Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-28
STOCK TRADING
MORE TWO-S|DED
Technical influences Wholly Re-
sponsibIe for the Irregular
Price Movement

New York. Feb. 2S.--.Technical in
fucnces rather than outside conditions
were responsible for the more two.
sided character of the trading and the
irrcgularity in price movement in to.
days stock market. During the earlier
operations the tendency was quite re-
GCtlonar.. natural aftermath Of yes
tcrday's sharp reversal. The general
list, however. gave ground stubbornly.
and as the morning progressed. de-
veloped increasing resistance. Before
mid day II recovery Sct in, but on the
rallies the trading fell of considerably
with tho market showing a tired ap-
Dearnncc,
The slowing down was apparent In
tho other market, and also in exchange,
rejecting the weight Of the realizing
sales OF the nrnvious session. When ii
is considered that much of the recent
marklng-up process was built upon the
expectation Of better things rather than
In actualitics. the profit taking was
altog"th"r logical. Then again the mar
kct lacked the stimulus Of the short
covering which unquestionably played
very important part in the forward
swing. II was evident. nevertheless,
that the constructive movement had not
yet run its course. Us indicated IN the
reswitching of interest TO the known Sc.
lected pool issues. which We're taken up
and carried to higher levels in face Of
tho Eang-tirc tendency Of the general
list.
This change in the program brought
the motor group and affiliated shares
again into the limelight. while the rails
and favoritc !ndustriass assumed Sec
ondary position. The s.ecls for n time
gave better account Of themselves, but
in the renewed hcavincss of Pressed
Steel Car, Cast Iron Pipe preferred
and Nova Scotia Steer the independent
group showed disposition to sag again.
Lowering OF the call renewal rate to
A., per cent regardless of the heavy
transfer Of funds in anticipation of the
| large March payments, contributed a
steadying influence and supplied fresl.
announcement for a renewal OF pool
. operations.
The activity Of the various speculative
cliQucs in the selected issues caused the
general industrial list to work higher.
! Sugar and oil stocks were pushed UP
! steadily and many Of the less active
/ issues advanced scnsationally. Jewel
! sey Wheel. &: Hartman Company and
Liggctt & Myers, 4. and American
| Sugar and New York Shipbuilding, 3
On the other hand, high grade railroad
shares showed downward course
, Union Pacific and Canadian Pac!6c los
! ing point each.
Passing Of the dividend On Retail
! Stores occasioned further weakness il
that stock. but the general list rallied
substantially on renewed buying oi
! junior rails.
The bond market was also dull II
comparison with recent active and com.
prehensive dealings. Leading foreign
issues. such as United Kingdoms au;
French and Belgian Governments. were
slightly lower. following the trend o
| International currencies. French munic'
! ipnls again strengthened. however
with Danish Gs. Toxic Us and Chimes
railway IS. Among domestic rail
firnness was shown by issues of th'
Seaboard Air Line. St. Paul Norther,
Pacific. Chicago and Eastern Illinois
Missouri. Kansas and Texas and Fir
gin:a Railway. Brooklyn Rapid Tran
Sit 5s were strongest of the fractions
Liberty Bonds were steady on moderat
dealings.