Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-03
WALL STREET TRADE
IS IN LARGE VOLUME
Tendencies Continue Toward
Higher Price LeveIs-BuII
Elements in Control
Stock sales today on the New yorI,
exchange tOtaIed 775. 400 shares.

New York. May 3.-The New York
Evening Suns financial review this
afternoon is as follows:
Price movements were mixed in to
days short session of the stock market.
although tendencies to higher levels
were much in evidence throughout.
That is to say that the bull elements
were still decidedly in control The
bears have not entirely given up their
efforts to bring about reaction. but
they would seem toefecl little conf
dcnce in their ability to do so.
The behavior of United States Steel.
both yesterday and today. was some
thing of an eye opener to them. With all
their efforts to work the price Of that
issue down by selling short. it touched
% yesterday and pushed through that
price today. Trading was broad, en-
bracing industrials and rails alike. and
was in large volume for Saturday.
The situation appeared to be some
thing like this: Steel and kindred
shares had been sold short rather per
sistently on the strength of the develop
ments at the quarterly meeting last
Tuesday, but there was no rea weak
ness brought out and the persistence of
the rest of the list in advancing rendered
the shorts nervous and impelled them
to cover. Those issues which have been
going up all along were to some extent
held back by those who were dcsrous
of realizing on their paper profits. Ac-
COrdingly, there We're cross currents
which gave Il spotty appearance to the
surface movement of prices.
The coppors were slow in opening
but they did well once started. Some
of the oils were under pressure and
some made substantial gains. Lower
priced industrial issues were in con-
sistent demand. including American
Linsced. National Enameling and AlliS-
Chalmers. Westinghouse Electric,
White Motors. Atlantic Gulf and Amer
lean International made an exception
ally good showing. After touching par
United States Rubber dropped back be-
low %.
In the rail list New Haven was
strong. There was some easingN off in
prices toward the close without mate
rial Impairment of underlying strength.
Liberty bonds were firm.
Corn and oats were strong. Cotton
was narrow.
Foreign exchange was without fea =
turc save for slight depression in francs
and lire.
News developments were favorable,
such as they were. Indications point
to further improvement in uncmploy-
ment conditions. 1t is felt that the
Italian matter will be adjusted, and it
looked as though the Allies were already
in consultation with that end in view.
At least the British and American am
bassadors at Rome were said to be
making efforts in that direction. The
advance of the Rumanian forces into
Hungary and their arrival at the gates
of Budapest was an advent of good au-
gury as forcing a wedge between the
Russian and Hungarian Bolsheviki.
1t is possible that at next week S
conference on steel prices some agree
ment may be arrived at, although there
is scant hope that such will be the
case. Whatever the result may be,
there are certain to be many pleased
one element with a resultant open mar
ket which is not small in numbers.
According to the trade journals, the
economics of business have an increas
ingly Frightening aspect. In many
leading branches recovery from war
depression has been pronounced. This
has had the effect of strengthening con
fdence which is essential to sustained
progress. Commercial revival has had
a definite impulse impaired to il and
the question now is to what extent il
has been carried to date.
In all sections, trade is broadening
and there is disposition to anticipate
wants somewhat more freely without
evidence of speculative tendencies ac-
companying the movement. Demand
for crude materials has grown, building
has become more brisk and collections
have improved. Business failures are
less than in recently recorded monthly
low records.
Bank. clearings this week totaled 81, +
317 .9T5f,a2. as compared with $G.004. !
7G0, 21J last week, aud 50, ,2J5, ,030 ,O75
in this week l6st year.