Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-14
INITIATIVE LACKING
IN WALL ST. TRADE
List Presents Little Change Of
lnterest-Marines and
Motors Strong
Stock sales today on the New York
Exchange totaled 900 800 shares.

New York, June 14.-The New York
Evening Suns financial review this
afternoon is as follows:
Zest and initiative were both lacking
session of the stock market. There were
weak groups and strong groups, the
and the latter the marines and motors,
although General Motors and Stude-
last half hour, but the list on the
whole presented little change of interest.
1t was clear that the rank and
file of the street were thinned by alb
sentees and those who appeared for
business took only an Indifferent in
terest in what was going on. The state
ment of the opposition in Mercantile
Marine that enough proxies had been
secured from stockholders to block the
sale of the ships to the British syndi =
cate at Mondays meeting pushed for =
ward Marine common to above 40.
The steels were narrow, with now
and then showing yielding tendencies.
due, it would seem, as much to neglect
as anything else. The same thing could
be said of the rails and coppers. United
States Rubber was an outstanding fea-
turr of strength in the first hour.
The news of the day attracted scant
attention as marketwise factors. Fur
ther delay in the consummation of peace
hopes worked for caution perhaps, but
high money and tax payments had al
ready done as much in that direction
as was needful.
The course of prices today was in
numerous quarters accepted as an in
dication of better tone to the market
next week when taxes will have been
paid and money supply might be ex-
pected to be easier. Further color was
given to this view by the reported prom
Use of the Western Union to provide
bankers and brokers and holders of
leased wires with expert operators
should the brokers' division decide to
go on strike.
That America must grid its loins to
help Europe and thus help itself by ex
tending credits that international trade
may survive has, of course. been known
all along to the financial fraternity,
but Mr.. Davison's exposition at Chi
cago will serve the useful purpose of
emphasizing the need to the country at
| large.
According to the federal reserve board
credit requirements will call for as
much as SO ,0O0, 900 900.
There was no consistency of trend at
any time, much less in the second hour.
! While the motors relapsed several points
and Baldwin and others turned heavy,
| the list as a whole held its own pretty
we'll Utah Copper was bid up to 90
Pressure was exerted against ROyaI
| Dutch. War loan bonds were soft
| There was nothing in the cotton con
sumption report to influence the price
of that staple.
Movements in foreign exchange were
mixed. Sterling held steady while francs
advanced some Z centimes to 6.34. Lire'
were down 3 points and kroner tended
to sag.
The business of the country displays
every indication of continued expansion
according to the trade journals, despit,
labor controversies and political uncer
tainties. In some lines, of course
there are more quiet conditions, bu
these are traceable to seasonable in
fluences. Delay in the peace negotia
tions has proved to be an obstacle to ,
full measure of progress, but the ten
dency is Enthusiastically forward and les
is heard about deferring importan
commitments.
Retail distribution is in heavy vol.
ume, the maintenance of high wagei
more than overcoming the lack of any
thing suggestive of downward trent
in commodities prices. Perhaps Oh,
most telling single element in sustainin,
business is the extraordinary outlook fol
the grain crop, particularly wheat.
Bank clearings this week were some
what below the record total of last weeI
but still held above the $S,000,OO0. 90,
mark, the actual aggregate having beer
lSs.l12.5J2. $50, against $s,s55, ,s42, 40:
last week aYl 50, J,242, 7sS, ,429 IN thil