Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-14
WALL ST. MAIN AIMS
SAME TERRIFIC PACE
Million Shares Change Hands
in First Three Hours.
Many New Records

New York. July Il.-lhe New lorE
Evening Suns financial review this
afternoon is as follows
Crurible steel went through 134 for
a Il point gain. Stutz Motor scored an
additional S points. Baldwin locomo-
tive rose nearly ) points, Saxon Motor
went into new high ground above "A.
up 8 points on tho day. Stromberg Car
buretor and Bosch Magnetic jumped 4
and points respectively.
Such was the character of the specu-
lation in tOdays stock exchange seS-
sion. During the first three hours of
business, trading was maintained at
terrific pace. over million shares of
stock changing hands in this interval.
Aside from a handful of spectacular
performers. however. the market was
quite an orderly affair. but the pace at
which the forward movement was car
ried in special issues was altogether
too fast to last long and endangered the
whole speculative structure.
The market opened with a rush of
buying for virtually everything on the
list. 1t was the customary Monday
is familiar in bull swings. Speculative
enthusiasm was intensified by the dem
pnstrations made in a number of easily
manipulated properties.
During all this strength in the fore
noon occasion was taken to sell Marine
common and Denver and Rio Grande
preferred, which last week enjoyed re
markablc advances. This selling was of
the usual profit taking variety. and the
strength in other sections of the mar
ket was utilized to advantage. Marine
common got down under 81 during its
weakest spell, and Denver preferred un-
der d.
The strike of workers in the coast
line service and the chances of its
spreading helped unSottle the Marine
shares
All the steel shares were in better
demand, bethlehem Steel B and CRU
chile providing the fireworks, the for
mer going above par for more than a
three point gain. Buying of the steel
and copDors was on the theory that this
department has not made as much
headway as some OF the others in dis
counting the future. Bosch Magnetic is
expected to place its stock on an s Der
cent dividend basis. Current earnings
are understood to be surprising all esti
mates and the company is. of course
IN line to share the great prosperity
enjoyed by the motor industry.
There was no movement in the rail
road shares to correspond with tho
strength of the industrials. Reading
NJ
railroads rose a point or so. but there
was nothing like genuine interest dis
. played in this quarter. although com.
mission houses have lately been direct
, ing increased attention to this quarter
OF the list. as affording greater safety
and because of the approach of the tim
! for hearings at Washington on the new
railroad plans. Tennessee Conner wa
. one of the most popular of the low
priced stocks. getting up to its forme
l high figure of the year on very heav
i trading. The gold ana zinc shares ais
: received increased attention.
In the late trading the wave of buy
!, ing swept into the equipment stock
and these in turn were marked up fro,
{ three to nine points. American Loco
motive, Baldwin, American Car an
Foundry and Haskell and Barker a
: sold at new high prices for the yea
The advances in this section of the lii
was quite the most vigorous yet wit
% messed. Bethlehem Steel n. es
tended its gain to four points and RI
ie public Steel crossed par for a two poll
!, move.
Ie Outside Of the market itself the Stre
found very little of interest. Whi
happened today was nothing more
~ less than a repetition of many form
|, - sessions. only at higher prices. The ne
bo prices made. invited a good deal
as profit taking before the day was owe
but buyers were as plentiful as at ar
IN time in the past.
The call money rate was 6 per rel
l for renewals and it held at this lev
m during the greater part of the day. TT
90 possibility OF tight money is the on
So obstacle 10 the advance which WG
street is able to see, so that with 10
rates quoted, operations for the advan
met with little interference.
In Unsatisfactory conditions again ol
ee ltained in. foreign exchange. sterlil
d. falling 10 A absolute new loE level
I4.45ts &hes declined 9 centims
4 y 1~.lrf y 4 4 If1l