Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-29
WALL ST. WELCOMES
RESPITE FROM TRADE
Business Curtailed and Specu-
Iative Excitement Subsidies.
No Uneasiness Manifested

New York. May 29.-Thc New York
Evening Suns financial review this
aftprpoon is as follows:
With three day suspension of stock
street did not manifest any uncasincss
There was measurable curtaihmcnt of
trading and Subsidoncc of speculative
excitement which was only natural. but
this was all.
If there was any active withdrawal
from tho market aS precaution against
untoward developments over tho holi
day. this evening of commitments did
not cause any commotion in prices. 4
good deal of uncertainty marked tho
early course of prices. but curing the
greater part of the session quotations
worked irrcgularly higher.
No important change was observable
in speculative sentiment which has been
consistently bullish throughout the
street. Tho respite from tho excited
dealings and enormous volume of busi-
ness which has been transacted was
welcomed Wall street is experiencing
one of the most remarkable markets in
its history and this is being demon
stratcd daily.
After three months of rising prices.
a formidable array of million share days
and tremendous speculative activity. the
market is able to hold all its gain and
then rest TRANQUILITY without reaction
worth mentioning.
Public Service commissioner Nixon $
stand for increased fares for local street
railways inspired new buying of Brook
lyn Rapid Transit and the Interborough
issues. Intcrborough preferred achieved
a gain of more than = points and all
the traction shares were unusually ac-
tive and strong. Mr.. Nixon states that
dcplorable as the situation is. he finds
it better than expected and that there
must be no moro receiverships.
United States Steel. Southern Paci
fin. American Smelling and n number of
other stocks. sold cX dividend today but
partially recovered this subtraction from
their prices. The buying Of Southern
Pacific was particularly noticeable,
sending the stock around ia to n new
high. Reading was another strong spot,
but otherwise the rails we're feature
less though firmer than in the last few
days. April earning statements of the
carriers were very poor.
Two new stocks made their appear
ance on the stock exchange list, Famous
Players-Lasky corporation and Emer
son Birmingham.
The southern Pacific Company gives
notice that the conversion feature Of the
per cent bonds which was to expire
June | has been extended until > p. m.
next Monday. Directors of the Mer-
camille Marine Company met this after =
noon and it was learned that after the
close of the market a statement would
be given out concerning the sale of its
tonnage. Marine preferred opened
strong this morning. but ruled soft dur
ing most of the session.
Weakness in Marine preferred be-
came accentuated in the last hour, the
stock selling down about points.
Studebaker. on the other hand, turned
strong. going above 103 for a 5point
advance. Pierce Arrow sold at new
high price, above 81. Pan American
Petroleum and Mexican Petroleum
moved up = and g points, respectively
The Oney situation was unchanged
call loans ruling between Az and
per cent. The rapid overscription to thu
$40 900 900 Rio DE Janeiro bonds wa'
very favorable symptom of the temper
of the investment market,
There were very few stock movements
of more than ordinary proportions
Mexican Petroleum, however, was biz
up sharply and was the only featur,
among the oils. Leather shares held
firm. Crucible enjoyed the largest swing
among the steels, virtually all the meta
shares holding close to yesterdays fina
figures. al
Cotton steadied after early heaviness
while corn was weak. Foreign exchang,
was quiet and slightly easier.