Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-23
FURTHER GAINS MADE
IN WALL ST. TRADING.
Prices Advance During Greater
Part of Session-Volume
Of Sales Smaller

New York, July 23.-The New York
Evening Suns financial review this af
ternoon is as follows:
Today's trading furnished much
better test of the markets real position
than did yesterdays session. when the
advance was accelerated by the cover
ing of a large short interest The mar
kct demonstrated its ability today to
mount considerably higher. despite tho
reduction of bear accounts. and for this
reason the movement today was all the
more impressive.
There was an orderly and well dis
tributcd advance of prices during the
greater part Of the session. with trad
ing in slightly Curtailcd volume. Lit
tie or no attention was paid to the un-
favorable factors in the financial sit
uatiOn which were dwplt upon early
in the week. when prices dropped. At
the high figures established today many
of the industrial stocks had fully can
celed the losses Sustained on Monday.
Judge Gary's optimistic utteranccs
respecting the labor and foreign trade
outlook for the steel industry undoubt-
edly brought the steel shares into bet
ter favor. and this group was uniform
ly stronger. United States Steel added
well over point to yesterdays re-
covery. while much larger gains were
scored by Republic. Crucibc and Beth
lehem Steel.
Trading interest. as usual. conferred
principally on the industrial shares. and
number of large gains were scored
food stocks. Corn Products sold above
VI. while United States Food Products
ana Booth Fisheries climbed 2 to 3
points under more active buying than
has come into these properties for some
time
The leather and equipment shares
were in particular favor. Central
Leather was bid up 3 points or so on
the strength of the high quarterly earn
ings and the huge business being done
by the company at record prices. En-
dicott- johnson at 10 was up 7 points.
and American Hide and Leather shares
were strong. Car and Foundry sold at
new high of 121 in further recogni-
tion of the remarkably strong finan-
cial position which this company has
built up in the last few years.
Other points of outstanding strength
were found in Stromburg Carburetcr,
which extended it's gain another 7
points; California Petroleum. which
moved up some 6 points to a new high
hgure. and American Wooden. Pan
American Petroleum, selling ex-divi-
dend and ex-rights. held around 0S
while the rights sold at 81 Tho to
pacco shares recovered very easily ar
one time' and the coppers were frac
tionally higher.
lhere were only few news items of
hnanclal interest. but these were yener
ally favorable, and prospects of higher
prices had clear sailing for the fine
oelhg. There was a moderate bur pep
eral recovery in foreign exchange ono
'a'lons' the call money rate held reIa
uVeiY easy at & per cent for mixed COL
lateral and the iron Age in its weekly
summary noted improved conditions in
the steel industry.
as was the case yesterday. many of
,he pest prices were made lust before
the close. The buying of United State.
steel which lifted it above 1112 in the
nhai hour, encouraged bullsh Opera
tlohs and there was some active renur-
chaslng of stocks sold on Monday,
break.
ran American Petroleum feature,
the oils. advancing more than : point.
on very heavy trading. Railroad share,
were more or less neglected.
The governments weekly weather re
port told of favorable conditions in tn,
principal wheat producing states anC
harvesting is progressing satisfactory,
in the lake districts. In the corn bell
weather conditions have also been quit,
favorable. although rain is needed il
some sections
The cotton market was irregular
with a firm undertone.