Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-19
WALL ST. HES|TATES
At ALARM|ST NEWS
Vague Hints at Ugly Peace Pos
sibiIities Give Shorts Op-
portunity to Sell



New York. May 19.-Thc New York
Evening Suns financial review this
afternoon Is as follows:
Toduy's stock market was going along
very we'll with rising prices for most
Of the list when. toward midday. alarm
ist reports began to circulate through
Wall Street vaguely limiting at ugly
peace possibilities that the Gcrmaus
would not sign and that orders had been
issued by this government stopping the
Withdrawal of American troops.
Considering the length to which tho
bull movement has been carried, and
considering also the fact that prices ad-
vanccd in good form. under the leader
ship Of the shipping and railroad shares.
from the beginning through most of last
week at its highly expansive moments.
it was not at all surprising that the
shorts should seize eagerly upon such an
opportunity to sell or that those with
paper profits should be stamped into
realizing.
Yet the rCactiOnary movement was
orderly and at best represented losses
of scarcely moro than Il fraction to q
point or So. 1t was tho sort of shake
out which failed to disclose real weak
I ness anywhere and which. accordingly.
was welcome enough to the more con
Scrvativc interests in the street. 1t was
noticeable that trading was less active
on the decline than ON the rise and this
7 circumstance was interpreted. as il
usually is. as an indication of inherent
strength of tho technical position.
There was pretty good feeling that
Congress had assembled at last which
>ymboIizcd the hope of speedy legisla
ti0n on manifold problems awaiting SO.
luton. mainly. of course. supply bills
and the destiny of the railroads.
The feature of trading was thc broat
and eager quest for the shipping stocks
except Atlantic Gulf, which Jagged. The
Marines. common and preferred, were
the leaders without question. The pre-
ferrcd went up some four points in tn
first three hours and the common uearl,
six points in the same time. American
International and Castor. Williams ant
Wigmorc followed in good form. Thi
demonstration had many of tho hal
marks of pool speculation.
1t was obvious that some in the mar
kct had taken to heart warnings whici
had been repeated on every hand in thu
last week Nor was the doubt concern
ing what the Republican Congress vii
do with the peace treaty and the lcagu'
of nations covenant without its effect
The quick shifting of position from tim
; to time to the closing of the session
furnished evidence Of this. In the las
hour prices were irregular. The ma
riucs eascd away from the high levels
= while the oils took on new strength
Liberty Bonds were slightly lower. Ma
/ rinp 6s were up moro than a point.
President Franklin's silence and tn
. forthcoming meeting of the directors
. at which an announcement Of some so,
is expected, gave a good chance to bi
up their prices.
y The steels were little more than fri
p. and then came the set back, in whic
= the coppers participated despite fur
: ther increase in the price of copp,
d metal TO 1917 cents. The oils had OK
D. pansive movements. with Royal DutC
+ in the van. The rails were strong unit
h noon.
u With the exception of lire, whic
Il firmed to some extent, the foreign OK
change market was weak with franc
again the feature, dropping ccntim,
to the wholly unprecedented low poil
of G.51 francs to a dollar. startlir
contrast to parity at 5.1S1s francs
>, the dollar.
: The report that England was press
5 ing for payment of French credits ar
. disturbing rumors suggesting that Il
y Germans might not sign the pea
treaty rendered the immediate outloC
for francs rather gloomy. SterliI
Z dropped back fractionslly to $4G4'
and the neutrals likewise were und
pressure,
z There was no particular change
the money situation. Call loans we
2 quoted at 5, e per es including r,
nswals Time fants y e unchanged.