Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-20
SESSION ON WALL ST.
LACKING IN INTEREST
No Immediate Response in Price
List to Presidents Message.
Early Trade Irregular
Stock sales today on the New York
exchange tOtaled I .249 800 sales.

New York. May 2O.-The Now York
Evening Suns financial review today is
as follows:
In anticipation of the Presidents
message to Congress. submitted at noon,
and in the time required to get clear
idea of its contents and suggestions.
todays stock market was uneasy and
irregular through a good part of the
session.
Even after there had been ample time
to go over the message there was no
immediate response to the price list,
despite the fact that most of the presi-
dental recommendations met with ap-
proval. particularly with respect to
tariff revision. return of the railroads
at the end of the current year. repeal
of the luxury taxes and general ten
dency to substitute indirect taxes for
direct. advocacy of laws TO facilitate
foreign trade of this country and an
I i'll disguised anxiety on the part OF the
President to get back to his post at
Washington in order to resume close
touch with domestic events and needs.
He was frank to admit that his stay
abroad had kept him "out of daily
touch with intimate sources of informa
ton and counsel" These remarks were
not without significance as limiting at
somewhat earlier return than most peo-
pie looked for.
As the first communication which the
President had been obliged to address
to a Republican Congress, there was
more than usual interest in it. Failure
| to refer more than casually to the sub
| iect of peace and the league of nations
was in a sense disappointment. Most
| domestic events hinge in one way or
), another on what the Senate will do
with the peace treaty, and that. there
fore. has all along been regarded as the
most important work before extra
session.
1t is presumed. however, that Mr..
Wilson will be on hand to tell Con
gress. personally. all about that by the
time the most pressing domestic lcgis-
lation has been disposed of.
Trading was relatively quiet through
out the session. Buying power was
sufficient to absorb most offerings
whether from the shorts or those rcaliz
ing on profits. indeed, in the rail list
considerable strength was displayed in
the afternoon. The Presidents re-
marks on the labor question were of
a natps encourage hopes of an ul-
timat,/ ustmcnt of differences re-
lating wage scale.
Marine lares were heavy. rejecting
doubts as to the real meaning of the
revived deal for the sale of the ships
to n British syndicate. Another meet
ing of the directors was scheduled for
this afternoon. The oils were rcgu
larly strong. There was but modest net
change elsewhere. save in certain in
dvidual issues and specialities. Lib
crty bonds We're firm.
But there were other factors which
went to influence Wall street to eau
ton. There We're more rumors con
cerning the peace situation and sOm'
J facts. 1t was stated that General Per-
: shing had abandoned for the time hi'
visit to England. 1t was also stateC
without qualification that two of th'
e Italian peace delegation had resigned
u What this may portend is not who'll!
t clear. although it appears to be a mat
e ter of friction within the delegation it
't self and not one involving the still dead
locked Fiume question.
The foreign exchange market con
tinued its reactionary trend. althoug
there was some recovery from the eX
: treme low levels. There seems to b
no bottom to francs. Checks droppe
as low at $40 francs to the dollar wit
a partial rally to 6.55, which compare
with 642 at the closing yesterday an
with a parity of 51S1s. Sterling CAV
way to $4.64Ts on Monday there was
>. loss of twelve points in lire, TO S.32 lir
I to the dollar, and most of the neutrs
d rates moved in the same direction. Ca
q money was firm at 5la to per cen
r Time funds were unchanged.
Through failure to make allotment
I. to the Victory Liberty Loan, it coul
: not be known to what extent subscriI
y tions would be paid up. Today wa
p set as the time when full payment
k could be made if subscribers so dc
Il sired. The next installment paymer
Ie will be due July 10, and the last on Nc
Z yember IL,
n Cotton was firm to strong. and cor
y and oats advanced substantially.
I..