Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-17
EASIER MONEY HELPS
RECOVERY IN STOCKS
Yesterdays Losses Redeemed
Today-Demand for Funds
Not Urgent

New York. June 1.-THE New York
Evening Suns financial review tins
afternoon is as follows:
With easier conditions prevailing IN
the money supply, losses in yesterday
stock market were to large extent re-
deemed today: that is to say, prices ad-
vanced l to 6 points from the Monday
closing level in about the same volume
of trading. Call loans renewed at 81
per cent for good mixed collateral and
10 per cent for all industrial collateral.
but the demand for funds proving to
be not particularly urgent, the rate
dropped to and per cent at midday.
A good deal Of criticism of the man
ner in which the Federal Reserve au
thorities had handled the situation ex-
isting in the last week or so was heard
! in brokerage and banking circles. If
the money problem has been wholly
question of supply and demand why,
it was asked, have not the banks used
more fully their privilege Of rediscount-
ing with the Federal Reserve Bank?
Their reluctance to do so may have been
due to pride or desire to avoid ex-
posing their need for funds or even
an honest, disinterested effort to keep
loaning rates and speculation in stocks
alike within bounds.
The fact remains that Wall street
has some reason for being gratified that
the stock market has taken the course
it has. 1t requires no great amount OF
imagination to understand that at the
rate the market was going prior to last
week, one of two things must happen,
either there would be general smash
or the sort of pressure exerted to stay
speculative enthusiasm and thus insure
an orderly retreat. The latter has hap
pened and the movement is likely to re-
main orderly, assuming it continues
! downward, so long as no untoward
event occurs to turn the retreat into
rout.
On the other hand. it is regarded as
entirely possible that the decision of the
Germans. if to sign the peace terms,
may well be the signal for n fresh start
forward. Such a signal may be given
any day as the Allies handed their final
communication to BrOckdOrff- Rantzau
Yesterday. who at once started for
Weimar The enemy has until next
But aside from improvement in
money and the prospect of an early
peace settlement, numerous elements
entered into the better tone in stock
prices.
The outcome of bankers efforts to
effect an organization to handle Euro
pean credits and at the same time pro
vide for a continuance of this cOuntry's 5
large foreign trade will be watched with
eager interest. It's importance can
scarcely be Overestimated
The opening was irregular and uncer-
. tain: but. after the first fifteen minutes.
a definite trend upward developed, which
continued through most of the session.
Steel advanced some 2 points. Pro-
; nounced strength was displayed by vir-
tually every industrial group. The
rails were less expansive, although max =
ing a very good showing.
: Still more vigorous buying power
came into the market in the later after
: noon. United States Steel. General
Motors, United States Rubber and
numerous others. including some of the
: rails, were outstanding features OF
olttl lHIOuSH lDD dHU
!. Rubber crossed 100. The quest fol
bargains. apparently, made a consider
5 able impression on the shorts who were
Z impelled to cover in consequence.
Liberty bonds were mixed. Victory
Az and the third and fourth 4As were
steady to firm while the others were
T heavy.
There wassa reactionary tendency in
:: the foreign exchange market Francs
dropped centimes to 6.35 francs to
the dollar and lire were 3 points down
: at Sol. Sterling yielded u cent to
S4.601a Rates on Madrid alone more
than held their own, advancing some
E IL points to 1897.
: Announcement that the federal com
J. mission appointed 10 investigate pub.
Z lie utilities would hold sitting here
next week with ex President Taft al
! the first speaker was of considerable
I interest and had much 10 do. doubt
/ less. with the rise 10 the prices Of
F. H. .II.. y