Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-06-03
.PROF|T:TAK|NG STAYS
ADVANCE IN STOCKS
Forward Movement NeutraIized
to Extent Of Market Show
ing Irregular Aspect

Anew York. June 3.-The New York
Evening Suns financial review this aft
ernoon is as follows:
While the taking of profits in today s
stock market could not stay the advance
in prices altogether. it did have the eff
feet of neutralizing the forward move
ment to the extent of imparting to it
very irregular aspect. In its essential
features the market did not differ ma
terially from recent sessions. There was
a consistent undercurrent of strength
which. from time to time, carried vari-
Gus parts of the list above the general
| level.
The crratic behavior of the money
market yesterday, when call loans ad-
vanced to and even 10 per cent for
! limited amounts secured by industrial
collateral only, was perhaps the most
potent factor in bringing about realiz-
| ing sales aided by a similar rise again
| today.
Trading was in large volume and. in
the course of it cross currents were
swirling this way and that. causing no
| little confusion among professional trad
ers, pool operators and the public alike'
Everything in the way of news de-
vclopments tended to engender caution.
The market has been going ahead so
long and so aggressively that many have
! become instinctively timid without be-
! ing able to put a finger on any very
alarming cause for break as distin-
guished from an orderly reaction. There
is a more or less widespread belief that
the only event which can be foreseen at
this time and which would definitely put
period to the existing bull market
would be the final refusal of the Ger
mans to sign the peace treaty. wall
street believes this to be unlikely, yet
it does not ignore the possibility OF
such a contingency.
Then those who decline to sell now
because of the taxing rate on profits
would probably accept it as the signal
! for them to sell out on declining scale
of profits rather than on a rising one.
The extent of break. in that event,
would depend on the length of time in
which the street would have to discount
| il.
Selling pressure became more in
sistent as the afternoon advanced. Be
fore the closing, virtually all gains had
been wiped out and in numerous cases
y TO 3 points were lost on the day.
Steel dropped below 107. There was
more unanimity in this movement per
haps than at any time since the bull
market started early in April. 1t
touched both rails and industrials and
il was apparent that the bears seized
the occasion readily enough to recoup
some of their recent losses.
1t can scarcely be said that thu
bomb outrages here and in other lead
ing cities affected the market appreci'
ably: that is to say, they didn't touci
the fundamentals of it. The less stead!
participants were rendered rather nerv'
Gus and this, of course, helped TOWARD
unsteadiness. The Federal Reserve
Boards caution against excessive spec
ulation was felt also. The action o
the Supreme Court in upholding fed
eraI control of railroad, wire and othel
rates was an item of considerable in
terest, but merely as an incident relat
ing to war rather than peace.
Mexican Petroleum, Pan American
and Goodrich were the strongest spots
The feathers made a good showing
The steels had strong moments. Th
fractions were weak. as were many o
the minor rails, and the marines an'
coppers. Motors sagged in striking
contrast TO the buoyancy of Monday.
1t is all too easy TO attach undu
Importance to the sporadic movemen
in call money rates. II reflects tn
heavy turnover in stocks without ques
ton, but after all money loaned at II
per cent cannot be in large amount
and il may be that today's repetition
of yesterdays rise may be traced to tn
monetary requirements Of brokers VIII
are too rushed to give the attention
ordinarily bestowed on their loanin
accounts. Renewals were made at
per cent Time funds were virtual
unchanged.
Cotton was firm at first and thel
broke some S. bale.