Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-14
PRICE MOVEMENT
WAS CONFLICTING
o,,vino Incentive Not Sufficient
70 Counterfeit Increasing
d Bear. Pressure

New York, July t4.-The. New York
seeming Suns closing financial review
today says:
uiehly conflicting price movements
,orked somewhat quieter stock ex-
,Aonge session today. With evidence
eDnstantly accumulating Of the serious
rsss of the transportation tie-up. no
aims of money relaxation and unsatis-
xctory reports in regard to the Spa
ennference and the Polish situation.
~ bear element was not inclined to
shaudon Its experiments on the short
side and buying incentive was not suf-
Srient TO counteract this pressure.
Trading was Of very discriminating
art. that Is, there was a general move
~ get out Of some of the motor and
tre stocks, These were quite weak
On talk. of price cutting in the industry,
XII there was nothing to substantiate
G tbs reports. The rails. on the other
hand held up pretty well, although
there was not the aggressive buying Of
these stocks noted earlier In the week
Tbe independent steel shares moved
forward / or points due to the fa :
vorable quarterly report of the Lacka-
wanna Co.. which was taken as a
ruidc of what other concerns would
show.
The whole list enjoyed a moderate
rally in the second hour. at which time
Steel common, got up to %, Baldwin
above 121, Mexican Petroleum 105. an
Studebaker 1914. but the recovery was
short lived and gave way to an irreg-
Mar downward movement during the
greater part of the afternoon. Recess
sjons amounted to 1 to 3 points in the
ndustrials, but the rails offered better
resistance, though they too went lower.
Call loans renewed at the rate whicl
has been prevailing all week, 8 per cent
but the money rate was apparently
without influence other than to restrict
I operations in a general way. There
was persistent bear pressure against
certain stocks which were thought to
be in n vulnerable position. but the
rather extensive declines forced in iso
lated instance did not precipitatc =
general resumption of active selling, as
occurred on former days. ,........
That Inadequate railroad transporta-
ton is the great stumbling block in the
uatb of business was emphasized by
weekly reviews Of conditions in the
steel industry, where further shut
downs are, regarded as inevitable due &c
car shortage A further sidelight on
the transportation situation was afforded
BY the remarks of the head of the Bald
win Locomotive Works, who declared
that his company could use 5000 more
men If it could get the materials hauled
with which to work.
Soaring prices for fuel have causet
as much, concern to steel makers, say!
the Iron Age. as the car shortage. Ir
the Pittsburgh district more steel max
ing and finishing capacity has been idl'
this week than last, according to thi
mthority, which states that, owing t.
reduced production forced by railroa,
Generalization, pig iron prices are hold
ing firm. Export business, it is said, i
well maintained. ~
Stocks generally reached their loves
level in the last half hour, although
selling was not especially heavy. Their
we're few firm stocks, but they wer,
In the minority. Reading fell below 8l
and Baldwin Locomotive dropped bacl
under 100 United States Steel rule,
rlose to 92. The rails were all prac
|tieally lower. The final tone was ir
regular. Call money ruled at 8 pc
cent all day. O.. -,