Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-22
PRICES CLIMB HIGHER
IN WALL ST, TRADING
Large Advances Recorded by
Some Individual Stocks.
Market Opens Firm

New York, Aug. 2Z.-lhe new lorh
Evening Suns financial review this
afternoon is as follows:
The forward movement 'of stock
prices under way at the close of yes
terday's session was continued during
the greater part o TODAY Opening
firm, the market climbed gradually
higher throughout the morning deal
ings, net gaips running from ] OF ?
points on a naverage, while much larger
advances were recorded by individual
stocks. Only a small volume of buying
was necessary to bring about this i'm
plovement and at no time during the
session was there temperance of the
bear pressure and liquidation which has
depressed quoted values anywhere from
80 points in the last few weeks.
That stocks should have proceeded
to retracc the ground recently lost
without the uncOvering of any definitely
constructive news developments, is
hardly surprising under the circum-
stance. The technical position into
which the market has fallen was. of it
self sufficient explanation for the
days recovery which, measured by the
rapidity and extent of the decline, was
still relatively small.
The unfavorable news which has been
pouring into Wall street for a fortnight
or more, appeared to have exhausted its
power to further depress quotations.
One reason for this was because an
;,No
ing to rrpurChase stocks sold at much
higher figures. There was no important
change in the adverse conditions which
in the first instance operated to bring
about lower range Of quoted values.
Organized labor is still to be placated.
the foreign exchange puzzle is still un-
solved. the formal conclusion of peace
vet appears long distance off and our
dream of great foreign trade is far from
realization. Nevertheless, with stocks
at their new low levels, these factors
were much less of bugaboo for the
speculative community than a month
ago.
| Foreign exchange rates today en-
! loved a good rally and apprehension
over strike of steel workers was con-
| sidcrably allaycd SO that for the time
being Wall street was in more cheer :
| full frame of mind.
The bulk of market operations earlier
in the week having been on the selling
side. it was only natural that with the
| tightening of commitments due to the
week end, the volume of buying should
| be sufficient to import Il stronger tone
| to the market The largest price changes
were generally made by those stocks
! which were previously the target of bear
selling. that is. the high speculative
industrials. Kelly Springfield Tire. for
instance. was today quoted more than
ten points above yesterdays low.
Studpbakcr was another very strong
spot. buying of this property being il
part encouraged by the official state
.ment that earnings this year will ap-
proXimate $50 share on the common
The steel shares were ali higher
Crucible crossing 40 in tire early
afternoon. United States Steel. while
not uparticularly buoyant, Showed :
large fractional gain during most o
the trading. Weakness in Industrial
Alcohol followed the announcement
that the common stock would b.
doubled through the sale of 120,0OC
new share at S75 each. Subscription
rights were dealt in on the curb a
around %.
Buying of the common and preferred
stocks of the International Mercantil
Marine Company was conspicuous AM
sent both of these stocks up severa
points, The probabilities are that bacI
dividends on the preferred will sool
be reduced through a large extra pay
mCnt
Call funds continued in plentiful sup
ply holding around 5M54 per cent
Sterling exchange rallied nearly 4point
to 4.19H and other exchanges Shove
improvement. Francs, lire and peseta
rallied from to o points.
The cotton market was irregular
with a firm undcrtOne.