Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-03-31
INITIATIVE IS LACKING
IN SECURITY MARKET
Hesitation in Buying Because
of Disquieting Reports From
Overseas-Undertone Firm


Exchange totaIed $4,000 shares.
New York. March 3l.-The New York
Evening Suns financial review for today
| follows:
There was firm undertone to the list
in todays stock market and trading was
in fair volume. but there was lacking
through most of the session the nitia-
tive and aggressiveness which character
lied the market in the second half of
last week
This state Of affairs reflected, on the
one hand, the tendency of the profess
sional bears to put out new short lines
and. on the other hand taking of profits
and hesitation in buying because Of the
disquietinG reports Of dissension in the
Peace Conference. 1t was difficult. salts
| factorly. to appraise the course of
events in Paris. Progress in one direC-
tion is no sooner announced than hitch
in another comes to notice. Only those
! in the inner circle on the spot can tell
what proportion there may be of going
ahead and what Of going backward.
Colonel Houses expected statement
did not matcriaiize and that was some
thing of a disappointment. because It
seemed to give color to reports of want
of agreement among the Big -Four"
The market in consequence. went
through n sort of marking time perform
ancp. The motors and fractions were
strong as group. and individual shares
stood out. like Corn Products Refining,
which went into new high ground above
CO, coincident with the announcement
from Washington that counsel for that
company had informed the Supreme
Court that the appeal in the dissolution
suit had been withdrawn; American
TeIephone and Telegraph, American can,
United States Rubber, which had good
annual report. and Wilson Company.
The strength in the fractions was at
,rihutad 10 the favorable outlook for the
Martin bill at Albany. AS for corn
Products, il has been known. Of course
that efforts were being ade to dissolve
the company in way satisfactory 70
tho stockholders and acceptable to the
Department of Justice. Apparently that
has heer accomplished The rails were
In fair form. with few spots of eX-
ceptional buoyanCy. such as Reading,
Southern Pacific and Chesapeake and
Ohio
The annual report of United states
Steel had been discounted by the previ-
GUS broad advance in most of the steel
group and found but modest response
today. The assets situation both in
United States Steel and MidHale was
highly encouraging and the showing III
earnings all that could be expected un-
| der the circumstances.
Business was quiet in the afternoon
! and prices ebbed and flowed within
! narrow range. There was some ten
dency to shift speculative attention from
| the industrials to the rails but the move
| ment was not carried far. ana both llsts
were disposed to settle back in the last
! hour, Liberty Bonds were somewhat
| lower,
Virginia debt bonds sold at 7Ol2. u
IN on advices that the bill IN the west
| virginia Legislature providing for a
settlement with Virginia was about 10
pass Interborough Metropolitan 4Bs
advanced to 81, more than points NIGH
or than the Saturday closing. but re-
ceded a point or more In the late ses>
sion.
There was little in the money market
IN call for comment. Time FUNDS were
nominal at u per cent LOT ,ne uau'ns .s
rate call loans were quoted at 5h TO
ner cent, the latter the renewal rate
Eoreipn exchange firmed after early
bea yiness Francs touched new low
Ieve, at 6,O5 francs to the dollar, bnt
later advanced TO 6.02. Sterling Went
down TO 45S and recovered partly 10
45sn. Lire made gain OF some 80
points, Neutral rates were STEADY 10
Arm. The 100000 French 5h per cent
two-year-loan is payable here tomorrow
Last February Morgan Co. an
nounced the terms under whlch the
notes would be paid--that is tossay' at
1o5K of the principal amount. payable
both IN dollars here and In francs In
paris II Is expected that good part
Of the loan will be paid under the terms
speclfied. the small balance to be con-
yerted into French Republic twenty-year
bH per cent bonds, according to the
terms of the loan.