Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-24
PRICE TREND UPWARD
IN SECURITY MARKET
Sentiment Is Good and Trading
Brisk-Equipment and Mo-
tor Shares Strong
Stock sales today on the New York
Exchange tOtaled S66 800 shares.

New York. May 24.-The New York
Evening Suns financial review this
afternoon is as follows:
Sentiment was good and trading was
brisk in today's short session of the
stock market. The trend of prices was
upward from the outset, although ad-
vanceS were rather narrow until the
end of the first hour. when the move
ment assumed somewhat broader pro
portions. United States Steel had only
to rise a small fraction to establish a
new high record for the year at better
than 107.
The equipment and motor shares dis
played pronounced strength and also
individual stocks like Westinghouse
Electric. whose annual report will be
out on Monday. but already forocasted
with suspicious accuracy: Kelly
Springfield TireN Worthington Pump
and the like.
In the first half of the session the
oils were heavy and the shipping group
was virtually unchanged.
Had it not been for the rapid for
ward swing of the stecls in Fridays
market it is more than likely that there
would have been better response to
the situation arising from the railroad
administration placing of orders for
rails at the same price which had been
previously agreed upon between the
manufacturers and the industrial board.
The director general has protested,
but since the bidders were unanimous in
cxaCtng their own price it had to be
accepted because the rails are impera
lively needed.
DR.. Davison's remarks concerning
this Country's ability to finance Eur
ope. definite arrangements for which
must be deferred until peace has been
signed, We're a constructive factor, com.
ing as it did so soon after Judge Gary's
optimism expressed yesterday before
the Iron and Steel Institute.
There were evidences also of graft
flying speed in the halls of Congress
with respect to the legislation on appro-
priations for the purpose of relieving
the government of the embarrassment it
was placed in when the Sixty fifth
Congress adjourned leaving its work
undOne.
There was little which called for com .
ment in the foreign exchange market.
The tirmness which displayed itself yes
terday was continued today, sterling
gaining a cent to S4.S4l4, francs rally
ing fifteen Centimes and lire some sew
euteen points. Neutral rates followed
! the same course. Business in all ex.
changes was scarcely more than nom
inal, however.
Prices held for the most part neal
the top in the second hour, although
trading appeared less aggressive. Ther,
was additional strength in the motors
and United States Rubber was stron;
spot among others. Some of the rail
did very we'll, especially Atchison an,
New Haven. Liberty Bond issues wer
reactionary, except the 3l2s which wer
barely steady.
The trade journals state that domes
tic business revival continues apace
unaffected materially by either politlca
or economic uncertainties. 1t has evel
assumed boom aspects to some exten
in certain quarters. Perhaps the mos
| influential factor in this is the aban
| donment of the price stabilizing plan
while sentiment has been unmistakabl
strengthened in an indirect way by tn
decision to return the railroads to thei
| owners at the close of the current yea
and by the impending restoration of tn
telephone and telegraph lines.
Bradstreet's notes something of
shifting of activity in the industria
reports of the week. Such adverse ele
ments as exist were more felt in tn
smaller centers than in the larger
/ where, indeed, there was increased ac
tivity, strength and confidence. On th
labor situation Dun writes that less
i heard Of unemployment and that j
some ipdhstries. notably textiles, ther
i Az aetpai dtarth Of skilled Operatives