Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-01
OU|ETER CONDITIONS
PREVAIL IN WALL ST.
Holders of Stocks Refuse to Be
Stampeded by Money
Situation

New York, Aug. 1.-The New York |
Evening Suns financial review this
afternoon is as follows:
Much Quieter conditions prevailed
on the stock exchange today, the eve
of a two day recess in trading Holders .
of stocks refused to be stampPdCd into
Wholesale unloading by the dismal pic
lures painted of the money and foreign
exchange situation. Prices recedcd a
trifo further in the early dealings.
but as soon as it was seen that there
was no urgent haste to sell, bear opera
tors commenced converting paper pro-
fits and this started a general rally.
BY midday. the industrial list had
rctrcaced the ground lost and in many
instances small net advances were
shown. There was no incentive for
following prices up. however, in view
of the uncertain outlook and during the
greater part of the session prices drifted
irrcgularly within narrow range.
The renewal rate for call loans was
6 and per cent for mixed and in
duStrial collateral, respectively. This,
Of course, was the chief constructive
factor, but the street was in n nervous
state, not knowing at what moment
rates might start skyrocketing again.
and for this reason very little was at
tempted on the long side. The action
of stocks this morning showed very
! plainly that their position had been
materially improved, technically speak
/ ing, by the decline which has per
sisted all this week and which in the
| aggregate has brought representative
stocks a long way down from their
recent high levels.
Only slight reference was made in the
August bulletin of the Federal Reserve
Board to speculation and money. The
interesting statement was made that
IAN investment demand, however, has
revealed itself and an unusual amount
of stocks is reported to have been
taken from the market, the consequent
decrease in supply resulting in further
increase in prices in the face of con l.
tnucd demand. "
The fact that the stock exchange au-
thoritieS are taking steps to r"organ2"
the system of handling call money was
noted with satisfaction. In view of
the growing demands which will be
made on the money market. commission
houses continued to advise caution. The
increasing difficulty experienced by b"r-
rowcrs in securing time accommodation
shows which way the wind is blowing
The equivalent of I per cent was Die
| for industrial time funds today anC
| lenders are refusing to renew many o.
| the maturing loans.
| Out side of the money tangle, ther
| was nothing to influence stock move
mcnts. United States tSeel got dowl
| as low as lOS3S in the early trading
| bpt sold above 10 later in the day.
| The petroleum shares enjoyed a Goo'
rocovory and number of specialize
4 were marked up very easily. American
Writing Paper preferred bettered its re
cent high price and Cast Iron ZIP
! came TO the fore with gain of nearl
| tbrec points. The rails moved with I'll
irdustrials, but within nHrrowe
| range. The tobacco group again shove
a pronounced strength, gains her
| amounting to > or 3 points.
violent upturn in cotton prices loi
lowed the Department OF Agriculture
figure as of July %, showing cohu'
ton of 6T.1 per cent of normal com
narcd with 20 per cent month earlier
L Cotton quotations jumped $40 pa
within a half hour-the maximum nuc
tuation permitted. Corn was weak.
~ There was very little change in tor
! eign exchange rates, francs recedir
slightly, while sterling and other cul
rencies were steady.