Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-03-19
TRADING IS LIGHTER
AND PRICES MIXED
Severe Losses Occur in Last
Hour-Some Doubt if Bull
Markets Were Real
stock sales today totaled $4,000

stock sales today totaled sOe.1oC
shares.
New York. March l9.-The New York
! Evening Suns financial review for to-
day follows
The absence of coordinate move
ment in stock prices thus far this week
has created doubts in some quarters as
to the genuinencss of the recent bull
demonstrations. 1t is conceded that there
| has been drawn in a considerable public
, following, else there could scarcely have
been the volume of business transacted
in the last ten days or so.
Trading today was again somewhat
lighter and prices, while they did not
recede in any material degree from the
Tuesday closing level, were highly
irregular, giving spotty appearance to
the list as a whole. Bulish sentiment
still outweighs bearish sentiment.
The basis for this would seem to be
the prospect Of an early peace which
in conjunction with the deSirablity of
having a good market in the Victory
Loan campaign and with the inherent
strength within the market itself dis
closed by the consistently firm under
influence.
It is not TO bo ignored. however. that
hanking interests are among the least
enthusiastic over the general business
and financial situation. Money has be
come fairly plentiful, but there are many
uses for it other than for stock market
purposes. The question is whether the
market has had a true or false start
It is too early to give a definite answer
but all COnCede as it is now everything
depends on any striking news develop
ment which may come along.
The one possible development which
can be clearly visualized at the mo-
ment is of course. the signing of an
early peace. and that would be dis
tinctIy bulllsh factor because it carries
so many possibilities in it's train, not
the least Of which ltere would be the
return of the President, the summoning
of Congress and the finishing up of
legislation, especially railroad legisla-
zion.
However, there was little positive
character to price movements today.
Some of the steels We're well bought and
there was a good advance made by the
shipping and kindred stocks 1t was
heard that the British Marine deal
would be reopened shortly and also that
there was some hope of the company de-
claring an extra dividend out of funds
already available for the purpose
AS usual there was no little strength
among the specialties. The sugar oil and
chemical groups made a good showing
on the whole There were one or two
strong spots among the rails, particularly
Reading and Texas and Pacific, but there
was no great initiative manifest in that
department.
Prices dropped away from the top" in
the last hour and in some cases like
Mexican Petroleum, United States In
dustrial Alcohol and others, there were
rather heavy net declineSN Selling pres
sure was not eXerted very vigorously,
however Liberty Bonds were steady to
firm.
Much of the hesitation apparent to-
| day was attributable to the conference
of the steel manufacturers in Washing
ton with the newly created industrial
committee to discuss price revision.
| Whatever price changes may result, says
| the Iron Age. the weeks market has
! further emphasized the downward
! tendency.
That journal refers to reports of sales
of basic iron at $25 at furnace, a reduc-
ton Of So a ton. In semifinished stee
l
cesslon of $6 a ton from prices pre-,
vailing in the early days of the year
Ferro-manganese has gone the same
way, the supply far exceeding the de-
mand.
The weeks delay in the conference
has not lessened the problem for tn,
manufacturers committee. There is
feeling among the leading producers o
steel that price cuts at this time will
not produce the desired buying revival
The Iron Age remarks significantly tina
the fact that the government has NJ
buying program and thus cannot Civ
practical sanction to steel prices tina
NAV be fixed is a serious drawback"
The market in French exchange
steadied, franc checks being quoted a
/ $50 francs to the dollar, as compared
with the recent low Of 5.7612 francs
There was an easier trend among th'
neutral rates.
There was little change in the none!
situation. The trading rate for nearb.
dates In time funds remained at 5h pc
cent. Call loans ranged from 4la to
per cent, the former the renewal rate.
Cotton was quiet and heavy Corr
and oats were also subjected to SOM
pressure.