Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-05
WALL ST. IS CONFUSED
OVER MIX-UP IN STEEL
Possible Developments Bring
About Confusion in
& Stock Market
Stock sales today on the New YORK
Nxchanre totaIed 5I5,s0O shares.

New York. April 5.-The New York
Evening Suns financial review this
afternoon is as follows;
Wall street was more confused To-Day
than yesterday with regard 10 steer
urices and what was likely TO come OF
: The mix-up in Washington. With sew
eral departments of the government
B credited with taking the same stand as
the railroad administration and the un-
fcrstanding that the attorney general
will rule against price-hying agreements
a began to look like an open market
not only for steel and iron, but other
ccmmodities as well.
This possible development brought
about a mixed movement in the STOCK
4 market in which specialties played the
shiwrest part on the constructive SIDE.
Stocks were not offered more freely
than on Friday, while some of the shorts
aot,eht TO cover and others simply STOOD
nat The immediate consideration Is
that prices will drop, but in this those
who look ahead foresaw advantages IN
3 4 clearing of the industrial atmosphere
and the establishment of frm economic
x basis for a genuine, though perhaps
longer deferred, buying movement ana
resultant prosperity. ,
Along with the rise in such individual
Sshares as Advance Rumely, Wilson Com
Z many. American International Corpora
lion. Burns Brothers and others, the
rails continued their excellent showing
9 ~ Yesterday, although the shortness OF
the session prevented the expansion
which might otherwise have taken
place Reading crossed Sc. southern
Pacific ruled above 100 and Norfolk and
{ western. ST. Paul, Northern Pacific and
hBaitimore and Ohio were bid up The
steel and equipment groups We're re-
K sfricted<to fractional changes The cop
ypers Sfere firm.
While the illness of President wilson
i chused some disquiet, this was not re-
@ected in market operations. Ideas In
Paris seem TO be crystallizing on the in
dAmnity question. and the amount men
tibned. $50, ,000. 600, 900. should satisfy
evsrybody. OF course, what most people
wehe looking forward to was the further
conference on prices in Washington. ano
4be fact that definite information could
not kmanate from there until the mar
a t<et had closed caused some hesitation
. ,pfere was accordingly a falling away
inJ prices among both rails and indus
ftfials in the second hour save Tor teN
81 IL the more active specialties Losses
'Nl0I a OOlnt or lnOTt Oh Niit NaF "ci
numerous Liberty Bonds were some
what lower There was shipment o
$3.50 900 in gold 10 South America, max
inx q total OF the specious metal con
signed TO that destination this week o
more than a million dollars.
Although general business may be SAT-
10 have received something of a shocl
from the sudden crisis precipitated b!
Z the railroad administration refusal Il
accept the new steel prices. the trad
Journals state that something has bee
added this week to recent recovery, Th
growth of confidence has rather out
r stiipped actual expansion in operations
d The significant fact is that progress con
finues with less of artificial stimulus.
Il distinction is made between the dis
%tributive trade as TO that in the majo
8 4priSnary lines. such as iron. steel an
cQai. with advantage to the former
There is Improvement in the east, bt
best reports come from the west, south
3stst and south.
Bank clearings in the week closin
< TO-DAY totaled s7,272.354.624 again,
5$t197. .siO.612 last week and $6,292 ,09!
IH1Ef 10 this week last syear.