Evening star., 1923-07-18
STOCKS PUSHED UP .
/ IN FINAL TRADING
Pool More Active - Buying
Largely in Special Issues.
/: Bears Also Cover.
BY STUART p. WEST

Special Dispatch 10 The star.
:NEW YORK, July 1S.--The market
started in today with d further ad-
Vance. then ran into selling by the
professional foilowing.I which had
small profits to take on the purchas-
es of the previous day. 1t was not so
r3uch the actual price changes which
attracted attention, however, as it
was the difference in the general tone
OF the market Petty bear raidins
was abandoned, because it had proved
Improbable. Professionals sensing
the resistance and the absence of
iiquidation, were. turning their at
tention to the long side. .- -.-..
r,,-~. More Pool Activities. -'-:' 81
For the first time in more than a
month there was evidence of re-
viYal of pool activities. This showed
in the numerous advances of point
ou more in stocks of the specially
class Public utilities came in for in
creasing attention under the lead of
Columbia Gas, Public Service of New
Jersey. Consolidated Gas and Ameri-
which the water works stocks are
moved forward on every occasion
where the generaf market is at all
favorable has been matter of COM
laeht III nus IN with the expectation
that the company's principal sub
sidary--the West Penn Company-
will before long raise its dividend; !;
that this will lead at once to the full
6,per cent on American Water Works
Darticipa ting preferred, and that the
way will then be cleared for a dis
ttipution later on upon the common
STOCK
Steel Shares Strong.
with thu. earnings statements for
the second quarter about to appear.
the steel shares We're all strong.
Bethlehem Steel was UP over points
from Tuesdays low. Much strength
wss shown in this group. Stude-
baker was the leader. but Chandler
moved forward readily. Shares of the
motor parts companies like Stewart
Warner and Stromberg were promi
nent. and the short interest in u. S.
Rubber and Kelly Springfield was
doing much covering.
IStrength was displayed in shares
S the department and chain store
cpucerns, whose business is keeping
up remarkably well. +. w: " ooI-
worth stock was the leader but AS
sbciated Dry Goods was a close
SECOND.
sThe favorable statistical position
of the copper metal market seemed
ID be receiving more attention to-
DAY. and accordingly the copper
stocks rose quite sharply Utah and
and kenaecott were conspicuous in
the advance. In 1922 consumption of
copper passed the billion pound mark.
~ a!ld the demand anparenlS = nm
provine. with stocks low. Copper
Iaetal in London today WAS up Stight-
IL. while prices here We're firm.
Formulation Company mt New Top.
Foundation Company sold at its
highest since its recent ADMISSION 70
trading on the stock exchange, and
aa n because
of its consistent strength lately. Net
profits available for dividends in 1922
after payment of all taxes amounted
ID S231,S22.4S. Gross business in the
five years. 191S-l922 inclusive, was
over sI23,000,000
sit is rumored that the Sinclair Con-
splidated Oil Corporation is planning
tc ship gasoline TO England in its
own tankers and sell the refined prod
Uj' ri retail from wagons.
During yesterdays late rally and
again today Stewart Warner, dis
played special strength. Anticipa-
tions of favorable dividend action this
week had something to do. no doubt,
with it.
Routine. News Favorable.
The routine news bearing upon the
hIsineSS situation was generally ia
v6rable. The wheat market had its
first upward recoil of any conse-
dtience in over a week. The decline
was also cneckeQ III cotton. lne Hllu-
week reviews of the steel trade said
that there were no definite signs as
vet of any falling off in steel con-
sumption.
One of the most interesting. con-
tributions.. in the way of trade in
formation was a statement by the
United States Realty aud Improve
ment Company that it was again out
for new construction business, after
having held back on fresh orders
for nearly two months, owing to high
cost Of labor and materials. The rea-
son given was that the labor short
age in the building industry had been
relieved to the extent tina it was con-
sidered safe to make contracts.
MARKET CLOSES FIRM.