Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-03
SECURITIES MARKET
ARTIFICIAL AND IDLE
Reflects Little More Than Pro.
fessional Transactions and
Pool Maneuvers

New York. April 3.-The New York
Evening Suns financial review for to-
day follows:
T0day's stock market was an arti-
fetal and idle affair. which reflected
little more than professional interchange
of transactions and pool maneurers. Out
side interest subsided a week or more
since and that is why price movements
have ceased to be governed by day to
day news developments.
Fully conscious of the approach -f the
Victory Loan. banking institutions have
begun to prepare for the campaign by
curtailing their fixed date loans. and
putting their released funds into call
accommodations or other readily nego-
table instruments This has resulted in
ease in the call rate which dropped
down to 4, against the renewal rate at
Az per cent, emphasizing the rather
lulIewarm interest taken in the market
at n time when government financing
must be faced and when little more than
confused and contradictory statements
are forthcoming from Paris
The consistent resistance to pressure
displayed by the securities list suggests,
however, that the rank and file of in
vestors realize that peace conferences
are always more or less jumbles Of con-
f1icting interests and even recrimina
solution, often at a moment least ex
pected NJ PichonS statement TO the
Paris journalists that he looked for
preliminary settlement before Easter,
tended to confirm the market in its
underlying tone of strength.
Other elements which helped senti-
ment in no small degree were the
promise of agreement in regard to in
demnity by means of leaving the
amount blank to be- determined by
commission when the Allies can be more
enlightened as to the enemy's ability to
pay; the changes made in the league or
nations covenant, the proposal to give
France control of the Saar Valley for
a limited period. and lastly, indications
of an uprising in Petrograd against the
! Bolsheviki.
| A domestic event of less cheering ma
| ture was the railroad administration s
attitude with respect to the new steel
| prices. Failure to accept them threatens
the government stabilization plans, al
| though a further conference between the
| industrial board and Mr.. Hines may
| iron out the difficulties. The monthly
bulletin of the Federal Reserve board
gave an optimistic view of general bust
ness conditions. The ready subscriptions
| to the war finance corporation per cent
| bonds speaks we'll for the financial sit
uation and gives rather more hope that
| the Victory Loan may go better than is
generally anticipated at the moment.
| Opening prices were lower, with Steel
down a point at 9S12. There was i'm
provement later in the first hour but
| it was clear by midday there was no
particular demand outside certain in
! dividual shares, including General Mo-
+! tors, Barrett Company, Cerro de Pasco
| Atlantic Gulf. Kelly-Springfeld Tire
Mexican Petroleum and Texas Company
There was fairly good tone to the
copper group. Toward the closing. how
ever. virtually the entire list sold off
Liberty Bond issues were somewhat
better.
The foreign exchange market wa!
featured by the strengthening of sterling
and francs, the former advancing tc
Sassy for checks and $4.64 y for cables
and the latter to francs to the dollar
for checks and sos for cables. Lir,
were quoted at 7.10 lire to the dollar fo
checks against 7,25 yesterday, Neutra
rates were a bit soft. except pesetas
: which We're firm.
The weekly statement of the Bank o
England disclosed proportion of reserv
to liabilities of 1910 per cent agains
: 1870 per cent last week. Circulation in
creased S7,500,000 and bullion $3,300,00C
J that item now standing at about Si24,
100000. Government loans expande
some s5O,O00,O00.
: There was a shipment here Of $552,
: 900 in gold to South America.
. Corn had an early rise of more thai
a cent a bushel Carrying it to new to-
prices, but later reacted. Cotton wa
quiet and firm