Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-17
.UNCERTA|NT EXISTS
IN SECURITY MARKET
Brokerage Houses Sound Warn
ing Against Impaired Tech
nicaI Position of List

New York. July 17.-Thc New York |
Evening Suns financial review this af-
tcrnoon is as follows:
Stock exchange business started off
this morning with the trading COmmu
nity in an uncertain state of mind re-
specting the immediate course of prices.
This was due to the extended advance
made by stocks in the last fortnight,
rather than to any particular news.
Many leading brokerage houses have
been repeatedly sounding note of
caution in their market adviCes this
week against the impaired technical po
Sition of the list.
Heavy buying came into New Haven
and st. Paul at the opening by reason
of the prominence which these stocks
attained in Yesterdays advance. The
movement here did not cary far, how
ever. During the forenoon the list was
subjected to heavy selling by the pro-
fessional element in an effort to deprcss
quotations and test the markets
strength. Heavy offerings absorbed
ready enough. Few rccessiOns of ! to
. points were scored, but beyond this
prices did not yield.
This evidence of the stability of the
list brought about a reversal of the
early selling, and at midday the mar
ket rallied all around. BulliSh dem
onstrations were attempted again in a
few specialtics, but a good part of the
sudden recovery was due to short COW
= no 70 httv
the advance.
| A good deal of switching from one
group to another was INDUCED in, the
rails receiving increased attention and
displaying relatively firm tone. Rail
road stocks have been gaining in popu
larity because there is ample room for
an upward movement here without
provoking hostile criticism from the
banks. whereas in the industrial division
the campaign for higher prices appears
to have been overdOne in some in
stances. In addition, there is, of course,
the constant possibility of the enact
ment of beneficial legislation for the
carriers. which adds to the speculative
attractiveness Of these shares.
| st. Paul shares made little further
| response to the dispatches stating that
| oil had been discovered on its prop
| critics and New Haven reacted under
| profit taking after having sold as high
as 40S in the early trading.
/ While the general list was swinging
back and forth within a narrow range
few of the low priced rails which
Il heretofore have not moved were aC
i lively bought, notably Missouri, Kansas
and Texas. American Car and toun
I dry was bid up sharply for 5-poin
| gain, and the motors. under the lea'
| of StutZ and Studebaker, rallied sub
| stantially at one time. AS a rule, how
| ever. the market was the most Orderl
| and urinteresting affair witnessed thi
| week. Trading was in sustained vol
| ume, but the net result OF all the nc
tivity was slight.
New commitments were entered int
cautiously. and little disposition wa
manifested to move quotations far i
= either direction The approaching two
= day stock exchange recess over Satur
> day and Sunday may have had some
thing to do with this hesitation.
A half hearted recovery made b
stocks in the early afternoon dld nc
hold. The market was obviously tire
from the rapid forward pace it ha
been maintaining. The whole lii
scagged off in the closing half houI
prices undergoing the most gener'
reaction of the week. The de
cline was not extensive, however, cor
sidering the recent advance of II
market.
Call money was quoted as low as .
ppr cent for mixed collateral and at
per cent for industrials. Another b'
7 break occurred in sterling exchang
- which dropped to 4.26, new low leve
Francs were steady, while Belgian al
Italian currency declined to poin
further.
The weekly statement of the Bank
England showed a proportiona OF r
serve to liabilities of 20,54 per cen
- against ~. 30 per cent last week. The
was an increase of f33, ,23O in bulli'
B. holdings.
of Cotton steadied after early heavines