Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-25
BUYING ORDERS FEW
IN SECURITY MARKET
Professional Element Takes Ad-
vantage Of Adverse Factors
to Depress List


Evening Suns fnanCial review this
afternoon is as follows:
The securities market at the begin
ming Of the new week was a quiet affair
in which the professional element sought
to take advantage Of real or tCncicd
adverse factors 10 dppress the stock
list Some measure Of success attended
these effort because there was only
a moderate accumulation of buying or
ders over the week end.
It may be taken for granted that the
traders readily seized upon the showing
of slight deficit in the reserve item of
Saturdays bank statement. They also
made the most Of the latest tangles in
the peace treaty controversy.
Despite it all. however. there was no
display of weakness. Surface undula-
tions struck an average level which was
fairly close to Saturday. The resistance
was indeed Of Il quality which induced
the bears TO cover from time to time
and not every time did they find the
supply fully adequate for their needs.
Before the session was very far ad e
vnnced there developed a positive up
ward trend in the rail department which
was pretty consistent. One to two points
were gained in that quarter and the
/ reason was not far to seek. The rail
road shipments strike has been virtually
| settled. All tnat remains is the formal
| announcement of the agreement between
the wOrkmen and the railroad admins .
| tration which, presumably. will be
Forthcoming following the conference at
the White House this afternoon between
the President, Director General Hines
and Mr.. Jewell. representing the men
The street expected, Of course. that
a wage increase will be granted. j
this should prove to be accurate, no one
doubts that q freight rate increase vii
| follow as a matter of course. More
over, the rails have not enjoyed, in, pro
portion. the recent appreciation in mar
kCt values, and are in position tC
move forward to some extent.
With the rails strong and the indus
trials rather disposed to DC. sentiment
in the financial district was in strikinl
contrast TO that of the very blue Mon
day of week ago The efforts bein.
made to bring the treaty issue to 6
head gave satisfaction, irrespective o
individual opinions as to merits or de
merits of contention. The country
prosperity is a big issue. largely dc
pendent on plans for extending credits
abroad
Mr.. Morgan sails for Europe thi
week and this helps the feeling tina
something will be done before long t,
correct the unscttlcment in the OK
changes and consequently improve tn
outlook for our foreign trade Accom-
plishment along this line will cd more
perhaps, to give confidence to the busi
hess world than anything else that ca
: possibly happen.
Business continued light in volume
although there were moments of rcla
/; tivcly active demand in both rails an
3 the industrials through the afternoon
Steel moved listlessly around 10C
{ Reading. Union Pacific and Souther
Pacific stood out as leaders America
r Linseed, American Writing Paper pre-
/. ferred. Corn Products Refining an
d United States Food Products wer
FtTNuB SpulS' ut Il'lpINs tllN anu 10
: bacCos were heavy by comparison, bu
? earlier losses were substantially neu
5 tralized.
/ There was some hardening in none
$ rates. though not to the extent autici
7 pated in view of the bank statemer
t figures. Call loans renewed at 6 pc
: cent for both mixed and industrial col
!, lateral and time funds ruled at II
same level without distinction as to IL
character Of securities put up as Sc
curity. Calling Of loans incident
seasonal how of money governmeI
. Withdrawals and the instrumentality
: the Federal Reserve Bank shown in II
reduction Of member banks accounts
J, more than $50, 900 900. We're causes Il
2 the decline in reserves which have
y them their own correction at the prop
7 time. and therefore gave no particuli
: anxiety The situation means stiffeI
: ing money rates. of course, as a pa
y Of the corrective, process.
Foreign exchange was featured
: strength in sterling. francs and lire, Il
|, FIRST being quoted $4.02a4 the secol
|, at S.07 and the third at 4.75 cent
|, Lire were,heary ane pesetas weak
4 1870.
s:l Tbs cotton and srAiP markets we
lhsm.