Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-12
WALL ST. REFLECTS
BUSINESS GERTRUDE
Bullish Attitude Maintained in
Weeks Trading-Rails
Are Sluggish


N""HttHt fCttCW OF the UccE:
New York. July 12.-The heavy trad
ing in stocks at rising prices through
out the week upset the calculations Of
many market oracles who ventured to
pred1ct quiet and slow moving affair
during the summer months. Should
thls happen it would be quite in ac-
cordance with precedent. but precedent
Is not reliable guide under new aud
unusual circumstances.
Nevertheless the market is performing
IN line with its past history. No mat
ter what the market does it is always
performing Il barometric function. and
when prices continued to rise and specu
lativc activity to expand it demonstrat
ed its confidence in still better things
for the business world. In the clutch
of speculation mad public. however.
bull movements are always overdone and
there is no reason to think that prices
will not be advanced too far this time
This is one Of the reasons why the
customarily quiet summer months may
witness intense stock exchange activity
this year. Once the public enters the
market on a large scale and starts the
speculative ball rolling there is no real
up until the ball drops over the
precipice. The downward plunge is al
ways SOLDERING and frequently so sicken-
ing that long interval elapses before
the game is resumed.
Bulls Still Hold Sway
Nevertheless. despite the handicaps of
tight money and the persistence of eau =
tionary advices from authorltlVc
quarters Wall street. as whole. was
unable to see any reason for swerving
from its bullish attitude.
Skeptical professional traders worked
for reactions during the week. but as
has been the case for the last three
months they met with but scant sue
cess and much Encouragement. The
buying power behind the market proved
itself as overwhelming this week as at
any stage of the advance. Prices rose
! as easily and as spectacularly as they
did when - or 80 points lower. The
! industrial shares moved into new high
ground for the week and, according to
some tables of average prices, exceeded
even the heights attained during the
war BOOM
Still, there are few in Wall street
with the hardihood to claim that the
rise is nearing an end, and there are
many of the opinion that stocks will
mount to much greater heights before
taking the full measure of the era OF
prosperous industrial activity into
which we have entered.
OF no important line of trade or busi =
ness can it be said that it has reached
its peak Of expansion, growth or proht
able activity. Business in many lines
| has only just begun to resume its nor
| NAL stride. Prices on all hands are
either holding firm or moving to levels
which insure excellent profits.
Copper metal this week advanced to
twenty cents pound for August de-
livery and now conditions are such that
even higher prices are predicted. Stee
mills are not yet operating at capacity
but they are fast increasing their pro
duction and sufficient business is IN
prospect to afford capacity operation.
And the railroads have not begun tc
do apy important buying. The United
/ States Steel Corporation Thursday re-
ported an increase in untitled orders or
it's books as of June 80 of 610 900 tons
The increase was the first reported this
year. proving conclusively the better
ment which has taken place in this
| fundamental line.
In other words, all signs point to ar
expansion in business of every kind
Just as long as this prospect holds good
it is probable that the bulls in the
stock market will find ammunition with
which to keep quotations moving up.
Needless to say, the market is far
ahead of events. Stocks will reach their
peak long before industrial growth
comes to a climax. AS soon as it is
seen that there is little room left for
improved business. the market will be
on the down grade, and the tide will
probably turn before the multitude is
aware OF the change. This is looking
rather far ahead, however. At present
there are no clouds on the financial
horizon dark enough to eclipse the rosy
hues.