Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-23
STOCKS FAILED
TO HOLD GAINS
Whole List Gave Way Sharply
in the Afternoon Under
Bear Drives

New York, July 23.-It was not be-
cause OF the lack Of good news the
stock market did not spruce up bit
today. for there was enough develop.
mentS overnight of n hopeful nature
that. in normal times. would have been
good for at leas tn FIVE point rise. IL
did make some sort of response dur
ing the early part Of the session. but
II was soon found it was still in a
= trading area and something far more
stimulating was required to eXtricate IL
from the apathctic rut. This some
thing unquestionhbly would be found in
removal of the money market restric-
tions.
1t is not often so many good and
! invigornting developments are crowded
| in as they were this morning. The
| first to come in for notice was the an
nounccment Of the acceptance Of the
wage award by most Of the railroad
brotherhoods. Coupled to this was Judge
Gary's optimistic statement and to
which could be tackled the favorable re-
ception of Senator Harding's speech of
acceptance. The only adverse news was
! th" pesSmistic reports from abroad,
which accompanied the further sharp
decline Of foreign exchange.
As II was. the shorts spent an I'm
comfortable hour during the initial
period of the trading in endeavoring to
take in some of the commitments put
out in the recent sessions. No effort
however. was made to force the up
ward swing or continue the ADVANCING
prices. although here and there through
the list the short covering met strons
competitive bidding. This was especial
lv noticeable in some of the pool
spccialties and also in Reading. The
latter got within small fraction OF
03. the highest touched since the week
Of the Supreme Court decision, when II
sold at 04i9.
Tho disposal Of the wage question re
moved n big. troublesome uncertainty
from the situation and was regarded as
paving the way for an early decision in
the freight rate increase. Senator
Harding's acceptance speech was re-
garded as constructive from both com
mcrcial and industrial viewpoint. Nat
urallv. thcro was disposition among
close observers Of rcserving opinion as
TO its campaign effects until the stand
ard bearer Of the Democratic party had
madc his acceptance address.
After n mixed opening the general
! list moved upward and the rising prices
! were accompanied by an appreciabi'
/ broadening of the dealings. Before th'
{ morning was out all the leading stock'
/ showed substantial Improvement. Oils
! independent Stccl' and Reading led
Houston remained the outstanding fea
turc of oils. increasing its gain to aimos
six noints. While Mexican Petroleum
rose -, points, Cruciblc, Republic
Varadum. Bethlehem and SlosS Shet
fold gained to 1 y points and Baldwin
IOcomotivI rose the same extent. In
uuiry for rails and shippings embraced
Canadian Pacific, Union Pacitlc, ant
several low priced issues. particularly
New York. Chicago and st. Louis.
REPRESENTATIVE stocks cancelled most
Of their gains at midday when the shorts
excrtcd further pressure against leather
motor. steel and equipment issues
Extreme declines Of to 3 points were
made by Hide and Leather preferred
Central Leather. EndiCott- Johnson
Studebakcr, Pierce Arrow, Chandler
Cruciblc and Baldwin.
The whole complexion of the marke
changed in the afternoon as the mid
day haCkSet gave encouragement for
vigorous drive by the bear crowd al
along the line. Price melted rapidyl IL
all directions and for a time the market
had n very soft appearance. Much o.
the selling was concentrated against tn
industrials. particularly motors nnt
sugar stocks. but all the speculative
favorites in for a drubbing. The rail-
held up relatively we'll although sur
rendered most of the early Improvement