Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-12


New York. Aug. r. The New York
Evening Suns financial rovi"w this
afternoon j. rs ioiI"wS
Todny'S stock market was another
traders affair and moro quiet even than
yesterdays dull and coloricSS performs
ancc. Further efforts were made by the
bears to drprcSS the pric" levels. but
they did not meet with much success.
Since the nervousness created by the
/ Sud,fru entrance of tn" Plumb plan into
the might b" scheme of things and the"
| Washington government : awakening To
/ the necessity Of doing something in th"
matter Of the high cost of living has
been largely aIlayrd tn" bears have not
found il 80 easy. naturally. to start the
ball rolling down hill. The ball in
truth. has become heavy and difficult to
move to the point where i, would roll
of its own momentum. The t"rhnlra!
rn,itiOn i against the hears and Scnti-
mrnt would appear T" be gradually be
coming ~O.
Prices Of stocks are far from a. hlgn
aS they Wrr" a week or two back. AwI
weak arrountS have been pretty WrIi
vrr,ird out. There is good buying of
u unite substantial character which can
absorb the bulk of offerings. and th"
short interest is an element 10y no
means To- hc ignored. although not as
large a. it was last week "r IN" week
before. perhaps.
Where before marglnOd accounts of
Questionable Justification Wcr" counted
hy the thousands, they may now b"
0rountcd by hundreds or cvon scores IN
thc cases Of many brokorag" or com
mission houses. This means marked
in,nroyrInrut in tn" technical under
living position within the market and
makes if uosSibIc for values, as op-
nosrd to the quotations "f the moment.
to no ciycn moro earnest consideration.
rho nroftrrriug probe has been dis
rountcd in large measure. and the feel
ing seems to he gaining ground mat
,onIy by passing through the dark woods
Iof investigation and adjustment can the
country emerge into tn" SunNhIn" "i
sound prosperity.
rim. IT is suggested in numerous
,unarrcrs lhat the market, through mo
rcmaindor Of the summer. may IarNr
into professional trading and get NS
real rlc in the autumn.
The opening prices were lower than
Nonday'~. but from time to tim" mild
rccoycrio, wrrr iutcrspcrscd with gains
Of moderate proportions. It was n
sort Of idle scCsaw movement which
carried little feature with it Net
changes. among the industriaIs and
rails alike. were slight, tho most cX-
trpme spread not exceeding one t" two
nOints. save in the ease Of limited
number of individual shares, such as
Ncw York, American Sugar Refining
Royal Dutch, Pan American Petroleum
and few others.
Trading continued down in the later
session. There was general tirming o
prices in the last hour. bidding up o
the equipment shares was spirited
gains of > to points being noted il
that quarter. Under this leadership tin
steel group also showed consid"rabl,
improypmrnt War bonds were hcav!
o in good volume of business.
, There was a hardening tendency il
y the money market. The government en-
J. gagged in withdrawing funds from tn
j hanks against the maturity of som
T SJ42 600 600 treasury certificates Of in
d dCbtpdncss which fell due today. Some
n thing less than 5000 900 900 were to b
h pqid of in this Federal Reserve dis
?. trict. Call loans renewed at GMGl2 pc
q cent and ruled there.
+" Further strength in francs feature
'r the foreign exchange market. quotation
9 for checks being ) rcntimcs higher Il
ID I .GG francs to the dollar. Sterling wa
II fraction of cent up. PCSotlS aloI
t. were heavy. rPccding 10 points 10 ~. u:
ID The grain and cotton markets wcl
n firm but quiet.