Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-19
SAME L|STLESS,
DR|F TING MARKET
Traders Offer Prices Down
Again, but DisIodge Little
Long Stock

New York. July 10.-Thc new week
opened without essential change in the
character Of tho market or dealings
from any of the immediate preceding
sessions. Developments over the week
end were without importance. or at
uuSition was concerned. Tho profcs'
least influence in So far as the market
sionnl element who still had undiSuutCd
control were disposed to make some
capital out of the reported threat o(
/ tho railroad organizations to reject tho
| proposed award of the labor board. This
seemed like stretching tho point a Bit
too far. as until tho commission makes
it's award the railroad organization
could hardly say whether 1t would bo
acceptable or not. Outside of producing
continued ragged price movements
the efforts Of the renctionistS were in
| vain.
| The action of the market. however.
throughout the sessions indicated trad
crs were still brarish. and. naturally.
were disposed to take advantage Of
every little opening. With public in
.tcrcSt at an extremely low chb and
with the larger operators still holding
aloof the operations of the professionals
| consequently met little opposition. As
a result tho market may be briefly
summed up as n dog cat dog affair.
! Saturdays favorable bank statements
, V"ro without effect. but. in measure
whatever good influence they carried
was moro than countCrbalnncCd by the
continued stiff money conditions. Call
loan rate opened at . pcr cent and uC-
rording to the board reports there was
Il fairly good supply at the rate. On
tho other hand foreign exchange was
lao, | Coll ulT
% under last week final quotation.
The trend of prices was distinctly
downward at the sluggish opening. In
absence of hopeful developments over
the week end the reactionary party
promptly renewed their recent selling
tactics. steel. equipment and oil
shares were especially vulnerable losses
in those shares extending from large
fractions 10 Il point and over.
Rails began to sag when reports from
Chicago Indicated further unrest among
the railroad employees. The active
TRANSFORMATION shares averaged | point
decline and Canadian Pacific lost >. At
the same time reactions among the oils
became more extensive. Pan American
fell 2%i points and Mexican Petroleum
AZ. Initial declines in the steels and
cquipmerts were also wdcncd matPri
ally. especially in bethlehem. Nanadium
and Republic. while the motors and re-
lated specialtics lost their carly advance
and considerably more.
NItilc prices yielded easily under
pressure. it was again evident littl,
long stock was being diSlodgrd on the
declines. and when some of the earlier
sellers attempted to take in some of th>
, short lines prices reboundrd with sur
prising alacrity. The animated rally
mt midday in Cruciblp Steel was strik
ing illustration. Other leaders alSC
made moderate recOvericS. With thcs'
rallies the trading generally dwindlct
\ in the absence of public interest.
/ Lowering Of the call moncry rate tc
$ per cent influenced Il general GOVERNS
movement in the last hour by whicl
most Of the earlier losses were retrieved
and in all the important issues max
ing the net changes unimpOrtant