Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-23
WALL STREET CALM
ON TREATY REPORTS
No Significant Price Trend, Al
though Moderate Advance
Follows PeacefNeWs

Ne" 1oIk, dNu' -''.--- Nv .N'N lbIh
Evening sun 5 financial review this
afternoon is as follows:
Todays stock market was a traders
affair, without significant price trend.
There was certain subStratum of
strength throughout the session, and
there were intervals in which the list
moved forward with some show of
briskncSS. and again when it was sub
i"ctcd to pretty sharp sctbarks.
The topic OF the day which rngroSscd
the interest and attention of Wall
street was, Of course, the peace treaty.
Washington adviccs stated specifically
that the Germans would sign without
reservations, and such was the tenor
Of dispatches from Europe. Th" time
specified for the historic and cp"Chal
stroke of the German pen was o clock
this afternoon. New York time. Up
to that moment the market merely cbbed
and flowed Everybody felt that it was
futile to place reliance III precedent for
guidance as to the probable course OF
the market when the actual signing
should tax" place.
1t was not at all convincing that there
would be decline, because that was
what happened after the Spanish War,
and there was nothing on which to base
an opinion that there would be resump-
ton of widespread bull demonstration.
Either were thought to be likely and
neither certain. Wise men declined
to prophcSy. Instead many of them sold
out and then sat down to wait.
The street was sensible and seemed a
bit awcd by ii. This fact touched
the note of the days operations as
accurately as anything perhaps. With
the signing all blockadcS will be lifted
and Wall street in company with the
rest of the world, will enter II new era
one Of promise and Of problem. The
hopes of til" one phase and the diff
cultirS Of the other have alike been
carefully weighed from time to time
and Il good deal Of diScounting has been
accomplished The fever for speculation
has been allaycd, but it is Il question
if it has been cured.
Trading was again at the rate Of
! ,OOO, 900 shares for the session. The
opening was higher but uuScttrment
quickly Supcrvened, followed toward
midday by decidedly mixed p"rtorm-
ance III which numerous strong spots
that weakness appeared elsewhere
This was true of both the industrial
and rail lists. Taking of profits went
hand in hand with simultaneous short
selling and covering. and the result was
, good deal of Churung which took the
list nowhere in particular.
Except for tn" all cngr0sSing topic
of peace no one paid much attention to
news Developments. Call money ruled
ut and 6l2 per cent, the renewal
rates. The outlook for easier money. at
least until III" old year maturtics were
met, bore little promise.
As O'Clock approached, trading
seemed To hang fire. The hour came
and went without announcement that
tn" signing of the treaty had actually
taken place, although official statements
were "abICd from the French Foreign
Office and from Downing street that the
enemy would sign unconditionally. This
! sort of thlng continued through the last
hour, and the session drew to II close
| without an opportunity to reflect the
| final act in the great war.
There was some quickcning in busi
ness in the last five or ten minutes, duo
apparently to desire to clear up the
"dds aud ends of accounts against
against tOmOrrOws possibilities.
! As was the ease with the stock mar
q ia
foreign exchanges. All were under the
spell of waiting and more or less heavy.
Sterling was quoted at 4.GO"s, x OF
"A cent down; francs at G.43 francs to
the dollar, 6 CPntimes lower, while lire
frmed point or so, the prevailing rate
being in the neighborhOod of 500 lire
to the dollar. The neutrals we're rather
easier.