OCR Text |
Show STOCK MARKET DEVELOPS STRENGTH TOWARD CLOSE Steels of the Independent Group Retain the Greater Part of the Advances Scored During the Session. Nl-JW YORK, July C Opening with an uncertain torn.-, today's curt a iled session of the stock market soon evinced firmer tendencies, in a few instances developing marked strength. steels of the so-called independent group, notably Crucible, Kloss-Shel'iieki and Superior, nils, particularly Mexican Petroleum, and Marine preferred and minor war issues, all retained (he greater part of their j- to 2-point advances. Low-priced coalers also ha red in the irregular movement, Reading second preferred. pre-ferred. Chesapeake & Ohio and Pittsburg Pitts-burg & West Virginia, averaging 1 -point gains, but standard rails kept within fractional limits, showing virtually no change at the end. I'nited States Steel made a fractional advance to its best quotation of the week, but closed at a sliglft loss. Metals moved sluggishly and numerous other speculative favorites received scant attention. Sales amounted to ( 9O,0fU shares. The bank statement was Interesting for its decided reversal from the previous week's favorable exhibit. Excess reserves re-serves showed an actual decrease of $115.-500,000, $115.-500,000, which more than offset the huge-gain huge-gain reported at the end of the fiscal year, anrl for the decrease of ?1 5fi, 000,000 in reserves of clearing-house members held by the federal reserve bank, exceeded exceed-ed by about $27,000,000 the recent gain j in that item. Ho mis were linn, most of tin- war issues is-sues hardening, with a gain of 1-" in Tokio f.s. The I,iU;rty group was about sieadv. Total sales, par value, were $1,-S75.D0O. $1,-S75.D0O. United States bonds:, old Issues, were unchanged on call during the week, NIV VORK, July i. -Trading in stocks during the. dull and irregular week lost none of its recent professional characteristics, char-acteristics, but a moderate accession of investment buying followed the advent of 1 the new liscal year. Speculative interests derived much en-courage-ment from the further ii bcrality shown by the government . in its policy of price-fixing, the advance to the copper producers exceeding the most sanguine expectations. Some uneasiness followed the publication publica-tion of the federal trade commission's arraignment ar-raignment of various industrial companies and the attitude of the administration toward the country's telegraph and telephone tele-phone companies provoked moderate liquidation of these and allied utilities. The money markets adapted themselves them-selves more generally to the demands created by war finance, time funds showing show-ing increasing paucity. General trade conditions offer ground jjor . confidence because of greatly increased in-creased hank cletirinps for June. |