Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-04
POOL OPERATORS SELL
TO GAIN LITTLE PROFIT
Drop in Security Prices To.
day Not Symptomatic of
Liquidation
stock sales today on the New York
exchange totalled 10000 shares.

New York, April 4.-The New YORK
Suns financial review for today follows;
Certainly there was nothing in over
night news developments bearing on
stocks calculated to promote optimism
in speculative circles. Still more Ger
tain II is that a large percentage OF
traders anticipated a very substantial
reaction in prices today. The profes-
sional element has been reaching FOR the
top and working for lower prices all
this week, but met with no success until
the final hour of yesterdays sess'ot
With the market once started Gownwafo
It was expected that it would continue
until the supposedly weakened tecnhlcai
position of stocks had been rectined
The latest dispatches tell or the
European political imbroglios ana
reiterations that nothing tangible mas
been accomplished by the Peace CONFER
ence were of tenor tending to faclIlta'e
the decline. Prices did go lower toaa!'
but the ground lost could not De re-
garded as important o. as symptomat!c
of liquidation. What happened appeared
to be nothing more than selling OF some
of the specialties by pools in an effort
to clinch what profits they could and
selling by small margin holders together
with the application of professional
pressure,
1t turned out that recessions of
point or SO invited new buying, and the
resistance which the market offered
was perhaps the most significant fea-
ture of the session, repudiating asser-
tons frequently heard Of late that the
market had been overbought. No new
factors developed to govern price move
ments. Some further selling of the steel
shares occurred in the morning because
of the deadlock in the pr.ce stabilizing
scheme In the early afternoon, this sec
ton hardened. Steel common canceling
all its loss and more, probably in antici-
nation of the outcome of the new meet
ing held late in the day between the
railroad administration and the indus
trial bureau.
Contrary to popular expectations, Ma
rine preferred did not sell off to any eS-
tent on the announcement that this coun-
try was no longer considering the pur-
| chase Of the company's fsett
! The action Of the stock wBsi very much
of a mystery. Atlantic Gulf. on the
other hand was inclined TO sag off on the
! information that it had acquired i'm
J
! field. Indications of Mexican revolu-
ton were without influence on Mexican
! properties Miscellaneous industrials
held within a narrow range during the
greater part of the session, showing
alternate fits of heaviness end firmness
Altogether price movements were very
confused and difficult to gauge. Specu
latiye sentiment was decidedly mixed
and this was reflected in prices At nc
time, however, did stocks lose tn,
aspect of underlying stability.
Heavy buying came into the rails il
the last hour. and in turn into the in
dustrial stocks, lifting quotations to th
best figures of the day, United State
steel, which opened at 97is went abov
80 and corresponding Improvement wa
, made by the majority of STOCKS as 500
as IL was discovered that selling faile
to dislodge holdings. Southern Pacifi
sold at around !O5 and Reading crosse
s5.
! A 4 per cent rate for call loans an
no evidences of tightening money cor
] ditions, despite the approaching govern
, ment financing. was helpful. The wa
the market quieted down on the declin
was also a favorable sign, total sale
for the day being about the smallei
D this week. ACTIVITY III tne DOnu fnhrk'
! increased. with the majority of Libert
| Loan issues making slight gains. Formi
! announcement is awaited as to the tern
: of the Forthcoming government loan. tt
latest report frcm Washington stat
! that the amount will be at lea
I $4,000, ,OO0, 900.
Trade reports continue favorable. vii
evidence of a great building boom
process OF formation multiplying. La
I est crop condition returns and fgur
q Of export trade are gratifying.
il 1t was notable that. with the su
sidence OF speculation in industri
r stocks. interest switched to the raj
l. This section of the market enjoyed h
II broadest forward movement experienc
In weeks. AS soon as one group
e stocks is neglected another is taken u
;. so that at no time in the past month
: more has the market undergone a &c
. eral decline
= The foreign exchange market W
4 featured by a sharp recovery in sterlii
Z and francs. Cotton WAS heavy und
Y week end pront-taklnx