Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-24

the offering. A great number Of in
vestors were disappointed over their
failure to get even few of the bonds.
The only way out for them was to 60
into the open market and bid for them.
This they did on the New York Grub,
the result being that the turnover the
first day was in the neighborhood Of
$500, 900 and the advance in the price
9 points from 96, at which the Offer
ing was made by the bankers, to %.
Newburger, Henderson & Loeb:
despite the almost irresistible upward
trend Of the market during the last
week, we feel confident 1t is not the
Of the representative industrial and
railroad labor situation is highly reas-
surfing, and apparently indicates a
strong technical position of the gen.
eral market. We recognize the diff.
Guilty to resist the temptations offered
in the rising trend and the growing
fear of missing the bull market. Those
who will discriminate in their COM
mitments and not over trade undoubt-
edly will be in a fair way to realize
substantial profits on their ventures.
Yet, on the other hand, we are in
clined to adhere to our former belief
that the more satisfactory results and
more contentment of mind will be de.
rived in confirming new ventures to
reactions or to defer contemplated com.
mitments until the uncertainties of the
general situation are eliminated. We
are. in all events. quite certain no one
will 20 wrong in taking profits on every
bulge.
Hecher & Co.: 1.-THE financial com
munity has Just as much faith in our
country under strike conditions as It
had under war conditions; hence the
strength of the market. Business Is on
the threshold of increased prosperity If
labor would stop throwing the monkey
wrench into it. With fundamental
conditions sound and easy money in
prospect, there are no better invest
present time. The copper stocks par.
ticularly should be a purchase at these
levels"
West & Co.:
"The fsature Of the recent market
has been its stability in the face of
adverse news. Each morning the news
papers print three or four front page
columns about the labor disturbance
quoting utterances of Government of.
ticials from the Chief Executive down.
and the natural tendency is to look for
break in the market as result.
But the market holds firm and even
gains headway, and on Wednesday of
this week no fewer than twenty four
active stocks sold ut record high prices
for the year.
1.-THE reasons for this strength are
to be found In the continued ease of
money, the strong technical position of
the market itself and the ever present
hope and confidence that a way out of
our labor troubles will be found. Ex-
pericnce has taught that in matters
such as these settlements are effected
quickly and without warming"
ii. +. Bachman & Co.:
During the approaching week we
Will receive numerous private condition
reports, and these are likely to increase
the general nervous tension. The
world as Il whole Is closely watching
crop Developments, and the next issue
of Government statements in this con-
nection to be published week from
next Tuesday is awaited with eager
interest. Concensus of opinion just
now anticipates some slight improve
ment In the July condition figures, but
such anticipatiOns are likely to be
| blasted by the innovation this season
of an accompanying weevil statement.
While caution is advisable under pres
ent conditions, we remain of the Opin-
ion that higher levels are in prospect,
and market operators who will patiently
wait for weak spots as they will un-
doubtedly develop from time to time
will be amply rewarded by using such
easy periods as opportunities for max
| ing long COMMITMENTS