Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-03-27
MARKET GATHERING
NEW VIGOR FOR RISE
Virtually Everything Tends to
Improve Tone-Trade
Relatively Small
Stock sales today on the New York
exchange totaled 63s, 400 shares.

New York, March 27-The New York
Evening Suns financial review for today
follows:
Virtually everything in the way of
news developments served to improve
the tone of today's stock marlset al
though trading was in relatively small
volume. 1t So happened that neither
the weekend nor the recess on Tuesday
produced more than slight accumu-
lation of buying orders.
There was accordingly, an opportunity
for the bears to depress prices in yes
terday's market which did not exist to
the same degree in today's. AT no time
in the uncertain periods of the last week
has the list displayed the sort Of weak
ness which indicated widespread nor
concerted pressure to sell.
On the contrary. nearly everything
pointed to state of resting for the
purpose Of gathering new vigor for the
rise. This idea of the situation was
based on the fact that almost invariably
business turned dull whenever de-
cline set in that is. dull by comparison
with the height of the recent buying
movement.
Waiting to see what business may do
under price revision and the confusing
nature of cable advices abroad. bearing
many disQuieting features, combined 10
cause hesitation and doubt.
Today's batch of news gave a rather
| brighter aspect to things and securities
prices were ready enough to respond III
| a conservative way. Conditions In
| Hungary seemed to be better and the
outlook for a reasonably early peace
| improved There was less certainty that
| a peace settlement with all the enemy
countries at once would result in delay
| ing the protocols for several weeks as
| was at first feared. Some food has ar
| rived in Germany, the best ammunition
with which to fight Bolshevism.
Judge Gary has again given utterancc
| to timely optimism. The war finance
corporation has advanced money to three
railroad lines aggregating $o,73l,OOo
| and has given assurance that eaf April l
| obligations of the roads will be taken
care of, and those beyond that date, too
The momentary stringency in money
late yesterday, when call loans with
mixed collateral ran up to ~ per cent
was not very significant. 1t was an
eleventh-hour rush which was taken care
of mainly by one banking institution
| The rate dropped back to Y per CEN
today. Time funds were about the same
Apparently government Withdrawals
of deposits had very little to do witt
the episode. 1t Is not to be supposed
however, that funds will be any toe
plentiful from now to the close of the
| Victory loan.
This has of course, been assumed al
along, and perhaps largely discounted
The only reflection at the moment may
be found in curtailed operations on thu
| stock exchange.
Prices increased from the opening II
the industrial list while the rails drag
| ged. The oil and leather groups wer
particularly aggressive throughout. Th
tobacco shares made good showing, a
did the steel and equipment stocks. whicl
were aided by Mr.. Illness disclaime
of any intention on the part of the rail
road administration to hold back equip
ment purchases ,betterments. etc. Tn
coppers were not adversely affected b,
the RAISING of the Magma dividend, no
the cut in Inspiration. Indeed In
spiration stock turned strong after tn
announcement.
Brooklyn Rapid Transit was one of tn
few weak features and the reaction wa
communicated to the bonds of that com
pany.
There was further weakness in tn
three principal eXchanges-Great Britain
France and Italy. Sterling was quote
at $4.591a for checks, the first time oi
this movement that they have droppe'
below $3.50. Francs were also at
new low point. sos francs to the dola
for checks and 5.93 for cables. Lir
dropped to 7.s5 lire to the dollar, a set
back of 40 points. Rubls declined also
! but neutral rates were firm.
The Bank of England weekly state
; ment disclosed proportion of reserve t
liabilities OF 1910 per cent agains
1890 per cent last week. Bullion hold
ings increased $t.1O0,0OO, that item no,
standing at 42l.000,000. There was a
expansion in circulation of some ST.
O00, 900. Cotton was firm to strong
: Corn and oats were heavy.