Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-10-17
MARKET ENTIRELY
SPECIALITY AFFAIR
Trading Contingent Confronted
Again With Shortage of Funds
for Speculative Purposes
FRESH CROP OF LEADERS

New York. Oct. 1I.-Thc New York
Evening Suns financial review today
says:
Confronted again with a shortage Of
money for speculative purposes, the
stock market made some further head
way this morning. although the alter
nate shifting from strength to weak
ness reflected uneasiness on the part of
traders over the immediate outlook for
quoted values.
In a general way. controlling market
factors were unatered and the mar
ket acted very much as it has right
along. The first half of the session was
given over to operations for the ad
vance in a number of miscellaneous in
dustrials. Buying of many of these is
sues proceeded confidently and actively
and gave the market an appearance Of
considerable buoyancy at times.
Stocks which have not kept pace with
the rest of the market were singled out
and marked up readily enough. In this
connection Pullman. Middle States Oil
hHl'l u'u d'hlUe, lbuV 'Tepk. i ran o.
sue X Williams. BoSh Magnetic. May
Department Store and Endicott Johi-
son were prominent. advances here
ranging from TO 10 points at the top
figures recorded.
Many of the recent leaders, on the
other hand, were sluggish and on occa
sions rather heavy. United States Steel
and other steel shares moved narrowly
on both sides Of the previous closing
price. Rails and coppers were virtn
ally untouched by the trading element
Pierce Arrow featured the motor group
by selling up four points or so to new
high figure.
With the 81 dividend subtracted
from its price, Mercantile Marine pre-
| ferred held around 116 The common
was fairly strong, and American Ship
and Commerce rose a couple of points
( under unusually active buying. The
market was entirely specially affair.
| AS soon as one stock had been pushed
| up 1t was quickly deserted for some
| other issue. The greater nart of the
/ session was given over to this irrcgu
lar upward movement. Owen Bottlng
at ~ was up six points Cuban Amer
lean Sugar pt 306 was up twenty. five
! points. and American Lnsecd at SOa
] was up more than two points.
/ tall money renewed at the same rate
! as Yesterday, namely. 10 per cent. This
| Is only the sixth time within ten years
/ that the renewal rate has been as high
as this. The rate droppcd under t6is
hgurc later in the day. but there are
no signs that genuine improvement will
occur for some weeks.
Although somewhat less complacont
/ than it has been over the money sit
uation, the street refused TO be Sc
/ riousy disturbed over the outlook.
Backers, by refusing TO aid reckless up =
| bidding of stocks through a generous
supply of credit. are undoubtedly work
1 ing for the best interest of the market
News from Washington was without
! direct bearing on securities. Proceed
ings at the industrial conference were
followed closely and the belief is thai
I a better understanding between capita
and la borwill result from the convcn
tion of these interests which have beer
I opposing each other too strenuously fol
the common good.
The vote on the Shantung amend
mcnt was of no market importanc,
other than the indication afforded tha
the treaty will probably be pushed alon,
without much further delay. Its rati
ticatiOn will be welcomed because o
the avenues business expansion
which will thereby be opened up. TIL,
movement on foot to extend governmen
control of tho railroads for few
months into next year until such tim
as remedial legislation can be enactc,
received favorable notice.
In the late afternoon call loans wer
made as low as 6 per cent. but III
ruling figure was higher. This casin
of the money rate caused renewed buy
ing in the last half hour, United State
steel selling up 10 the best figure q
) the day, about 100. Southern Pacili
moved up to 40 for gain of NOR
than two points, while Pierce Arrow a
81 was up about seven points. Th
final tone of the market was strong.