Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-27
EASIER MONEY AIDS
WALL STREET PRICES
Steel Stocks Make Good Gains.
Cerro de Pasco Leads Cop
pers Upward
Stock sales today on the New York
exchange tOtaled I FOG 900 shares.

Stock sales today on the New York
exchange totaled 1.2O6, 900 shares.
New York. juno 27.-The New York
Evening Suns financial review this aft
ernoon is as follows:
The advance in stocks today--tho
most extensive movement Of tho week
was occasiOnod primarily by tho easier
money rates obtaining this morning, call
loans renewing Mt ; per cont. The re
m0val Of the repressivc force of high
money and not an overnight change in
sentiment. which has all along been
prodominantIy bullish. brought heavy
volume of buying orders into the market.
1t has been argued by traders all this
week that, since stocks were able Il
stand up as we'll as they have in the
face of soaring call money quotations
they were likely to do a great deal bet
ter upon the first signs of relaxation.
This idea proved to be the correct
one and the ease with which many Of
the industrials went up today substan
tiated the opinion that stocks have been
absorbed by strong hands during the
setback.
The fact that the steel stocks or-
cupied leading place in the dealings
gave the movement an aspect of i'm
portance. United States Steel. which
has now recovered n large portion of its
recent decline. sold above 10Slg. All
the other steel shares followed. with
even large gains, Crucible crossing 941 !.
for a point rise and Republic adj
vancing above 92ia.
Authorities on steel trade conditions
unite in pronouncing the industry on
the eve of a period of prosperous ac-
tiyity.
Heavy selling pressure against Pierce
Arrow carried that issue down some
four points before it was in a position
to rally. The report which accompanied
this selling was that at the directors
meeting next Wednesday the dividend
rate would probably be reduced and pos
| sibly omitted. There is nothing tho
matter with the business Pierce Arrow
/ is doing, aside from the fact that it is
expanding so rapidly, according tC
rumors. that it will be necessary to con
serve cash by lowering the dividend.
All the other motor shares were
strikingly strong in reflection of th'
enormous demand for motor vehicles
! Chandler Motor sold above Genera
Motors for the first time, advancing
more than seven points in the forenoon
and rounding out thirty point advance
in the last couple of days.
Stockholders are anticipating 81
per cent stock dividend in addition t
the regular 16 per cent they receive
annually.
Marine common above 53 was within
5 points of its high for the year and III
an additional > points. Floor trader
reported that the buying coming int
the stock was still of good character
although it was generally credited t,
pool account United States Rubbc
made a new high at 1872, the floating
supply of the stock apparently bccom
ing scarccr the higher the stock goes.
Little or no attention was paid b,
traders to events outside of the marke
itself While money rates were mucl
easier today than earlier in the week
it was fully realized that the danger o
llSH ldlfS 10 ll'l ltiSN anu " III NV ~
until after the turn of the mid year
Accordingly, the speculation, whil
more animated than for many days, wa
confined to modest proportions. bu
stocks gave a good demonstration o
inherent strength.
Following the early upbidding o
prices there was lull at midday. bu
later in the afternoon the list pickeC
up again under the lead of the meta
shares. The coppers were again stron,
and active under the lead of Ccrro D,
Pasco, which proceeded to add sevpra
more points to its already remarkable
advance. Tobacco Products featured thi
group by advancing some 6 points to
new high. United Cigar Stores alst
moved into new high ground.
Late in the day call loans were mad
as low as 4at per cent. the lowest quo
tation this week Buying of coppe
stocks was the feature of the last houI
and gains here ranged from l to point
on unusually heavy trading. Som,
profit taking developed in other quar-
ters of the list, but the firm underton,
was not impaired.
Exports Of gold coin amounted t.
So 800 900, of which amount 81 200,
600 was for Spain and the balance fo
South America.
Persistent weakness in Baltimore &
Ohio shares put a damper on the rail
road department. In this quarter onl!
narrow, Irregular changes were I've
corded and there were many signs o
heaviness whereas the industrials wer,
consistently strong. The prospect o
nincrease in freight rates did not in
spire any buying of the rails.
Cotton was firm to strong, agail
making new high records.
Foreign exchange was quiet, franc
advancing about 5 points. SterlinI
/ ...n-n stoahu and lira firm