Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-10
MARKET MOVED ON
MORE EVEN KEEL
Easier Money Conditions Influ-
enced DesuItory Covering Of
Large Short Interest

New York. Juno 1O.-Dcsultory GOV.
ering OF shorts kept today's stock mar.
ket on moro even keel. While Il
fairly substantial recovery was regis
tered the rallying power of the general
list was anything but vigorous. In con.
sequence, trading became noticcably Hat
at tho higher levels. indicating the buy .
ing demand after the short requirements
were filed continued painfully limited.
Altogether the market was surrounded
by more cheerful atmosphere nS re-.
suit of several contributing helpful in .
fiuen"cs. notable among which was the
relative easy condition of tho call money
market, with loans renewing into next
week nj q per cent. the lowest initial
quotation since April 80. Then the
over night advicrS from Mexico indi .
Gated moro conciliatory attitude on
tho part Of tho ObrCgon Government
An additional strengthening element was
the failure OF many of yesterdays dis .
Conccrting rumOrS concerning individ =
ualS. institutions and corporations 10
matpraliZC
Technically Il rally was overdue and
n certain amount of week end evening
up on the part Of the professional
, traders was 10 be looked for unless
some great disturbing event had turned
mp overnight. Tho shrinkagc of 800. :
T31 tons in the untitled ordcrs reported
by the United States steel Corporation
making the month tonnage the small
cst since March. 1919. caused little
surprise: to the contrary. it had been
generally expected and as a result was
already discounted. Moro concern is
entertained regarding predicted further
reduction in steel prices. which it is be-
liCvCd is unavoidable.
Considerable strength was impaired
TO tho list by the continued improve E
mcnt in the country's banking position
aS reflected in the statements of tho
Federal Reserve Banks. The combined
reserve ratio of the system this week
rose from 81 per cent to jS.3 ror
cent. EXpansOn was oven greater in
the local bank, the ratio gaining 80
per cent TO 64.2 per cent, against co.
per cent last week. The gold reserve
of the local institution stands mt M.J
pCr cent. more than double of that of n
year ago. when the ratio was 4J.J per
cent.
Selling pressure was resumed at the
opening IS result of marginal calls. \
few leaders, particularly high priced
oils, showed slight rccoveriNS from yes
tCrday'S rcCessiOns. On the reduced divi
dcnd Utah Copper made Il further de.
cline of | point and Atlantic Gulf lost
! y. Bethlehem, Cruciblc. Nanadiun
and United States StcelS were fraction
ally lower with American Smelling
Rails and equipments made nomina
gains and losses. Prices stcadicd witbir
the first half hour on buying of MeXi-
can and Pan American Pctroleums AM
Baldwin Locomotive. together with &
brisk rally in Utah Copper.
Momentum was given to the early
rally by q per cent opening rate for
call money. Oils. including General
Asphalt, California Petroleum. Asso
cated Oil and Pacific Oil improved
their position and motor and tire ISSUES
also strengthened. American aud Bald
win Locomotives. American Car and
! Pullman were among the stronger
equipments. Shippings, feathers. TO.
bncco made moderate gains. Ofscttina
| features embraced Atlantic Gulf. New
York Air Brake. Montana Power. ia
nous Players. common and preferred
and several of the gas shares. which de.
rlincd To / points. In the bond mar,
bet Liberty 3i2s showed eXcCptona
strength