Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-30
TRADERS ARE BEAR|SH
IN WALL ST. MARKET
Brokerage Houses Advise Mod,
eration-StiII Uneasy About
Money Situation
Stock sales today on the New York
exchange, as compiled by the Evening
Sun. tOtaled I .23S, 700 shares.

New York. July 3O-The New York
Evening Suns financial review this
afternoon is as follows:
The course of prices in today's stock
market indicated that counter forces
were at work which. at times through
the session, seemed very nearly to
balance each other. Traders were bear
ish and most of the more influential
brokerage houses continued to advise
moderation not only because prices
have reached a level at which few issues
may be regarded as real bargains with
possible summer lull to face. but also
decided feeling of uncasincss with re-
spect to money.
Added to these considerations there
was conviction of sort that made for
an instructive sense of impending change
in the character of the market. Whether
justified by events or not. this situation
is explanatory of the timidity, pru
dence. or whatever ono may, choose to
call it, of the rank and file of the
street Most everybody is waiting for
something and a good part of that
something would seem to be concerned
with what will be done about the
money supply and the regulation of
foreign exchange.
The unexpectedly favorable showing
in the United States Steel quarterly re
port proved to be very mild bullish
factor not through lack of satisfaction
at what it promises for the third quar-
ter of the year, but because under the
circumstances it could not operate as a
factor of the first importance. Money is
flowing out of New York to the West
for crop moving purposes. Through de I
teriOration in the crops themselves the
financial demands of this character
probably will fall short of earlier bank
ing estimates. Any relief to be felt in
consequence will probably be more than
neutralizcd by growing realization OF
what Europe may demand in the way of
credits.
The Federal Reserve Board again met
at Washington and the repeated state
ment that it would take up the matter
of brokerage loans which was again
denied, it is needless to say. gave the
bears their opportunity in the middle
of the forenoon to depress prices ! to 3
points or so, The early trading was
on a rising scale and there was pretty
good recovery around noon and the first
part of the afternoon.
Business was in larger volume than
either Monday or Tuesday. AS was
the case yesterday, the copper and rail
road stocks were steadier than the rest
of the list. The tobaCcos We're strong,
particularly United Retail Stores. Hide
and Leather common wa y II bought.
The motors and specialties were u:.dcr
more insistent pressure than the others.
The tobacco group held the center OF
the stage as the session progressed, anc
in the last hour there was pronounced
strength in that quarter. The stecl'
were barely able to hold their modes1
rally. Aside from few individual
shares, like Hide and Leather common
American Writing Paper preferred anC
| few others, the list refused to follow
the lead of the tobaccos, and the clos
ing was irregular. War bonds wer'
| firm and actively bought.
Money rates steadied, ruling at 6 anC
G1A per cent, with business rather ligh
in both call and time funds. The out
ward flow of gold from this center ant
San Francisco continued in mOderat
amounts. Weakness in francs was til
feature of foreign exchange, Paris bill
touching new low point at 1882 70
! checks-S centimes down. Sterlin
reacted . points to $4.35, and Belgia
francs lost 10 points. Lire eased off
points also. while the Scandinavia
rates firmed materially.
The Iron Age states that increasin
operation of blast furnaces and ste6
plants in the Pittsburgh district ha
an emphasized tendency and that un
filled orders are accumulating at a tim
OF the year often marked by slacken
ing. In few lines higher prices hav
become effective,