Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-09-04
PRICE MOVEMENTS
HIGHLY IRREGULAR
Wall Street Considers the Gen.
eraT Situation Outlook as
Highly Promising
PUBLIC is STILL CAUTIOUS
Stock sales today on the New York
Exchange. as compiled by, the Evening
Sun. tOtaled .601 800 shares.

New York. Sept. 4.-The New York
Eycung Suns closing financial review
today says:
Price movements were highly irregu-
lar in today's very lively stock market
and trading was Of a mixed character.
When some ambitious groups and in
dividual shares were vieing with each
other in racing forward. others were
suffering from pronounced bear pres
sure. It was clear that most of the
business transacted had the profit TAX
ing impulse behind it which was natural
enough in view of the violent upturn
yesterday.
This impulse was seized upon by the
bear traders. but apparently they had
to reckon throughout with the large
number of sold -out bnlls who were
standing by awaiting a favorable Oppor-
tunity to get back into the market.
Some of the bulls took their profits
yesterday. but as many were left out OF
the game altogether on Wednesday, and
were, indeed. quite taken by surprise
by the scope and violence aud quick
scene shifting Of the last hour, ac-
cordingly they were much in the posi-
] ton of an eager observer who wanted
| to get into the game.
The significant feature about all this
| is that sentiment in Wall street. what
eyer it may be in the rest of the roun
trv. favors the view that in weighing all
the factors which are operative in our
economic position. the outlook for rea o
sonaby early peace readjustment and
the temporary suspension OF labor dis
turbancp. there is more to be said fol
prosperity and we'll being than against.
This feeling runs like a golden thread
through the market fabric and gives
the shorts scant surCeasc from 'Xactine
vigilance, Assurance from the railroad
shonmen that there will be no strike
for the present despite large majority
vote in favor of striking was cas-" IN
noint. as much is expected from the
steel workers. Everything indicates that
q truce has been declared and truce
almost invariably lead to settlement.
The street is also feeling better owe
the Cummins railroad bill, not becaus
if has a liking for its provisions, ou
because it forms a basis for discussion
which should lead to a measure tina
will solve the railroad problem.
Thus while the market itself was WHO'LL
Governed By the technical condition
within it and was spotty and uncer
tain in its movements, the protessiona
traders were perforce Influenced by tn
underlying strength which they coul
i'll afford to ignore.
As for the public it learned its les
son in the upturn earlier in the yea
and it is not prepared to rush in a
every signal for an advance, nor Is
{ disposed to enter the lists when price
= are at the top. There is, in othe
words. less Impulse and more calcula
ton.
The list was firm at the opening bu
the taking of profits began early, whe
Crucible Steel dropped 10 point
from the initial price and Baldwin NOR
than s points. Both made some re
coyery, but in half fhearted fashion. Th
, oils were pressed down most of the time
although Mexican Petroleum and Pan
I American Petroleum came back in goo
form on publication of favorable re
ports for 1918. Kelly Springfield Tir'
UNITED States Rubber, Chandler Motol
S United Retail Stores, Studebaker an
the Marines and Learhers were yer
strong. On the other hand, Keysto1
e Tire, General Motor and America
Woolen, among others, were pushe
down. The rails, with one or two eS
. ceptions, such as Atchison and Ne
u York Central, were heavy. Liberty 81
r per cent bonds again sold at par.