Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-14
BEARS LOWER LEVEL
OF WALL ST. PRICES
Market Shows Little Evidence
of Real Weakness-Vol-
ume Of Trade Light
Stock sales today on the New York
exchange. aS compiled by the Evening
sun. tOtaled 900 500 shares.

New York. Aug. l4.-Thc New York
Evening Suns financial review this
afternoon is aS follows:
An appcaranrc Of strength was given
to today's stock market at the opening
by modest accumulation of buying
orders over night. As sooD as these
were disposed Of, at the end of the first
half hour or So. the list became un-
settled with variable, not to say mixed,
price hurtuatiouS.
While the bears succeeded i'll de
pressing the level several points on or-
casion. there was little indication "t
zeal weakness anywhere. Quick ana
Frequently broad rcCovrri"S followed
every such set back, which served to
demonstrate that an und"r"urr"nt OF
investment buying quite independent "t
whatever short cover there may nave
been to reap was kept in motion by the
desire Of benefits to be derived from
lower prices for choice investment is
sues
As the session advanced. however.
the volume Of trading became lighter ana
the market, a> Il whole. was LETT l."
the tender mrrrics of the professional
cliuupS. The cliQurS were not so Ig-
grcssiyr in bear raiding but that they
were often worstcd by more or l"SS
consistent resistance to pressure.
The course of United States StcclS
shares was typical of the courS" of tn"
list aS II whole. opening fraction up
and advancing nearly to 1O4, then re-
ccding below 1913 and finally reaching II
fair state uf equilibrium clos" to the
"Wednesday closing lrvcl.
There we're individual storkS which
moved under the influence" of factors
local to them. American Locomotive
ran up over points, in anticipation of
nm increase in the dividend rat" at to-
davis meeting of the directors. When
the announcement came that the stock
had been put on per cert annual
basis the price dropped back to where
it began.
After touching new low level for
the year, American Telephone made a
sharp recovery on its being made cleal
that the financing project rumored yes
tcrday was specifically denied. 1t woulc
. appear that the report had its origin II
an idle joke in the Boston exchange
The oils were in good demand through
out and gains of to points w"r'
made in that quarter. 6ith the ex
ception Of United Drug and few 9th
crs. most Of the spccialties which hav,
been bulicd of late were held down !
point or two.
The rails were heavy, save New
| Haven, which received leav"n o
stiffpning from the modification of tina
! roads modification of its freight EN-
= barge. Dispatches from Washingto
: stated that a bill for the return of tn
| roads to private ownership would b
introduced in the Senate within week
and that no part of the Plumb pla
| would be Incorporated in the measure
This was reassurng, but it failed {
much effect for the reason that rercr
events had clearly enough been of
: nature to make it a fair assumption.
- The final tone was distinctly weak
resistance offered to bear pressure Il
to the last hour largely disappearing
Steel dropped below 102 and net losSe
of . to 3 points were numerous. Con
fractions again totaled less than 900,
600 shares, although trading was MOI
active, on the definite decline than
+ any htevious period of the session.