Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-24
STOCK PRICES MIXED
IN NEW YORK MARKET
Rails GeperaIIy Higher, While
lndustriaIs YieId-Money
Situation a Factor
Stock sales on the New York ex.
change today totaIed POS, 700 shares.

''hhH i,@bp, wv SIHtS.
New York. June 24.rThc New York
Evening Suns financial review this aft
ornOon is as follows:
Before today's session of the stock
market opened theme was n report cir.
cu!atinG through Wall street that the
new German ministry had fallen. There
was nothing at all to confirm 1t. but it
was sufficient, in conjunction with the
sudden late rise in call money rates to
10 per cent yesterday, to throw the
balance in favor of the bear element
Both of these factors merely served to
demonstrate. following Germanys un-
conditional acceptance of the peace
terms, how much at sea sentiment was
| concerning the course the market would
take. The bulls and bears were about
evenly divided when the closing came on
Monday. Whichever direction prices
took this morning would have surprised
no one. 1t shows how easily an ir-
| responsible rumor in such situation
can east the die. The opening was. ac-
cordinGly, heavy for no better reason
than this whim of rumor.
There was momcntary stiffening of
! the industrials early, but thereafter an
| irregular decline set in which in some
cases carried the list as much as four
to five points down. The standard
shares, including the steels and cop
pers, held fairly well within one to two
points of the previous closing level.
There developed toward midday a
considerable line of cleavage between
the industrials and the rails and not a
few of the latter advanced substantially
while the former were sagging Atchi
son, for example, achieved a gain OF
more than two points, and Reading
Missouri Pacific, Rock Island, Northern
Pacific and few others a point or
more. Baltimore and Ohio, on the other
hand, was reactionary and so was
Southern Pacific. There was no par
ticular reason to account for the
phenomenon unless it were the Circum
stances that the government is paying
up on its contracts and also that the
Tails at Inc IlDllltul lluNc EItultI spttN
lative possibilities than the industrials
which had been pretty we'll worked over
As for the money furry, with both
industrial and mixed loans being quoted
at 10 per cent when the market ended
/; yesterday, the only explanation which
seemed available was that out of -towI
banks were calling loans which the,
were so eager to make recently wher
the rates were sensational.
) There was no great demaEd fol
funds and today both classes of loans
renewed at and 612 per cent. Th'
calling of loans was inspired doubtless
by desire for financial window
dressing against the July l fsca
, demands to meet maturities of the mid
, year. In this connection encourage
ment for continuance of rather easie
, money than was regarded possible other
( wise was found in the action Of tn
government in permitting payments oil
Y maturing treasury certificates of in
I debtcduess prior to July |. The certifi
Gates, amounting to $532 900, 900 il
= round numbers, are not due until Jul
~, Dut tne treasury ndu ulItduN ut
. ranged that they might be redeemed o.
the first of the month. This was in lin
= with the earlier action of thu treasur
e with respect to certificates maturing tn
middle Of June on which payments wer
a also anticipated.
There was quite general improvement
. in tone in the last part of the after
:. noon, although price movements wer
I of sporadic character and the list wa
n still materially below Mondays leve
. Sentiment was far from crystalized an
: il was clear that the market was largel
!, traders affair from beginning to enc
e At the. last moment mixed call lOaI
dropped to s per cent and jumped in
8 dustrials to S12 per cent This SCENE
e to indicate merely that belated Dor
4 rowers, because of outside calling {
y loans, were compelled to bid high
- clear their books, although amounts in
,ss volyed were moderate.
$ Exports of gold We're again fea
Is ture, $2,50O,0 having been engage
at the subtreasury for shipments in at
K dition to about the same amount yes
iterdsy.