Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-11
PRICES MOVE HIGHER
IN SECURITY MARKET
Short Covering Plays Part in
Some Of Sudden Advances.
Marine Common Hits Top

New York. July 11.-Thc Now York
Evening Suns financial review this
afternoon is as follows:
The easy manner in which the mar
kct rallied Just before the close ycstor-
day gave promise of higher prices this
morning. Prices did go higher today.
but in n very ierky and confusing
fashion. II was apparent that short
covering by tho professional element
played n larg" part in some of the
sudden advances. Speculative activity
shifted rapidly from one section of the
list to the other and while the market
was strong the advance was by no
means uniform.
Marine common provided some more
fireworks. moving into new high ground
in remarkably heavy dealings. There
is nothing new to be said about the
Marine situation. Pool exploitation on
the common stock is based on the theory
that back dividends on the preferred
will soon be paid off and that earnings
will warrant the inauguration of pay
mcntS on the common.
Other properties which attracted con
siderable attention for a time were
Pierce Arrow. Famous Players. Ma
tional Enameling. American lntcrna-
ti"nal, Industrial Alcohol, Denver pre-
fcrrcd and Virginia Carolina, all of
which enjoyed substantial move.
The further advance in Pierce Arrow,
which at today'S figure was up about
. points from the level to which it
sank on the passing of the dividend, was
accompanied by rumors that the concern
would be taken over by General Motors.
Whether true or not. the story served
to embarrass the shorts The strength
/ in some of the spccialtics appeared
rather artificial.
During the greater part of the session
and while diverting movements were
going on in new issues, the standard
stocks were notably sluggish. United
States Steel. for instance, tluctuated
within the narrow range of l point
for the first three hours. \ good many
sharp bulges of from to 1 points were
recorded, but they did not Inspire re
sumption of the active buying movement
throughout the list. The market was
largely speciality affair.
At the same time there was no very
important selling pressure in any quar-
ter. the market continuing to show re-
markabe stability at its high level of
the year.
The list was combed over for stocks
which had not participated in the ad-
/ vance, and in the last hour Freeport,
Texas and Tennessee Copper were
brought to the fore. The former stock
rose more than : points to high figure
while the latter crossed 15 for =
Doint advance. The gain in marine
common was extended to points when
it went through 67h. Considerable
profit taking went on in other sections
of the list
Concerted buying of the coppers de-
veloped at midday, sending prices up
to 2 points American Smelling as
about the strongest advancing 3 points.
This movement, as most of the others,
ended almost as quickly as it began. A
further hardening of quotations for cop
per metal assisted these stocks.
The rails too were given a boost
Reading, Southern Pacific, Atchison and
the like getting up l to > points only
to fall back again. Buying of Denver
and Rio Grande preferred featured the
low priced properties, this stock regis
tering a new high price above Is.
Outside of the market itself, the street
had very little to consider. There was
little or no news calculated to influence
sentiment and the course of prices de
pended solely on the inside position OF
the market. The extensive and prac .
tically uninterrupted rise in prices this
week tempted a good deal of profes
sional selling, but this element dis
covered it was as difficult to dislodge
large holdings as 1t has been at any
time in the past
The backwardness of the steel stocks
following the highly satisfactory ton
mage figures of the steel corporation
was disappointment aPd evidently en-,
couraged short selling in this depart
ment.
Money rates were an unimportant
factor. Call loans renewing at 7 pei
cent and later easing to ~ per cent
Foreign exchange rates were narrow
sterling advancing 4 point, Will,
francs yielded s centimes.