Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-02
POOL ACTIVITIES
MADE THINGS HUM
Price Movement Wide and
Lively and at Times Quite
Erratic

New York. May . 2--.Renewed pool
| activities on the one hand and realiz d.
ing sales on generous Nca'e on the
other, kept things going humming
during the forenoon in today's stool;
| market. Tho turnover up to noon an o
proNimatjng GOO. .005 shares. II likt.
wise was productive OF very feverish
price movement which at time was
quite crratir. nevertheless the line "
least r"sistauct st all times was again
encountered On the rising tide.
1t was strictly on industrial market
with the railroads. with the exception
Of Reading occupying a distinctly soc
ondary position. In the former group
thr movement extended to all classes
and ai grades NJ stock. for a time en-
hraCing oven tho 'ong neglected copper
group. Interest. however. concentrated
very largely in the oils, StcelS motors
aud motor accessories.
Over sunday Developments while not
calculated to change the character of
the market supplied, much room for
action and furnished ample ammunition
for both tho contcSting forces in the
big battle for supremacy The shin.
ping strike, unfortunate as IL was. did
not cut much ice as n market factor.
Wall street was disposed to pay more
attention TO Secretary Melons plans
for reduced taxation. The strength of
foreign exchange with sterling touching
the highest for the year and best quota
ton since last July. was accepted as the
key note TO the German rcpnration
developments. The 20 per cent cut in
tirc prices by the leading rubber COM
paniCs was likewise interpreted as a
constructive factor instead Of producing
% hrrq'- ~ thngn .Tntls Tho
cent renewal rate Tor call loans was
also pushed aside because this was
accepted as the natural aftermath Of
the deficit shown by tho Clearing
House institutions and temporary
condition. The starting today Of the
Senate investigation Of the railroad
situation likewise instead Of being pro
duNtivr OF apprehension. was hnricd rs
helpful factor toward the solution Of
the mudd'r railroad situation.
With such Il wealth of new develop.
Iacnt> affecting the situuYOn from al
most every anGlc. il Was not surprising
there phoUld haV" been II cumplct"
change of Ottituir towards The entir"
list. hu' tho market vas anything hut n
r7n-.idrd affair Despite the fierce
,ruUhn. they had Suffered last week
lnc tCar contingent were diSDt sed ~
H"NieSI thf llSli- 'lu' vigorously anu
lhoir efforts were by 10 means empty
of results.
Tho 'rrnt'r ..haracter Of tho market
vas possibly best illustrated in the case
of MoAIran Petroleum, which. after n
tumble from 14S", to lA3 on reiterated
rrport> ct exhaustion Of huge wells.
Nas sent soaring above tho 80 mark on
'Jc strength Of SrmioiIcia! report Of
TOO 900. barrel now well coming in
"Ia,. The paraioNical side, however
ur tac movement in tho oil Grour waS
"r Sc7'cd IN the sympathetic shadinC ot
80" other nrl stock. although the re
,urts about thc Mexican situation
.'.olld have bullish influence on the
-'orks of the other producing com
ndUI"s.
It WIS the break in rnc oil group
y .,,I rhechpd thF fnitrT! huIg,. but bc-
.or, noon the Who'll, market r, bounded
~'arpI, m the broad huyinG Movement
v@irh developed when some "t tE"
cartier sellers attempted to get hack
rl.r stocks sold.