Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-30
DROP IN STEEL FAILS
TO EFFECT WALL ST.
Strong Spots and Stronger
Groups Not Lacking-RaiIs
Are Sluggish and Heavy
stock sales today on the New York
exchange totaled 49, 800 shares.


New York. April 3O.--Thc Now
York Evening Suns financial review
this afternoon is rs follows:
Tho price Of United States Steel
common stock broke around points.
to close at %. in today's stock market
buying orders over night, following the
action of tho directors in disseminating
the extra dividend a' yesterdays meet
ing. Rut this movement of the tradi
iionaI leader did not at first greatly
influence the rest of the list.
The first half hour was Irregular
with some issues displaying pronounced
strength Steel itself recovered to
some extent only to slip away again in
the second hour. In this second set -
back. sufficient selling pressure was
cxertcd TO force Il quito general de
cline Of :! to ? points. At noon. how
ever. everything but steel and kindD6d
shares began TO make n much better
showing.
II was commented upon that the
market seemed to be active on tho de
cline. q circumstance regarded as sig
niticant because in n bull market. as n
rule. trading turns dull rs soon as
prices settle back. That is what has
happened in the present market in the
last two or three weeks. But this
=, -,
was not necessarily activity exclusively
on the selling side.
From the opening trading was in very
largo volume, more than 100. .h0''
shares changing hands before | "'rlork.
In business Of such large proportions
many sell aggrpssivcly. while rs many
others perhaps buy aggr"SSiv"ly: some
selling short. some for profits: Others
buying for the long account. still Others
for investment. while always there arc
those who. having sold short. must buy
to cover.
These varied forms Of activity may
not infrequcntly be all at play al the
the same time because the market Is
nation wide in its scope which implic
many interests giving rise to conflicting
manifestations.
Naturally there were different opin
ions as to the effect ia the long run
which the poor earnings showing II
eel and the elimination of tn" extra
dividend would have on the rest OF thu
| LIST Those who expect the bull marke
to continue were pleased TO see th'
shaking out process in operation. Som'
nervousness had been felt about th'
market getting tophcavy and a setbarl
without A bad break would. in ever!
sense, be comforting.
But ithpre were not lacking Stroni
! spots and strong groups. Inc motor
were strong. and so were America
/ Sumatra Tobacco. American AgricuI
tural Chemical. American Can. Good
rich. Kelly Springfield Tire. keyston
and others. The oils. while rcactionary
were less so than yesterday. The rall
were sluggish and bit heavy. Asid
from the influence of the steel meeting
news DEVELOPMENTS were favorable.
| 1t was felt that Premier Orlando wa
in more conciliatory mood and tina
! Lloyd Georges advice to him abou
Fiume would bear fruit. The Japancs
question over Shantung was reporte
adjusted. and Lenine was rumored to b
in fight.
There was definite improvement
throughout the industrial list in the las
hour. The steels were more backwar
in recovering than the others. bu
United States Steel managed TO &c
above 9S. The most spectacular ris
was in the rubber and tire group, Unite
States Rubber running up TO 93. gai
of more than seven points. Libnrt
bonds were firm. save the 3ias. Ther
was a sale Of $4,000 United States Gov
ernment registered 2s at 99as, up
; from the last previous sale.
The Iron Age states that business
several finished steel lines has taken
start in the last week, but it caution
against an exaggerated idea of Ii
amount of it. the comparison being wit
several weeks in which buyers wei
merely looking on. Producers see lit
indication of good business inside I
two months and some expect no cor
siderable improvement before fall.
In foreign exchange, francs and III
were firm. Sterling and neutral rat
i eased TO some extent.
Cotton, corn and oats were heay
Today was the last day in which the o
'styiel cotton eontrscts were dealt in.
III \