Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-04
WALL ST. RETR|EVES
LOSS OF YESTERDAY
Sober but Substantial Rallies
Follow Tuesdays Welcome
Shake-Up

New York, June 4-The New York
Evening Suns financial review this
afternoon is as follows:
The course of prices in today's stock
measure, the losses of yesterday, a cir
cumstance which tended to indicate that
Tuesdays furry was mainly accelerated
by the prompt eagerness with which the
bears seized the opportunity to make
good some recent misadventures of no
small proportions.
The behavior of the list on that oc-
casion, as well as in today's session.
seemed to show more than anything else
that whether the movement favOrs the
long or the short side neither are very
certain of the ground on which they
stand. Instinct tells traders. and pub
lie alike, that the present market has
gone at least so far as to engender eau
tion among those whose indulgence in
speculative enthusiasm has far outstrip-
ped their sense of prudence. To those
and to most others the shake-up was
most welcome and this feeling found
expression in today's sober, but sub
stantial rally.
| Aside from belief in the larger and
broader elements of strength at the mar
ket itself, sentiment was distinctly
better because of the steadying of the
call money rate. Demand loans re-
newed at 6 per cent and ruled at that
level throughout. This appeared to
demonstrate that the advance to 10 and
II per cent on Monday and Tuesday
was occasioned by the operation of the
principle of demand and supply rather
than by any concerted movement on
the part of the banks to withhold
funds.
The second war tax instalment must
ment is urging those who can to pay
not only the installment, but as much
more and as early as possible. No
doubt this appeal has proved effective
in many cases. Payments on Victory
Notes further burdened the banks with
loans. Treasury certificates on indebt-
edness, to the amount of some $780,
600 900, are due the middle of June.
All the circumstances thus show clearly
the banks must meet in the near future
as well as those just past.
The vigorous manner in which the
government has taken up the search for
those who perpetratcd the bomb out
RACES met with general approval and
improved the general situation some
what. In the first three hours gains
of l to and 4 points were numerous.
There was good tone among the steel
equipment and copper shares, while the
marines, feathers, sugars, oils and rub
Der and tire groups were quite buoy
ant at intervals. The rails were well
bought, more particularly the lower
priced issues. Lehigh Valley was an
exception, reacting at one time about
3 points, following the cut of y of l
per cent in the common dividend.
1t was obvious that the forward
movement of the first half of the session
was brought about mainly by short
covering. In midafternoon, with the
most urgent buying of this character
out of the way, prices eased off in more
restricted trading. Gulf State Steel
suffered a bad break as a result of the
passing of the dividend. There were
few signs of weakness elsewhere. Steel
fiuctusted between 107 and 10S. Liberty
Bonds were steady to firm.
Growing activity in the steel in =
dustry is encouraging mainly as to
trend rather than proportions. The
Iron Age states that exports demand
is expanding and that business Is more
dependable. Price irregularities con-
tinue. Reports have been circulated that
price advances may be expected, but
this method of Fastening buying has
not as yet met with much success. THE
dull summer months must be reckoned
with in this connection and consumers
are not unware of the fact. The blow
ing out Of furnaces goes on. Pig iron
output in May was the lowest since
March. On June 1, only 195 furnaces
were in blast, with daily capacity of
6S 900 tons, against PIP on May with
daily capacity Of 70,660 tons.