Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-03-21
OLDTIME LEADERSHIP
IS ASSUMED BY STEEL
Stock Market Evidences Relief
Felt Over Establishment of
New Prices
stock sales today ON the New EorL
exchange totaIled 1,260,500 shares.

New York. March 21.-The New York
Evening Suns financial review for to-
day follows:
The process of readjusting industrial
conditions from an artificial to a normal
basis is gaining headway. the latest big
step in this direction being the reduc-
ton in steel prices. The stock market
particularly the steel shares. evidenced
in no uncertain terms today the relief
felt over the establishment Of rev steel
prices at a level which. II is believed,
will promotA q rival Of active buying
in the industry. For weeks, while the
general market has been advancing. the
steel shares Lave held back because.
sooner or later it was realized, some
such agreement as has just been reached
was essential before the steel industry
could anticipate better things.
United States Steel common assumed
its old-time leadership today, starting
Off undrr n rUsl # huge buying orders
which pushed the stock to 9s within
the first hour. In this period, transaC-
tions in steel provided nearly one-half
Of the total turnover. The stock reacted
from this figure and ruled close to 81
until in the early afternoon when de-
nani for the st rk again became pro-
n)urt@d and lifted it aboNe %. Other
steel, stccks were lIgiIer, but displayed
no uuwOntCd activity.
The resumption of unrestricted deal
! ings in the foreign exchange markets
was regarded as another favorable sign
of the times. The Federal Reserve
board announced today that all restriC-
tions as 10 the sale or purchase of
Italian lire exchange had also been
removed Bankers regard with great
satisfaction the fact that sterling en-
change is no longer to be artificialiy
stabilized The industrial board, which
participated in the lowering Of steel
prices, is also contemplating price read
justments on lumber. brick, cement and
! other construction materials, paving the
/ way 1cr greater and more normal bust
ness activities.
! The buoyanCy of Steel common was
/ not communicated to the whole market
although the general list was firm and
there were number of very active and
strong specialties. The action of the
Steel shares served TO revive somewhat
speculation in other quarters. but for
the first time in weeks Steel common
was the mainstay Of the market. Among
the issues prominent for their strength
and activity We're Mexican Petroleum.
Royal Dutch. which went to new high :;
Tobacco Products, Dstillers, Marine
preferred and American International
Lackawanna rose more than points
on the theory that the company will re-
ceiYe large government orders for steel
rails at the new price.
Progressive strength carried quota.
tions TO the highest figures Of the ses-
sion in the last hour. Tobacco Products
crossed 81 and United States Steel sold
above 80, for a four point gain, a new
high price for the year.
Independent steel stocks were also very
strong, Bethlehem Steel, b selling al
So Rails were neglected in the early
trading, but hardened at the close.
one OF the greatest obstacles 10 a re-
newal of normal industrial activity
would seem to be eliminated by means
of new steel price agreement. The ac.
ton is, however, more or less OF an eN.
pertinent. for producers are by no means
certain that demand for their products
will arise as a matter of course. The
situation is not analogous to the copper
deadlock, where price cutting has not
had the desired effect because of thu
large surplus supplies of the metal which
had accumulated and still remain 10 bt
worked Off
announcement of the reCeivershiD fol
the New York Railways was without
adverse influence on the market. ever
the traction stocks moving only mar
rowIy. The receivership had been an
ticipated and pretty thoroughly dis
counted, and the financial district I.
waiting to see whether or not other 10
cal fractions will not have to adopt
similar course.
Liberty Loan fourth "A per cen
bonds sold at a new low record of 93.72
An additional credit of s75,0O0.O 900 wa,
advanced the Italian Government today
J by the Treasury Department, raising tn,
5 total of loans to that country to S1,496,
$1,000
Foreign exchange rates were nervous
:; and unsettled. Demand sterling de
clined to 4.69. Call and time funds wer,
; unchanged. The cotton market was dull
and steady.