Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-08
WALL ST. CONTINUES
TO ADVANCE PRICES
Market contending Only With
Restricted Credit Supply.
Weakness Follows Strength

New York. July S.-The New York
Evening Suns financial review this aft
crnoon is ns follows
The stock market showed very plain
" today that it had worked itself into
a sensitive position, the result OF the
highly speculative dealings which have
been going on for many weeks at stead
lily advancing prices. 1t showed further
that in its mad race to discount future
industrial activity and prosperity 1t is
contending only with Il restricted credit
supply. Again today the street paid
little or no attention to anything but
money rates and was bent on pushing
prices higher whenever it appeared that
rates would be reasonably low.
Notwithstanding the lesson taught in
the last hour of trading yesterday. the
market started off this morning ut ad-
vancing figures Before the session had
progressed far. however. the call loan
rate was up to 8 per cent for mixed col
lateral. Then followed period of
rather active selling. in which leading
stocks showed losses of i to points
from last nights close. Toward mid
day the call loan dropped back to u
per cent for time, and stocks rallied
as quickly as they had fallen.
On this recovery United States Steel
got up to III. 1t was too much, how
ever, to expect an immediate repeti-
ton of yesterdays plunging buillishV
ness. in view of the close relationship
for tire, time being, of money rates and
stock prices.
/ During the greater part of the ses
sion stocks fiuctuated over a wide and
uncertain course. Intervals of strength
and weakness followed in quick success =
sion. rejecting the doubts and uncer-
tainties of traders Prices did not move
at all uniformly and at times weakness
in ore quarter was matched by ad .
vances in another.
The oil stocks acted the best in the
first half of the session. pools getting
active again in several of these prop
critics after a long period of idleness.
Mexican Petroleum and Pan American
were tire leaders and showed gains OF
to 6 points at their highest prices.
Low priced rails. particularly Missouri
Pacific and st. Louis and San Fran
cisco, were the object of considerable
spcculo tive attention. the former going
to new high record for the year.
The further advance in Savage Arms
: was associated with rumors of an i'm
pending extra cash dividend Corn
Products was extremely erratic, owing
however, more to pool operations
than to the news of strike conditions
, prevailing at, one of the company's
largest plants.
: Considering the rise which stock.
have had and the uncertain money out
look, the market was. regarded as hav
ing given a very satisfactory account o
itself. Nothing happened today to caus
leading commission houses to chang
their attitude toward the market, whicl
right along has been constructive.
The feature of the late trading wa
an advance of more than IS points b,
Chandler Motor to 25SR, a new higl
price The zinc and oil stocks wer
also strong. Otherwise the market con
tinued unsettled and irregular up t.
the close. Call money went as high a
IL and 10 per cent in the last hal
: hour.
Brooklyn Rapid Transit and the In
terborough issues were sentimental
, helped by the two-cent charge for trans
fers allowed the New York railways
!. The, speculative position of local trac
!. ton shares is slightly enhanced by tn
constructive attitude of a few publ
?. officials. A good deal of profit -takin
"a had to be absorbed by the steel share
bnoonsa of their reppnt Suhsfa ntial o6
vances. but they held their ground yer
- well. Still firmer quotations were re
ported for copper metal.