Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-13
OILS THE SOFT SPOT
IN WALL ST. TRADE
Further Taking Of Profits in
This Group-Coppers Enjoy
Substantial Rise


New York. May l3.-The New York
Evening Suns financial review this
afternoon is aS follows:
While trading was still at the rate
of well over million shares in to-
days stock market. business was con-
Quoted in far moro orderly fashion than
has been the case in recent sessions.
Price movements disclosed a reserve of
strength which. without being pro-
nouncpd. WAS none tho less convincing
that thoughts were not concentrated on
liquidation.
There was. indeed. further taking Of
profits in tho oil group. and elsewhere
an occasional soft spot was TO be dis
covered. These rather served to acccn-
tuatp the quiet buOyan"y of equipment.
traction and steel issues. sloug with
individual shares like American Lin
seed. Central Leather. Maxwell Motor
Wilson Company and United States In
dustrial Alcohol.
The coppers. again impellcd by th"
striking advance in silver prices in Lon
don. enjoyed substantial rise early.
but later subsidized. with good part of
the gains cancelled. The silver stocks
themselves. such as American Smelling
and Refining. United States Smelling
and Refining and Federal Smelling and
Refining. were we'll bought throughout
The lesser stecls. like SlOsS- Sheffield
and Gulf States. made the best gains in
that quarter.
ln ii
that the stpclS. coppcrs, equipments and
standard rails have yct some distance to
90 to catch up with the movement
which the rest of the list has already
experienced. and for this reason: Wall
street would not he surprised to soc
more attention devoted to them from
certain groups Of speculative dealers.
! The standard rails were firm. while
the minor rails including st. Louis and
San Francisco. Rock Island, Pittsburgh
aud West Virginia, MisSHTi Pacific.
Texas Pacific and New Haven were dis
tinctly strong.
As far HS peace news was concerned.
the street was disposed to await tho
ultimate issue of whether Germany
would sign or not, although there was
little doubt about that.
There was further advance in cop
per metal prices with diffrrpntias for
deliveries. Hitherto set price has
bron the rule Some improvement in
demand for the metal from abroad. other
than from beIFgorcnt sources, was
noted
/ Trading turned duh in mdaftcrnOon
and prices in general worked irreguarly
from the top levels. Steel ruled frac
tionally above par. Bonds were more
active with Liberty's firm. A greatly
/ improved tone in railroad issues was
ticularly Brooklyn Rapid Transit and
lnterbOrO.
! As was anticipated before and during
the Victory Liberty loan rampaign.
there has been considerable commercial
financing announced this week to date.
Several items of this character were an
nounccd today. including Norfolk and
Western. 81 800 900: Sun Company.
81. 900. 900: Jewell Tea, So 300 900. aud
several stock offerings.
Time money was still largely nominal
with bids confined to -, TO 81 per
cent. while the banks mainly held out
for q per cent. Call loans were quoted
at 90 per cent, with renewals at tho
same rate. There was somewhat
easier tendency in commercial paper.
Foreign exchange was featured by n
new low level in francs at 6.23 francs
TO the dollar. Sterling was slightly
lower.
| Cotton was steady 10 firm in quiet
trading, the market awaiting the gov
ernment consumption report, which will
| be out tomorrow.
Corn and oats were weak.