Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-10
PACE IS SLACKENED
IN SECURITY MARKET
Session Is Active, Although Not
RepIete With Spectacular
Advances


Evening Suns financial review this aft
| crnoon is as follows:
The stock market slackened its pace
today. but for all that it was an active
session. although not aS repletP with
spectacular advances as on former oc-
casions this week There was a general
disposition to take profits and the pro-
fessional element experimental on the
short side with greater confidence.
Business started off at advancing
prices. as it has on every day this week,
but quotations were not followed up
as readily in the general list. A good
many spccialties were pushed forward
for one reason or another. The steel
shares Jagged prior to the publication
of the untitled tonnage statement of
the United States Steel Corporation at
noon. These figures were certainly as
good as generally expected. showing a
gain in orders during last month of
$40. O.54J tons.
The shorts in Pierce Arrow and In
dustrial Alcohol were run in. account
ing for the strength in these two issues
concerning which news has been bearish.
The heavy accumulation which has
been in progress in Marine common be
came still more obvious today when
the stock was marked up several points
to new high figure on very heavy
trading. All the shipping stocks came in
for increased attention.
The ratification Of peace by the Ger
many Assembly lifts the economic block
ade against that country and it is this
situation which the food and shipping
stocks in particular have been discount
ing. The greatest obstacle to the imme-
diate resumption of trade with Germany
is the scarcity Of ships.
! Another reason assigned for the
ouieter speculative conditions prevailing
! this morning was the uncertainty as 10
what President Wilson might say to the
/ Senate. His speech. however, contained
ching to disturb sentiment and was
: looked upon as rather Inc0ncluslVe'
Trading in the afternoon was given over
largely to SpeciaItips. with the standard
Shares standing still. United states
Food Products was actively bought. as
were International Agricultural. both
| common ana prPleIIfo NhaitS seii'hS "'
new high prices.
American Hide and Leather. Central
Foundry. Texas and Pacific and Den
yer and Rio Grande acted well. The
early movement in the oils. which car e
ripd Ohio Cities Gas to a record price.
did not carry far. American Beet
Sugar sold I points above yesterday $
low
eau money renewed at per cent
and held at & per cent during most ot
the day. the money situation causing
less uncasiness than for many days.
Nevertheless. the market as whole
was plainly tired and required time
to adjust itself to it's new levels. But
at no time was there any urgent pres
sure to sell and all offerings were ah
sorbed readily enough. This pncour-
aged pool exploitatiOns in new direc
tiOns.
Operations for the advance were
abandoned in the last hour when il
became apparent that the market haC
been temporarily overbought. Quit
volume of selling developed once price
The movement was due to nothing more
than technical conditions within tn
market itself. After recPssions of from
| to 3 points had been scored. prices
stpadied. United States Food Product
was picked up during this weak spe'
aud crossed so. The whole market raj
lied again before the close.
The weekly statement OF the BAN
Of England showed an increase in tota
, reserves of f455 900. while government
securities increased f3S, ,2i3 600.
! The foreign exchange market wa
9 q quiet and without important change
{ Francs recovered about six points.
' Cotton was strong. reaching new hig
b prices for the present style of con
tracts.
The bond market was dull and irreg
uIar.