Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-17
Market WITHOUT
SETTLED TREND
Week End Developments in
Coal and Rail Strikes Pro-
NOTED Caution

New York. July 1T.-Today's stock
market continued to drift in the same
aimless fashion and within the same
narrow trading area as observed in most
of the recent preceding sessions. II
was strictly trading affair with flashes
of strength and heaviness according to
the prevailing whims of the profess
sional element. Some early selling
originated from interior sources. but
commission houses reported little out
side interest. At the outset the main
body of stocks showed downward
trend. The reCessions were not followed
by any fresh liquidation; on the con-
trary. the list a. n whole showed
tendency toward dullncss on the de-
clincs. This prompted covering of the
earlier sellers around midday, but on
the rally tn. same inertia followed as
was the case of the carly declines.
Over the week end news was of
character to supply bit of n test of the
market nerve. Refusal of the coal min
crs to aCcedc TO President Harding $
desire for settlement of the prolonged
strike seems to have brought matters
pretty close to definite showdown.
/ The railroad strike developments over
Sunday. while conflicting. did not offer
4 much encouragement for an immediate
settlement of that controversy. There
was. however. apparently Il general
disposition to suspend Judgment and
mark time until further steps toward
! settling the rail and coal strike problems
were made. Some were of the opinion
the worst side of the railroad labor
situation had hcon discounted. Such a
view was entertained by Il limited few
and furthermore the recent course OF
the rail shares hardly confirmed this
stretching of the point.
In conjunction with the labor trou-
blCS announcement was made of fur
thrr cut in crude oil prices. Most Of
the mid continent producers are fol-
lowing the Standard Oil of California
cuts, which action, however, was
furegone conclusion in view of the in
.crcasing testimony of the over -produC-
tion of crude. Each and all these mat
/ terS while supplying plausible excuses
for the backing and filling process of
/ the list. as a matter of fact the govern
/ ing influence was TO be found in the
! jockeying of the professional trading
IrlCmrnt.
While the oils continued to be Of
for"d on the further cuts in crude. the
; equipments were pushed forward on
I the theory that the strike of the rail-
way shopmon would increase the opera
/ tiOn, of these concerns by reason of
the necessity Of the railroads sending
| their equipment for necessary and i'm
! perative repairs. After early wob-
! bling the equipments and some of the
| Independent steels were bid up one to
| two points. Baldwin and Baldwin and
( truciblc moved into new high ground
for the year. The rails were irregular
Sumatra Tobacco was the heaviest Of
the speCialties.
! Mexican Petroleum was the feature
of the mid session. rising ) points from
! its low Of the morning. American Car.
American Can. Studcbaker. Baldwin
and American Locomotives and Sears
I RoobuCk registered gains of | to 81.
| points. Union Pacific. Atchi$on and
Rock Island strengthened with further
gain for Canadian Pacific.
! Coca Cola, Harvester and Wcsting-
! house were added 10 the strong stocks
Of the later period, but domestic oils
and miscellaneous shares developed
| hCavine>S.
Dealings in bonds during the first
! half OF the session were light. but
mostly at gains over last weeks final
! prices. Liberties held firm; French
/ municipalS were fractionally better and
Belgian Government - also improved
with Copenhagen J1as, bur the two
classes Of Mexican Government Js were
heavy. Moderate gains We're made 10y
Erie general - Of 1890. Consolidated
Gas IS. Central Leather Is and Armour
4i2S. Baltimore and Ohio is and
American Telephone convertible is
cased on small offerings and several of
the secondary utilities also were
slightly lower.
New high records for Liberty second
H. ar lUO.T4 and fourth -ti,s al
100. Ii We're scored in the later bond
dealings. Mexican issues h"cumc heav-
irr. how"v"r, the - showing n loss OF
points and the iS | i. points.