Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-18
WALL ST. CONTINUES
TOD|SPLAY STRENGTH
Opening Prices Higher and Fur
ther Gains Are Made as
Session Progresses
Stock sales today on the New York
exchange tOtalcd I ,I26 800 shares,

tNhsAhSN iblhItl i'tsU,Ouo SiItlPS,
New York. June 1S.-ThC New York
Evening Suns financial review this
afternoon is as follows:
TOday'S stock market was less az
greSSive than yesterdays. but there was
Il good undcrtonr through the session
and intervals in which considerable
strength was displayed We're not want
ing. Prices were generally higher at
the opening. and with few exceptions
further gains were made before the end
of the first hour.
Toward midday there was setback
which left slight net changes in most
eases. but the advance was resumed in
the Afternoon, when the cxtrcm" gains
Of the day, ranging from one to six
points or more, were achieved. Here
and there still broader appreciation was
recorded. such as General Motor,
[ 'nitcd States Rubber Studobak"r
American Cotton oil. National Enam-
cling and Stamping. Wilson X Co., At
lantic Gulf, som" Of tn" oils. tn"
feathers. tobacrOS and 50 Su.
The rails were rather neglected, about
the only feature there having been Texas
1t is not yet wholly clear whether the
| bull movement has definitely come to
an end. Tuesdays market and today :
as we'll. showed no little rallying power.
| hut it may well be con joCturCd that this
was traCpablr rather to the prompt
easing Of money conditions and the
consequent anxiety of the shorts than
to any great resumption of outside buy
ing.
Whatever else the course of thc mar
kct in the last ten days may or may
not have accomplished it has taken the
cdg" off ill., advised speculative rnthu
siasm and it is not prObabl" that such
Il fever can return quickly, although n
decision on the part of the Germans to
/ sign the peace treaty may serve a> Il
powerful stimulant to public partiripa
| tiOn once more.
On tn" other hand. it cannot b" g-
/ norcd that their failure to sign muy
well accelerate decline. Hence such
adviceS as were received from Puri,
over night to the effect that udica-
tions pointed to n favorable "utIoob
for the treaty by Saturday constituted
faCtOrS Of the first Importance market.
wise.
Wall streets interest was Of Cours,
largely crnt"rrd in the money market
Call loans renewed at : per cent fOI
/. mixed collateral and 81 per cent foI
all! industrial collateral. This srrmrc
to indicate no great desire of the bank,
to supply funds freely. As soon. now
ever. us it was discovered that the de
maud was limited the rate quickly drop
ped TO per cent, then Il per cen
and finally u? per cent in tn" after
noon.
Evidently brokers' figured that til
rate would ease off as the day advanced
and instead Of renewing their loans u
the opening would fill their requirement
later. As the close drew near the rat
stiffened. as some found doubtless the
had put off their bids too long. Tim
funds were at best nominal, thgr" hay
ing been few thirty day accommO
dations at 6 per cent.
r The price list as a whole touched th
top level for the day in the last houI
Covering by the shorts was apparent
stimulated by the sustained trmneSS I
70 the market throughout. Steel crosse
lO7 and Baldwin Locomotive America
Car and Foundry, General MOtO
Mexican Petroleum and Texas Oil WEI
conspicuously strong, with advance
ranging from 3 to 7 points. The raj
did somewhat better also alOugth move
10 ments in that department were mol
- restrained.
Improvement in the steel industl
continues to manifest itself ~ show
by mill schedules particularly in Il
central west, according to the Iron Az
which states that in number of finish
lines bookings are larger and that opil
, on favOrs the vew that May Will pro
: that the low month of the year. Where
blowing out has been the rule, tn
Journal says that one large Pittsbur
:, interest has been blowing in one
.. two furnaces and that the same /
terest has advanced it's mill operatio
to 10 per cent.
Structural work leads in the Chica
= and Detroit districts. More cent
western sheet mills have reached
operation Of rs TO, 80 per cent, the q
y mand FROM totor companies being co
90 siderable,