Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-21
OILS TAKE THE LEAD
IN WALL ST. TRADING
Leathers, Motors and fractions
in Good Form-Steel and
Rails Neglected

New York. May n. Tho Now York
E'cming Suns fnauriaI review this aft
oru"on i rs follows:
That Wall street was rather agrcr
ably surprised at the tenor Of the Pros
ld"nt : mCsSag" lo Congress and NJ the
nature of some "f Mr.. Wilson, recon
mondati"nN WAS further IN evidence in
tndHH's stock market.
There was increased buying power in
tue industrial list with the oils tnk
ing tho lead and the feathers. motors
and tract ions in tn" host Of form. Royal
nutrh and Pan American Petroleum
W"rr bid up with spirit and rum"rS wcrc
heard Of n possibility Of III" former ar.
uuiring r"utr"l "f the latter. Iut"r-
borough ConS0idHtrd. common aud pr"
rcrrnd. Bru"kIyu Rapid Trnn>it and
Third arcuuc w"r" hu"yant.
This prompted tho mental inquiry aS
TO whether tho ''pnlitirianS w"r" again
taking flyer in th"S" issues Slur" th"
quest tionHhlc proceeding along. tn" same
line last week was 81 very >u"r"sstuI,
Perhaps tho legendary "0urN" ON the
prinrpIc Of "thrce times and out VIII
he follow cd in this ease, although II
should not be- overlooked that ihr""
times" often fails To absorb the supply
nf human GuIIihility.
Trading was in large volume Tor th"
first hour or 80. hul thereafter It sub
sided materially without arpr"rlabN
impairing the technical position. lhr
steel and rail lists were tn large
extent ncgIcrtcd and prlr" changes W"r"
insignificant Much the same could b"
said Of tho coppcrS and equipments. In"
Shiruing group was house divided.
Marine common was weak. me pre-
rcrrpd had some strong memcnts. but
the net change in the first three hours
was slight Nanti" Gulf. on III" other
hand. Wa, distinctly strong, gaining
u"rc than five points. and Amerl"an
International added moro than point
ro its pre-, i"us closing lcvSl.
The reason f"r such line OF "lcaraG"
was oh,i"u. "unugh NObndy knows
whether the International Mercantil"
Marine will ruutluuC in business or not .
c1rcr those who won't tell. Nor can il
he known until rhr stockholders take
action on the sale Of tho British sub
.iduric~ ships. which will not he untl
June lG This situation leaves the com
mon stock up in the air. as il were,
The preferred has at least its - PEI
cent in accumulated dividends to antl"l
nate and the Il per cent bonds are call
nhIr at no in any event. Those bonds
advanced to 1OI3r with some fra"tl"nn
reaction later.
Further weakness in the marines and
SHINING away Of the list as whole
featured the aftcruuon trading. Hall
or more Of the gains of those issues
which had been strongest were can
rolpd Marine common sold below A
a loss Of more than points, This
heavy selling had an uns"ttling effect
everywhere. and the hears were not
slow in taking advantage of it. Factors
which also played into their hands were
unofficial reports that the German Coy
crnment had decided not to sign the
treaty. and that there was discomfort
within Allies circles with the peace
terms.
Although there is Scant sign rs ye
that real buying movement has be
gun in the steel industry, the Iron Age
IN weighing NV Ndil"uN ''i''''s wa"
have come to it, concludes that pres
rsure is gathering to such au extent tina
heavy purchasing cannot be long de
IayPd,"
The foreign exchange market wa
erratir with further but more moGerat
declines in sterling and francs. the ON
to S4. .62li and the other to 6,67 franc
to the dollar. Lire, however. droppe'
~ points to S.47 lire to the dollar
Kroner were down 20 points and tn
other neutral exchanges recedcd slightly
There was little to call for comment il
the money situation. Call loans wer
quoted at j TO 6 per cent, Time fund
we're Unchanged,
Cotton was unsettled and bi
heavy.