Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-09-03
PRICE MOVEMENT
MORE IRREGULAR
Expected Buying Rush by the
Public Has Not Materi-
allied
Stock sales today on the New York
Exchange, as compiled by the Evening
sun, tOtaled ,532.300 shares.

New York. Sept. 3.-The New York
Evening SUMS closing financial review
today says:
Today's stock market broadened as
compared with yesterdays session. maxi
ing for larger volume of business, but
there was not the same consistency OF
underlying strength. The technical po-
StiOn of the market has. in truth. be-
come somewhat impaired by recent ad-
vanrcS.
II was evidently calculated that the
spectacle of rising prices at Il time when
the labor outlook was at its brightest.
when railroad earnings We're on the up
grade and railroad legislation was being
perfected, would result in bringing the
public into the lists with no little buy
ing fprvor. Such a result has not ma
terializcd
Buying orders in special stocks were
indeed put in, and in a few cases
habtues of commission houses were in
duced to do likewise. but they were
easily rendered timid and at midday to.
day there werc not lacking evidences Of
profit taking. Short covering. pool
manipulation in certain issues in which
the supply Of stock was limited and a
disposition to realize. accompanied with
an intiltration of new courage for selling
short, kept the price list in an uncertain
state.
Forenoon trading was on the whole
constructive. Crucble Steel lost no
time in making another 10 point gain
before the session was an hour old and
later extended the gain TO 1893. a record
high price. of course. and some 143
points above the low of the year. This
stock illustrates pointedly what may be
done in the way Of holding over the
market an alluring tale of possible divi-
dend distribution-the ability Of the
company to do so being recognized
after most of the floating supply & the
stock has been cornered. After reach
ing the pinnacle, the price dropped 4
or points rather abruptly and then
fiuttered about in erratic fashion.
The equipment shares were extremely
strong most Of the time. Progress in
railroad legislation probably has a good
deal to do with the demand in that
Nuul lfl. lbdlhN III i'''phl'NlN's lNuliNu uy
Steel Spring, American Car and Foun
dry. American Locomotive. Pressed
Steel Car and the like were up from
to Z points or so, the latter repre-
senting the maximum gain in Baldwin.
The idea behind the strength there
would seem to be that pending railroad
legislation must provide for equipment
purchases whatever else it may do. The
Cummins bill in the Senate is too EN-
! bryonic, the House already having u diff
| ferent bill before it, to tempt widespread
criticism. favorable or adverse, but the
| point is made that it represents progress
| and that next 10 the disposal of the
| peace treaty the most settling influence
on the nations business, both foreign
and domestic, will be the starting of the
| railroad problem on its road to prac =
teal solution as opposed to theoretical
wrangling.
The forecast for July railroad earn
ings, indicating net earnings better than
at any time since September, 1918. at .
tracted favorable notice. Agitation over
the labor situation has been substan
TALLY allayed. and there is considerable
confident feeling that strikes, especially
the steel strike, have been etectually
| sidetracked.
In the steel trade chaerfulness is de-
rived from the Presidents proposal for
a conference of labor and business heads
to take place early in October following
Mr.. Wilson's tour of the country.
whatever, as the Iron Age states,
'may be the disposition of the putting
the whole question of wages upon an
other footing. "
That Journal writes that the steel
output in August will about equal that
of July. Car shortage precluded an
otherwise possible increase in ship
ments, and the coming grain movement
doec not hold out much promise In that
direction.