Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-01
STOCK PRICES RALLY
NEAR END OF SESSION
Buying for Short Account
Causes Upturn in Narrow
Wall Street Market
stock sales today on the New Yorl,
exchange tOtaled 1.236, 800 shares.

New York July 1.-The New York
Evening Suns financial review this af-
tCrnoon is as follows:
Holiday atmosphere was still more in
evidence in Wall Street today and its
influence on the securities market was
unmiStakablc Trading was languid
and price fluctuations lacked both vigor
and docisiveness until the last hour.
when pronounced strength developcd.
| Transactions ran close to million
shares, but the total was due rather to
the breadth of the market than to vol
umc of trading in particular quarters.
There was pretty good demand for the
sugar, equipment and leather groups,
and the marine shares did we'll also.
Marine common went through a.
Baldwin crossed 1O9 and American Lo.
comOtive 81. The stees and coppers were
colorless through most of the session.
but in the last hour they joined in the
forward movement American Can.
+ Corn Products Refining. Cast Iron Pipe
preferred, United Cigar Stores. To
baccO Products and Goodrich gave a
good account Of themselves. American
Telephone and United States Industrial
Alcohol were subjected to considerable
pressure. as was virtually the entire
rail list
1t was not easy to put ones finger
on the cause for weakness in the rails,
but, generally speaking. it might b"
urged that there is no alluremcnt OF
expendng dividends to attract interest
The signing Of the railroad bill by the
President yesterday naturally enough
had a favorable effect for the moment,
but that done. there would seem to be
little else to look forward 10 for some
time to come. l.rhigh Valley. Canadian
Pacific. Southern Pacific and Union
Paciti" were pressed down from to j
points.
The conjunction of vacation thoughts
and tight money ruling at the turn of
tAr midyear when obligations mature in
bulk and dividend and interest pay
mcnts loom large. with but dubious
outlook for easier money later OF. was
amply sufficient to explain the absence
of initiative and the pensive character
of the market as whole. Adjustment
of accounts against the, triple holiday.
beginning with Friday. was the main
consideration. Call loans renewed ut 5
per cent for mixed collateral and . per
cent for industrial, and those rates pre-
vailed through the day. TightncSs is
expected to continue for the balance Of
the abbreviated week, after which II
is presumed the relative ease Indicated
by 6 per cent money will return, for a
time at least.
The buying which came into the mar
ket in the late session was clearly fol
the short account. There was no great
supply of stocks offered and the result
was material jump in prices among
the industrials. Steel pushed through
100 Crucible Steel was EXCEPTIONAL!
strong and the cOppers were given
/ new lease of life. The movement de
veloped rather suddenly and bore all tn,
earmarks of professional impulse.
did not last very long. however. and a
the closing there was some tendency t.
! settle back Victory Az per cent note
touched par.
Formal announcement of the abrOga
ton by presidential proclamation of tn
cdict of 1918 placing restrictions OF
foreign exchange and remittances, Will
foreshadowed by the previous statemen
4 of the Federal Reserve Board. had
/ more or less depressing effect on rates
Sterling was quoted at S4.JS, whic
was more than a cent below yesterday
! quotation. Francs declined 4 centime
4 to $40 francs to the dollar and lir
6 points to 7.9S lire to the dollar
There was heaviness likewise in til
kroner and peseta.
| The cotton crop report of the govern
ment was bullish, due to decline
| condition and acreage alike, but it d
not quite equal expectations of IL
trade. The staple sold off sharply
the early session, but recovered abON
: nf tba lnGS