Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-30
NUMEROUS STOCKS
REACH NEW HIGHS
Favorable Strike Developments
Give Fresh Impetus to the
Forward Swing

n.
ward swing IN tho stock market was
resumed Mt the opening and continued
with increasing v!aor during the morn
INK was not nt all surprising in view
of the performance Of the preceding
session when practically the entire list
recovered in five hours the loss ot
ground sustained during the entire week
preceding. This actual demonstration
nf not only the fundamental strong ro-
s'tion Of the market but also the abso.
'utc control of the construction forces
meant little short Of Waterloo for
he rcactionarv element It nlso served
20 bring n heavy influx of buring orders
from the outside on tho part Of those
who had bccn holding aloof pending de.
velonmcnt Of definite market trend.
The huoyancy and tho momentum Of
rho rebound wcrr strikiucly "Xemnlihed
In the exhibition 0f nearly twenty diff
/ fcrrnt issues establishing new high re-
Ords for the renr during the first fif-
: teen minutes of the trading. This honor
/ list COnpriSed stocks practically OF all
, descriptions including Norfolk and
/ Western. Cruciblc Steel rrefcrrcd. Con.
! tin"ntal Can. Associated Dry Goods
, Western MARYLAND. Nanadium steel.
/ Tobacco Produrts. Pittsburgh Coal.
Union Tank. american Telephone and
4 telegram. Allied Chemical and Ameri.
can Tobacco.
While tho resumntion Of the upward
movement was sunerficiallv based upon
the improving outlook Of the labor stu.
alton. the prnrelirg force was unques-
tionably supplied by the dual motive
power Of renewed vigorous pool demon
strations on the one side and the hastv
retreat Of an III advised short interest
on the other. Overnight Developments
iandc TIE anthracite labor situatiOn look
much moro encouraging. There was
however. no reason 10 show why the
new proposed settlement basis would bc
any more acceptable to the miners and
the operators than any OF the nrpccding
efforts. The market community. how.
ever. Is apparently strongly imhund
with the idea each day brings tho pos.
rihlity OF settlement Of both the coal
strike and the shopnen's dispute nearer
at hand
pea,ings h-radtncd extensively as the
morning progressed and prices Cont!H-
we'd 70 rise under the leadership ot the
nUnNc utilities. for which there was a
strong and widespread demand. Active
assumption ot public huving encouraged
7ool oNeratioEs and the squeezing ~
short interests in snccial stocks resulted
IN gains ri 81. 70 1l2 points.
selves that q turn for the better had
really begun in general conditions an(
their in.sistent demand carried the in
vestment shares 70 still higher levels ir
the afternoon. Several stocks loaNeC
upward IN spectacular fashion witt
the LIST generally nanifcst!ns n stron;
tone. although there was some profit
taking in some ~ the speculative shares
Sane ot selected demonstrations in
c!ude National Cloak and Suit pre-,
fe-red. which advanced points
American Brake Shoe and Foundry !
Detroit Edison A.. Otis Elevator ant
I.orillard 4 points and Pacific Gas anC
Electric. Union Tank Car. Me1irn:
Petroleum. k-Nsge and Computing TAB
ulating 2 TO 81, points.
In the later trading n sudden sellin,
movement unsettled the steel industrial
md rcno-ts were current the Fedora
Trade Commission had made an ndvcrs
ruling on the Bethlehem. I.arkn wanN
Steel merger. and the stocks include
in recent mergers suddenly Yielded Re
public falling from I2i. 10 GSiY. fol
lowed by a good recovery when Wash
!ngton alvices dis'radit"d these reports
Marking uD Of the call money rat
70 4l2 per cent also caused some IN
settlement. However. prices moved II
again in Response 10 n brisk dem0u
for coalcrs. equipments and some of III
oils. several of which were closed a
new high nrir"s on The movement.
Local traction issues. which regis
tered gains Of 10 2 points. feature
early dealings in bonds. Among th
favori-es in this group were INTERIOR
ough Ranid Transit Is. when issued. II
rs and per cent certificates. Mnnhat
tan IS, Third Avenue GdjuStmen, :
and Interoorough Metropolitan Il?
stampC!
R"thlehcm Steel retrndng IS. nh.c
climbed 81. points. featured the indus
i tr!a list. American Telephone con
| vr-t.h!p GS were W n point and Martn
GS gained n substantial fraction. TAcr
was broad inquiry for railroad mort
cages. Seab1arI Air Line C0nso'!Ga, ,e
IS rising H. POINTS and Kansas an
Texas ADJUSTMENTS !. Moderate gain
also were recorded bv Denver and RI
Grande IS and I~fundins 4s. Iron Noun
tain Is, Chicago Hallway IS. Seaboar
adjustment IS. baltimore and Ohio 4
Southern Pacific guaranteed H.. Err
general Is. Reading Is and Norfo!
| convertible 6s.
4 Continued improvement also W.
,hown in the foreign group. gains
point or more being made by Frenc
1L.s. Soiss s1ns 6S an! Seine =. Lib
erty issues held fairly steady.