Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-10
TRADE ON WALL ST.
ENTERS NEW PHASE
Enthusiasm for Speculation Civ
ing Place to More Rational
View Of Situation
Stock sales today OF the New York
exchange tOtaled 100, 500 shares.

New York. June 10.-The New York
Evening Suns financial review this
afternoon is as follows
Tho course of today's stock prices in
a widc- spread selling movement which
gained its full impetus in the afternoon
and involved losses of several points
again suggested that the market has
entered, or is about to enter into, new
phase. This is not to imply necessarily
that the bull movement has come to an
end; it may merely mean that where
unrcasoning enthusiasm for speculation
had free rein few days ago there is
now coming into existence rational
view of things which forbids initiative
without at least some prctenSiOn to re-
tioctiOn.
In most respects this is wholesome
change and one which may permit of a
gradual distribution and assimilation
of profits without involving a disastrous
break. Indeed. there are not wanting
many who insist that profit taking, big
and little, has progressed further than
is generally suspected and that the
argument about heavy war taxation,
preventing the larger holders of stocks
from realizing, has been much over
worked
Prices were Influenced more by the
technical position than by news de-
velOpments, although there were items
which attracted interest, as for instance,
the labor convention in Atlantic City.
The significant thing there was the ap
parent purpose of the labor leaders to
curb the radical clements.
The United States Steel tonnage fig
ures for May, showing as they did a
! further decline of J1S,O00 tons in un-
| filled orders on the books, did not bear
out very well the talk of heavy steel
orders for reconstruction purposes in
France. Total orders are now ,2S2.
80 tons, as compared with nearly twice
as much year ago.
The opening was Indifferent and after
the first fifteen minutes or so consider
able strength was displayed here and
there. at the same time that there were
some spotty reactions of violence, not =
ably General Motors, Studebaker and
Maxwell, the first breaking more than
Is points, but later recovering about
half of the loss. Some of the oils were
heavy from the beginning, too, also the
| feathers.
| Toward midday. the whole list began
to give way in unison and in the early
afternoon the reaction. was pronounced.
with Steel dropping below 107-and others
! in proportion. The Marines were early
governed by the idea that the common
stock would he benefited if the sale of
the ships did not materialize as now
seems likely. but. in the face of genera
weakness. they could not hold.
The tObaCCOS were about the only
shares which wthstoOd the pressure in .
to midafternoon. The combining of the
biggest tobacco interests in an organiza O
ton TO establish chain of stores
throughout the world was a source ot
strength there. The rails appeared tC
hold better than the industrials, due
perhaps to comparative neglect
The market appeared to receive some
support in the last hour. The de
cline was stayed. although little re
siliency was in evidence. Steel managed
to get back above los. near which level
it moved narrowly. Except among the
more erratic specialities, losses of the
day ranged from 3 to 4 points or So
1t was a week ago today that similar
break in prices took place.