Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-15
WALL STREET TRADE
CON T|NUES UNDATED
Market Carried Along by Its
Own Momentum-No Let
Up in Wild Bidding
stock sales today on the New York
exchange. as compiled by the Evening
sun. totaled SOP 800 shares.

New York. July 15.-Tho New York
Evening Suns financial review this
afternoon is rs follows:
The market was simply carried along
by its own momentum during the greater
part Of tOday'S stock exchange session.
There was no let up in either the volume
of business. which in fact. was about
tn" heaviest of the year. nor in the wild
bidding for stocks. which rose anywhere
from to 10 points further during in
ttrvalS of great excitement.
There is nothing new to be said as to
the cause for the advance which reached
its height in the early afternoon. Prices
continued to mount because there was
no reason to sell. that is. there was no
adverse news calculated to throw
scare into the ranks of the bulls.
It iS characteristic of all bull move
mentS for them t" run on with ncrcaS-
ing intensity. regardless Of the prices
reached. until the Speculativc structure
falIS OF its own weight or sentiment is
altered by nrWS Developments With the
call money rat" down to the & per cent
figure again this morning the advocates
of higher prices had an easy aud profit
able day of it,
Prices eascd off at about right at
the opening but offerings were I'M
important and the list quickly started
forward under the lead of. the steel
shares. which were featured just before
the close yesterday. Crucibn Steel sur
passed all previous records by adding
an additional : points to its price.
! Bethlehem Steel r. however. made an
equally sensational gain. going above
40. At today'S best figures Bethlp
hem Steel was up about IA points
from the low of yesterday. while Cru
( ciblc was up 80 points.
OF course. these movements repre-
Sented the extreme gains by steel shares.
but it goes without saying that not
wlthStanding all the improvement which
is to be discounted marketwise in this
industry. the pace in the past has been
dangerously rapid
While steel stimulated the whole
market anew and was the backbone of
the advance. increased attention was
paid the railroad shares Heavy buy
ing was turned into this quarter for
time on the theory that il afforded a
much safer outlet for speculative en-.
, thuSiasm. Gains of 10 to l. points
were in this quarter. the low priced
shares again monopolizing the dealings.
1t again looked as though stub
born short interest was having a diff
/ cult time this morning. in a few of the
Speciaties. especially United States In
dustrial Alcohol, which was run up
over $50 very easily. only to relapse
again. There had been heavy news
of impending financing.
Other stocks which distinguished
themselves for time were America n
Sumatra. p. Lorilard. American Wool
en- and Baldwin United Cigar Stores
was rather soft and Marine common was
again under considerable pressure.
United States Steel was notably
backward throughout the session. failing
to better Yesterdays record. as did the
other stocks in this group. In the last
| hour speculative activity shifted rapid
ly from one stock to another. while
industrial issues were marked up. The
general list was subjected to consider
hDlt sflInS. Nuuslhs sOlilt
and unsettlement. The late recessions
wer3 altogether natural in view OF
the fast pace which the market has beer
hitting.
Cuba Cane Sugar preferred rallied
slightly following yesterdays G-point
break. but in rather half hearted
fashion. The special report which is
being prepared Oh the property will be
submitted to directors tomorrow. South
ern Pacitic's annual report will also bt
made public tomorrow.
In connection with the movement in
the steel and motor shares, all sorts Of
stories were circulated. which. how
ever, appeared TO have been the result
rather than the cause Of the gyra
tions. Special news bearing on the
stocks was singularly lacking and prices
rose and fell in response to the inside
conditions OF the market.