Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-07
MARKET CHECKED
BY MONEY RATES
StimuIant Of Decidedly Good
News Needed to Arouse
Fresh Enthusiasm
NO DECISIVE TREN D

New York. Nay. THE New York
Evening sun Wbsing financial review
today says:
Call loans renewed again today at II
per cent. and it looked as though those
who are financing stock market spcrula-
tion were not satisfied that the con
traction of loans had made sufficient
progress. However. high money rates.
no matter how rcurcssing they may be
in the long run. are 50 familiar to the
/ trading element nowadays that this
feature did not cause any further i'm
portant liquidation. although it was
undoubtedly the main reason for the
cautious and curtaicd volume of trad
ing on the stock exchange.
There was nothing bright from the
speculative point of view in the days
news TO effect tine money bugabOo and,
in addition. there were signs of more
aggressive attitude on the part of the
coal strike leaders in combating the
government, while at the same time
many industries are beginning to feel
the pinch of scanty coal supplies. The
prospect of early ratification of the
peace treaty was welcome, but the
market acted today as thought it needed
the stimulant of decidedly good news
to lift it from trading rut.
Opening firm, prices eaScd off l or .
points and then moved indecisively dur
ing the greater part of the session. \
moderate rally at midday lifted many
stocks above yesterdays close, but Buy
ing was not aggressive save in a few
instances.
Because of the uncertain outlook for
the market. railroad stocks were bought
as Offering IA safer outlet for speCula
tive action Southern Pacific was the
leader here. advancing to around 112
on heavy dealings. Low priced rails
enjoyed a general and moderate ad-
vance.
/ Several industrial shares to distin-
/ guish themselves were American BOsh
/ Magnetic, which moved forward { points,
while an equally large gain was made
by American Linsced. which touched
new high figure of 50. Barrett Co.,
Pierce Arrow National Anilinc, Strom-
burg, Butterick Co. and one or two
other spccialties, including Transconti-
mental Oil. displayed independent
strength. Coco Cola, Martin Parry and
Iron Products were dealt in for the
first time on the big board The last
named jumped about curiouSly and after
selling at 60 reacted 10 points.
Trading was very slow whenever
prices slipped off, and this was taken
as a favorable symptom of Improvement
in the markets technical position
Iheer was evidently a large short in
trrest outstanding this morning, but
as it became evident that a stiff money
rate was not going to force further
liquidation, covering operations began
in the afternoon and assisted stocks up
to the best prices of the day.
The motor group rallied sharply, with
Pierce Arrow in the lead. The steel
shares too. recovered quickly from their
carly setback and went above yester
day final quotations, but gains were
not fully sustained.
Professional opinion On the market
was very conflicting, but in none of the
commission houses was a confident bull
i,h stand taken in view Of the chances
Of scarcity of credit for stock exchange
purposes. The speculative structure
appears sound, however, for one reason
because OF the unwillingness of large
holders of stocks to convert paper profits
owing to the income tax law.
The market sold off again in the last
hour. showing how superficial price
movements are at the present time
Early gains were quickly cancelled, al
though few new specialtieS developed
strength, including Columbia Grapha
phone and Certaintoed, the last named
selling 10 points above yesterdays low
call loans were made at 10 per cent
late in the session.