Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-01
STEEL LOSES PLACE
AS WALL ST. LEADER
Group Furnishes Only Excep-
ton to Firm and Strong Mar
ket-Trade Reduced


'MhahSF 'o'dieu i'''b'o"V NHd't>.
New York. May l.-Th" Now York
Evening Suns financial review this
afternoon is as follows.
Today's stock market was firm to
strong in somewhat reduced volume Of
trading. The steel group. which was
heavy. though scarcely weak. consti-
tuted about tho only exception. United
States Steel was but moderately dealt
in and the price huctuatcd narrowly
between 96i. and %. n concession of n
fraction of a point. This situation
seemed to point to the definite abdirn
,tion Of steel as the market leader
With dividend disbursement restricted
10 > per cent on the common. it is a
question if the stock is worth the pre-
vailing quotation. from the investment
point Of view. This is not an invest
mont market. however. and scant nt-
tcnti"n&s bcing paid TO dividend rates.
The corporation has possibilities
which cannot be ignored by the Npcru-
lator in its stock. and if tho bull mar
kct continues on its present "Npan-
Sivc scale or anything like it for much
longer there may BE- some surprises in
store.
At the beginning Of next week there
will be n triangular conference between
the steel manufacturers. the industrial
board of the Department of Commerce
and tho railroad administration again
to consider tho price schedule for steel
products. but there is little expectation
that the result will be- different from
that Of the previous conferences.
Mills. mcantimc. are operating Mt
only 40 TO GO per cent of capacity
business is almost at standStill as far
as new prospects are concerned. and
the wage matter is intruding itself more
and more insistcutly. II all this should
develop into n real open market, in
which prices could adjust themselves in
a manner to attract new business even
though they should be lower than now.
there would be fairly wide range for
speculation.
The course of prices, outside the steel
group. showed conclusively that the
steel meeting did not really weaken the
market 1t happened to coincide with
n more or less general desire to realize
on profits and supplied something of a
lever for the professional traders to de
press the list with an opportunity Ol
which they were glad to take advau
tage.
The equipment, shipping. sugar. mo-
tor. OH and leather shares wcr" un-
Qualiiedly strong, and numerous spp
cialties likewise. Atlantic Gulf. Amer
lean International. United States Food
Products and Wilson Company were
among the more striking performers
The lower priced rails were lower in
the main. but the others were firm and
in some cases. like Southern Pacific
and Canadian Pacific, quite strong.
Developments abroad favored the con
structivc side. There was nothing en- j.
couraging iu the March showing OF
railroad earnings, but the street has by
now become accustomed to Il situation
in which deficits overrule surpluses.
The forward movement continued un
abated in the late session. The oils
went into new high ground and the
tobacco. chemical and food stocks fell
into line vigorously. General Cigers
gained more than points. The steel
shares did better, too United States
Steel crossing %. Buying spread into
some of the minor rails, particularly
Pere Marquet and st. Louis and San
Francisco. Bonds were active. Liberty
loan issues were strong. the fourth Az S
selling above "a for the first time in
several weeks.
The money market presented no new
feature. Time funds were nominal
Call loans renewed at 6 per cent, but
the loaning rate dropped to 81 pei
cent later in the day.
In the foreign exchange market
francs weakened to 6.O7 francs to tn.
dollar compared with 6.O31a francs
yesterday. Lire were under pressure
and some of the neutrals also. Sterling
continued firm.
Cotton held steady in a rather dul
market. Corn was buoyant, advancing
cents or more q bushel, Oats were
strong.