Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-21
WALL ST. WITNESSES
ANOTHER ACTIVE DAY
Turnover of Nearly Half Million
Shares at End Of First Hour.
Industrials Advance

New York. April 21.-The New York
Evening Sun : financial review this af
ternOon is as follows:
With close to million shares traded
in before the session was scarcely more
than half through. today's stock mar
k2t presented a variety of phases. With
an auspicious beginning for the Vic
tory Liberty Loan campaign. with the
number of localities throughout the
country having already subscribed their
quotas. large subscriptions announced
almost as soon as the banks opened
their doors and favoring weather con-
ditions. the floor traders started bust
ness with a rush and a roar, culminat-
ing a turnover Of nearly 800 900 shares
at the end of the first hour.
In the -.srrsmble- ppiees Of industrial
shares advanced one to three points or
so. Toward midday buying lost mo-
mentum and allowed realizing sales,
which were in evidence to some extent
from the outset. to overtake it. There
was temporary reaction in conse-
quence which took away about half of
the gains and caused a portion of the
public to withdraw after realizing on
their profits.
While United States Steel was %less
broad in its movements than most of
the other industrials, its course was
! illustrative of the markets course
Opening at 901s. a up, pushing
! through par to 1001a. receding to 093s
and in the afternoon again crossing par.
The best buying was attracted by spe-
calty shares and such groups as the
oils, motors, papers and equipments.
Copper and shipping stocks were in fair
form The rails were not much changed
through the forenoon. but they fell in
/ line modestly on the second upturn.
The situation seemed to be this
Saturdays aggrpssiveness caused a
large accumulation of buying orders
over the week end and at the same time
convinced many that the technical posi-
ton demanded something of cor
receive. Accordingly, when the ac-
cumulated orders had been disposed of
profit taking began. Yet the same
bulish influences were very much in
evidence that is to say, the street was
still disposed TO discount the bigger
/ favorable elements, like peace settle
ment. with all that such settlement
implies in the business rejuvenation of
the world and to ignore the smaller
factors. such as the steel price contro-
versy and others.
The truth is that there is nothing ade-
ouate to disturb sentiment when the
country can at once visualize peace
record wheat crops; a relatively unim =
paired economic position and an end,
with this loan, of public financing of the
war. which now bids fair to close with
a full subscription. if not an oversub
scription, to the three four year notes
These things throw into striking relief
this country's prospects, as compared
with those of stricken Europe.
Trading in the last hour was more
subdued, and prices again receded with
out displaying any signs of weakness
Liberty bonds were heavy.
At the annual meeting of the United
States Steel stockholders, held in Ho-
boken at noon, Judge Gary took pains
to expound the situation of the stee
people in the price question, and al
the same time reasserted his confidence
in the prosperity of the country. HI
did not venture to give a definite dat
for revival of the steel industry or o
industry in general. Facts and figures
give the lie, he said, to prophesies o.
business decentralization.
Word came from Washington that thu
conference, scheduled for today, be
tween members of the industrial boart
and of the railroad administration, hat
been postponed because of Judg
Loyett's illness, a conference which
called for unusual interest because o
President Wilson's cabled desire tina
the matter should be adjusted withou
interference from him.
Money conditions were not material!
changed. Call loans renewed at 81
per cent, which rate prevailed unit
late, when it dropped to 5A per cent
Foreign exchange was quiet, largel
because observance Of the Easter holi
days abroad. Lire were slightly easier
, but other rates were steady, after heayi
ness in sterling earlier in the session
Cotton was hrm. Corn and oats wer
strong.