Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-30
FIRST PEACE MARKET
IS WITHOUT FEATURE
Undertone Of Strength Appar-
ent at Times. but Movements
Are Generally Narrow
stock sales today on the New York
Exchange tOtaled I ,125 800 shares.

New York. June 30-The New York
Evening Suns financial review this
afternoon is as follows:
So far as any outward manifestation
was to he diScprncd. it mattpred little
10 Wall street that the world has re-
sumed n status Of peace. The new era.
stock market wise. was entered upon
today in the most lethargic fashion.
Trading was broad, but not particularly
animated. Prices were heavy at in
tervals. but there were times when sub
stantial appreciation in values was
quite general. Throughout there was q
consistent undertOnp of strength which
gave sCGnt encouragement to the bears
and left many of the bulls in doubt.
As il turns out. the market had pretty
well discounted the signing Of peace.
The public withdrew in the process and
has not come back in again as yet. The
result is that trading is in the hands
of the floor traders who apparently are
biding their time until something turns
m to start the ball rolling afresh. But
dull period is looked for through July.
at least. a relatively dull one. Mean
while vacation considerations have come
to the fore There was moderate
strength at the opening followed by a
brief reaction of small proportions.
Steel dropped away more than one
point from its top price of 109&, but
partially recovered and then virtually
stood still. The equipment shares were
in demand. especially American Loco
motive. \ report was heard in the
Street that Baldwin had put through a
big real estate deal in Philadelphia.
with the intention of concentrating on
the development of the Eddystone plant.
That stock went up over a point at first,
reacted about the same. and then raced
forward TO above 107.
The copper group was soft and the
marines were little better than neutral.
The motors shifted about a good deal.
Industrial Alcohol was weak. as was
to be expected with prohibition looming
in the immediate foreground. American
Can. Central Leather. Corn Products.
refining. Goodrich. Wilson Co
and United States Rubber were bid UP
! in good style. also International Paper.
Allis Chalmers. Kelly Springfield and
so on. The rails were almost wholly
neglected and but slightly changed.
Aside from half dozen features OF
| strength. surface movements in the last
| hour were variable and reflected LITTLE
! initiative one way or the other. Trans
actions exceeded a million shares by a
modest margin. The late advance in
call money rates to s per cent for mixed
| collateral and 10 per cent for industrlalS
caused some unsettlemPnt. but in nc
case was II pronounced, indeed the clos
ing WAS generally firm. Texas Pacific
at 66 was one of the few issues thai
were really strong in the rail list. al.
though advices that the President woult
sign the railroad bill at sea tended tt
create n somewhat better feeling II
that quarter.
Roth call and time loans were scarce
IIv more than nominal. The former re-
newcd at 6 cnd 81 per cent for mixec
and induHrial collateral. respectively
and rulod at that level through the ses
sion until late. when the rate advanced
to and 10 per cent. The trading rat
for time funds was g per cent. but M
business was transacted beyond few
arrangements for accommodation a
nearby dates.
This situation was wholly in conso
nance with the turn in the midyear
when maturities. dividend and inter
est disbursements. etc. must he takel
care of. Back Of these immediate OBJ
legations were the financing Of crops
industrial and international financing
and later on the meeting Of addtiona
tax nayments.
These things seem remote 20 all OK
ccpt the banks. which must bear tn
burden of them and must make their ar
rangements far in advance for obviou
reasons,
II is encouraging to note from tn
reports issued on the latest call of til
comptroller of the currency that the ma
| tional banks have record resources ex
ceeding 500. 500. 600 900. or So.575,
900. 200 ahead of May. 1918. The in
crease since August. 191S, has beel
nearly $40 600, ,Ooe, 900.
4