Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-10
REACTION IN WALL ST.
CAUSES NO SURPRISE
Greatest Changes Suffered by
Speculative Stocks Which
Were Most Aggressive
stock sales today on the New York
exchange totaled 9S5 800 shares.

New York. May 1O.-The New York
Evening Suns financial review this
afternoon is as follows:
That roactionary movement. in
como at the close of Il week of extra
ordinary bulish activity was not par
ticularIy surprising nor indeed cause
for undue anxiety.
It was to be noted that in tho first
of the stock market the broadcst rcHc-
tions were suffered by those stocks Of
spcculativ" stripe which had been
pushed ahead most aggrCssivcly. One
to > points was the limit to the setback
among tn" standard industrialS and
rails II was in the more vulnerable
quarters that the hears concentrated
attacks and with a considerable measure
of success
Th" oils, for example, were not only
the heaviest losers. but were the first
TO be singled out. Texas Company
dropped below lTS, Royal Dutch to III.
Mexican Petroleum close TO $50 and so
on. Steel was down not much more
than point. American Car and Foun-
dry was on" Of the few strong issues.
! The "opporS WCrC fairly steady and
there was but little change in the rails
save in Il few exceptional eases like
1 Texas aud Pacific. which under the
circumstances may be regarded as much
an oil stock aS Il railroad.
/ Tho movement bore no relation to
news developments. 1t seemed to be
entirely one of opportunism brought
about by tha technical position of the
market itself. Short selling and rcaliz-
. ing on paper profits went hand in hand.
/ 1t was not AT all apparent that the
! buIl movement had definitely come to an
end.
An open market for steel. bankers
plans for aiding Congress in arriving
at an enlightened legislative program,
for the benefit Of tn" rails and an in
diratcd oyersubscription to the Victory
Liberty Loan were all constructive fac
tors of the first interest.
With the exception of the oils and
II few individual shares the opening
was steady and in some cases even
firm, and at the end of the first hour
there were some signs of stffenlng al
along the line. There was, in truth
something of n disposition among mar
kpt observers to view the shaking out
process as II wholesome proceeding fol
the market. on the theory that such Oc-
casiOnal currectives might prevent the
sort of crash which many have feared
might come as the result of the pro
longed forward swing.
Ii was evident that support wa!
thrown into the market in the secOnC
hour. In numerous cases rallies of {
poipt or more were effected. Texas Com.
Ipapy. for example. sold above 2S4 after
having gone as low as 2IIat Steel hel'
close to par. Trading was extraor
dinnrily animated, the turnover in tn
first half having been well in excess
of half a million shares. Foreign eX
change was featured by iirmness u
Sterling and weakness in francs, th'
latter decIing to 6.1S, the lowest poin
ever touched. Liberty Bonds wcr'
heavy. Corn and oats were undc
considerable pressure.
While the weather has been some
thing Of an adverse factor in genera
business conditions, progress is yisib'
in numerous lines despite it and de
spite also the preoccupation of busi
ness and banking interests in the Vic
tory Liberty Loan campaign. Re
tailers and iobbers' stocks have bee
allowed to become depleted and there |
! more urgent demand in consequence
business recovery is, in short, steadil
i widening in area end that virtually i
all branches OF the mercantile trade.