Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-23
WALL STREET TRADE
IN SMALL VOLUME
Standard List NegIected-Rails
Virtually Without Market.
Marine in Demand
Stock sales today on the New York
Stock Exchange, as compiled Dy the
Evening Sun, tOtaled 314,7O0 shares.

New York, Aug. 23.-The New York
Evening Suns financial review this
afternoon is as follows:
Wall street radiated as much cheer
funess as it could reasonably be ex-
pected to have under present conditions
and the tone Of the stock market was
good.
Trading through the short session was
light in volume. but there was excellent
buying in the motor group and in the
shipping and tobacco shares, where
gains ranged from l to and . points
The Standard list was rather neglected.
especially the rails, which virtually had
no market Mt all. Crucible Steel and
Baldwin Locomotive were the strong
spots among the steels and Utah among
the coppers
Marine common and preferred were
in demand on the strength of wholly un-
confirmed reports that the back divi-
dends on the latter were about to be
maid, probably in scrip. as the story
went. in order to avoid government tax
alton. which would be levied If paid in
cash.
However. there was a good deal OF
the holiday atmosphere about the street,
which was reflected Enthusiastically IN
the market. Needless to say. there were
many vacation, as well as Weekend
absentpes. and the commission houses
we're all but deserted. News develop
ments played little part in price move
ments, which were governed entirely
nv considerations based on the technl-
cal position. mainly covering by shorts
Bullish sentiment prevailed. but no
i one was hardy enough to predict con
sistently sustained nor broad upward
swing. The uucovering of food boards
goye satisfaction, as the sooner positive
measures have been taken the quicker
. will the economic situation begin to
. mend. =.
Interest was attracted to the dis
match from London that the exchange
over there was petitioning for permS'
sion to resume arbitrate dealings Will,
New York. Gold to the amount OF
some $3.50 900 was engaged here for
,, shipment to Central and South America
Chandler Motors moved up thirteen
noints to 23S, and P. Lorillard ad
vapced 67s to 2247s. General Motors
made gain of over five points to 22I
Studebaker was another strong feature,
advancing over three points TO above
205.
The steel industrials generally moved
within a narrow range. United States
Steel advancing q to 1013s. and Cru
: chile Steel made gain of over two
/ points to 140A.
The trade journals emphasize the
: endemic Of strikes, reflective of wide
: spread labor unrest. as "clouding botf
the present and future of business. y
Bradstreets points out, however, thai
: while all lines feel the effect of thi'
condition. visible manifestations vary
: in each and optimism is not lacking un'
derneath all the disturbance and irri
e tation. This optimism is based on thu
= nraypr and hope that labor will on sec
= opd thought realize what their demands
i moan to business, and what the impair
mpnt of business progress may mean t
the workingman, as well as to the EN-
- ployer.
: Dun's review states that markets
! which have been feverishly active ar,
now hesitating both because prices hav
! in some cases gone too high and be-
a cause Of fears of recessions resulting
from the inquiry into the living cost.
v Despite expanding bank clearings
r there are signs of shrinking in dealings
d Clearings this week totaled 81 ,90S, ,704,
. III, against $S.1S1 ,S2S, ,020 last wee
and S6,1fo, 500, $40 in this week las
year.
: The foreign exchange and cotto
u markets conformcd to the trend in Sc
d curities. Corn and oats. however, wer
n weak. Sterling sight bills sold as hig
8 as S4.21A. although the rate reacte
e later to below $4.20. Francs and lir
were slightly easier, while marks firme
to 4.S5 cents the mark.
p The stock list held well to the clos
ing. Central Leather, Corn Product
d Refining and international Paper wer
3 strong spots. War bonds were steady