Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-09

New York. Aug. 9.-The New York
Evening Suns financial review this
afternoon Is as follows;
Today's stock market reflected, to the
utmost extent that a Saturday short
session could do. the distinctly better
feeling directly inspired by the Presi-
dents address to Congress. Strength
throughout the list, comprising both rails
and industrials, was manifest from the
beginning.
In numerous cases. opening prices
were l to 2 points above the Friday
closing level. and these gains were cX-
tended to 3 to points by the end
| of the first hour. The presidential
recommendations having for a pur-
nose the amelioration of conditions Gu"
to high prices of commodities had been
deprived of their worst sting by the
previous course of the stock list, con-
structible influences originating in the
belief that a cure of profteering evils
could not be effected without drastic
use of the operating knife, and that
without a cure and speedy one there
could be no real prosperity in the
land
Wall street was Cheered by the feel
ing that the atmosphere had been clarl-
fed by the clear exposition of the sit
uation and proposals to meet 1t. That
the machinery of government was to be
put in motion without delay was EN-
phasized by the action of the local fed
cral attorneys office in serving sub
poenas on some 200 storage warehouse
men in this city.
The technical position of the stock
market itself served to make the most
of the relief, while the street felt that
at last the knotty problem had been
attacked in good earnest.
Trading in the first half of the ses-
sion was not as heavy as yesterday
but it was in large volume for a half
holiday at the week end. Steel, Bald
win Locomotive, American Car and
Foundry. Central Leather, Corn Pro
ducts. Retail Stores, Royal Dutch,
Wilson Company and numerous others
were extremely well bought.
All the rails made an unwontedly
good showing. Union Pacific got back
to 1876, Atchison ran up to 9212 and
Reading sold close to so. The whole
some presidential advice to striking
laborers, which applies most pointedly
20 railroad labor at this moment, was
the inspiring influence in that quarter
Nothing occurred to impair the con-
| structive tendency of the market in the
second hour, and buying of good quail
/ ity was mixed with not a little short
! covering Prices held we'll at or near
/ the top levels of the day.
| Such has been the pace of improve
ment in the industrial and general
business fields up to the time Of exist
ing and prospective strike disturbances
that the effect of such disturbances has
not appeared very pronounced to the
eye. although there has been some re
tarding of collections. distribution of
goods and so on. Nevertheless the de
mand from jobbers and retailers con
tinues excellent and the good outlook
for fall trade, state the trade jour
nails. is clouded only by the possibility
of dislocation of the means of trans
portation.
Caution has naturally been engen-
dered which, in itself, has brought about
considerable slowing up, but the ele-
ments operating in business fields have
been and still are of character to be
Quickly restored to influence once there
/ are any signs of an adjustment of the
labor dispute and other problems created
by the high cost of living.
There has been an increase in bust
ness failures. the week ending August
I showing 105 against eighty five in
the previous week.
Bank clearings this week totaed SS.
Or. 500. Ar against SS. los, ,S3S. .045 last
week and 1851 ,0O6, ,006 in this week
last Vear,