. Sales amounted to 700,000 shares. . Last week's large actual Joan expan- sion of clearing house banks was ma- j terially reduced today, excess reserves j snowing a further moderate gain. Liberty bonds held steady, other domestic do-mestic issues were, firm and foreign flo- tations made slight gains. Total sales, par value, aggregated $6,350,000. Old r United States bonds were unchanged on call during the week. |