Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-22
TRADE. ON WALL ST.
MOVES CAUTIOUSLY
Trading Element Less Gloomy
Than Yesterday-Prices
Average Higher
Stock sales today on the New York
exchange. as compiled by the Evening
, sun. totaled 1.3O6. 200 shares.

New York July 22.-Thc Now York
Evening Suns financial review this
afternoon is as follows
Judged by the recovery in stocks to-
day. tho selling movement, of y"ster-
Ga, went n long way toward rCrtifying
tho technical position Of tho list n.
aided by favorable news or any develop
monts of market wise bearing, stock
prices turned abruptly for th" better
this morning. suggesting that Sp'cula
tive sentiment might chang" from ono
extreme to the other over night. hut
that faith in the Fundamental conditions
operating to advance prices was still IN
! tho a>c"nd"nCy.
WhiIc tho final weakness manifested
nv stocks yesterday carried som" lntl-
nation Of lower prices this morning
very ntIo further selling d"vol0pr"'
This was because th" professional ct"
mont was already short OF the market
ON n liberal scale and had lnvltlnGI\
large raucr profits to convert. Buying
from thi source started Nrir"S ON th"
M grade. and it did not take long Il"
discover that ~tcrk was none to" pi'h''
ful for covering purposes
Quotations were bid up quite een"r-
ally in the early dealings by the snort
interest. The market slumped OF some
what at midday with the cessation OF
huving from this quarter. but IN the
early afternoon tho market moved tor
ward again moro confidently. its sta
hilitv having been determined.
The huving which went on today
however, wa, nothing like that which
orrurrod last week. Operations for the
advanrc were confined largely to the
low priced rails n handful OF special
tics and some Of the oil stocks. Fluc-
tuations were narrow for the most part
and tho trading element, while less
gloomy than yesterday. was disposed to
proceed with caution. Prices rose one
to three points on the average.
Special interest was exhibited in such
properties rs Missouri, Kansas and
, Texas, General Cigars. Royal Dutch,
California Petroleum, Stromburg Car
burctpr and a number Of rails. Wabash.
Western Maryland. New Haven and the
like were more active than usual.
United States Steel recovered a good
portion of its recent loss. but other
metal shares held comparatively steady
General Cigars and California Petro
Ioum moved into now high ground. while
Stutz Motor rallied seven points or 81
at one time. Central Ieather's quar-.
terly earnings made splendid show
ing and the stock improved somewhat.
There was no change in money con
ditions. Call loans ruled at 6 and
per cent. but these relatively low rate!
were hardly symptomatic Of the scare.
ity Of accommodation Banking opin
ion as to the future money situation il
by no means hopeful 1t is predicted il
one quarter that within a few week.
rates will rule close to 10 or II pei
cent. High money. however. is an evi
dence Of great commercial activity.
Outsido of the market itself. there wa!
very little of financial interest. Trad
ing sentiment was highly mixed anc
, whenever prices advanced to any extent
offerings were sufficient in volume t
check the movement. Commission house!
continued to advise caution in enter
ing into new commitments. but gen
orally adopted the rather noncommitta
attitude that standard shares could b.
, safely purchased on setbacks.
The market neld its carly gains yer,
WE'LL and in some cases the best price.
, we're made in the final hour Roya
Dutch featured the oil stocks. selling W
more than 3 points from its recent low
: Trading. was on a slightly heavier scal'
than yesterday.
The foreign exchange market was les,
unsettled and showed only sligh