Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-22
SAME DRAGGING
TRADERS MARKET
Railroads Continued the
Stronger Features, While
Sugar Shares Melted Again

New York, July 22.-Todav's stock
market continued to drag in the same in
dolent fashion starting from nowhere
and without getting anywhere. When
II is said the railroad stocks were
strong and sugar shares were weak,
about the whole story of the days
operations is told. The tumble Of mar
row fluctuations in other parts of the
list did not amount to much nor did
1t mean anything. On the other hand
cotton continued to soar with July
making the highest price in history at
1910. There was relatively little de.
mand for call money which opened and
renewed at per cent. Exchange on
London continued to weaken.
1t was just one of those dull, slug
glish and meaningless midsummer mar
kets quite often experienced around
about this season, but just at this juno
ture other elements which have entered
into the situation tend to make the
waiting character of the trading more
pronounced and the mercurial variations
Colorless
The market community was con.
fronted by the same uncertainty with
regard to the railroad labor situation.
According to the advices from Chicago
some of the brotherhoods were appar-
emily in favor of accepting the wage
award, while it was said there were
Others who were inclined to reject it.
The street. however, seems to think,
Judging from the character of ltera
ture going out, when noses are counted
the majority OF the men will accept the
old axiom. "a half loaf is better than
none at all"
Money market uncertainties also con-
tinued a big obstacle. Some of the
adviCes being sent out the last few days
concerning the prospective fall money
market have been anything but inspir-
ing. Most Of the market leaders have
long since recognized it as going to be
very hard shedding for all concerned
when the crops began to move in earn
est. Some comfort is being derived from
the hope of the present elastic banking
system will prevent any such furores
as witnessed under the old national
banking law. At the same time, it is
already appreciated there is going to be
a mighty little bit of money for Wall
street and its following to play with.
Recognizing this fact, most of the big
commission concerns are already taking
steps to get their house in order and
making no effort to conceal the preCau-
tionary steps.
Considering all the contributing de-
pressing elements this market was up
against, II was possibly to some extent
surprising the structure, as sensitive
Today, as in the preceding session,
while prices were extremely irregular,
except in a few isolated spots, notably
the sugars, there was no real weakness.
although the bear crowd kept up an
active hunt for soft spots, in the hope
of starting general selling movement.
Eliminating oil and sugar shares, the
tendency of prices was variably higher
at the opening. This was primarily
due to q more cheerful feeling regard
ing labor conditions in their relation
to the transportation situation and the
comparative ease of the call money
rate. Gains averaging a point were
scored by Baldwin Locomotive, Repub-
lie Iron, National Aniline, Wells Fargo
Express and several Of the miscellaneous
specialties.
Additions to the early advance were
confined mainly to rails, Delaware,
Lackawanna and Western making g.
point gain. with moderate Improvement
in Canadian Pacific. Great Northern
and Reading. Speculative industrials
suffered another setback. however, when
shorts resumed their attacks upon oils
and sugars. Losses among the latter
ranged from / to points and were at
tended by decline in the price of the
refined product.
Steels, equipments and rails were
neglected during the mid session, but
sugars made partial recoveries, being
by moderate buying Of other
food shares, notably American Cotton
Oil and Wilson Co. The petroleums,
esneciaIly Mexican and Pan American
and Texas Co., also improved.
Oils, steels, rails and motor special
ties led the general rally of the last
hour on urgent short covering, follow
ing the publication of Senator Hard
ing's sDeeCh of acceptance,