Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-13
MARKETS RA[LY|NC.
POWER STILL GOOD
Forward Swing Resumed After
Brief lrregularity at
tho Start

New York. April 13.-There was lit.
tie trace Of the unsettlement which pre-.
vailed in the late trading yesterday
when business was resumed this MORN
! ing in the stock market. Some irrcgu-
| larity was shown in the initial dealings
| because Of further profit taking in an
ticipation Of tomorrow's recess, but the
reactionary tendencies were largely
overcome by the end Of the first hour
and fresh strength developed in numer-
| Gus issues. with resumption of the
| forward movement. in which many
stocks established new high records for
the year.
! The 1 per cent open rate for call
loans. which also applied to renewals
into tho coming week. was an cncour.
aginS development and gave the con-
structivc leaders powerful lever ~
contcsting the reactionary tactics OF
the professional contingent. Another
powerful impetus was derived in the
reduction in the Bank of England mini
mum discount rate to per cent, the
lowest since 1914. and with the cxc"p,-
ton of Switzerland. tho lowest hanN
rate of the world. Notwithstanding m"
less promising aspect of the coal strIk'
relatively little attention was PAD 10
this unhappy situation. The market;
kinds Of news, except that which Is
good. This was strikingly illustrated IN
the rather highly garhled report con-
cerniug the contract alleged to have bech
made between one Of the large domcst'r
oil producing companies and the HoN-
ornmcnt for oil fuel for naval purPoscS,
Although the volume of dealings i'il
materially under the totals OF the recent
sessions, the business was SUI on
hugo scale and showed every evidence OF
n continued widening of the so-ca'Icn
outside interest. This was particularly
noticcnbIe when the market hogan 10
show signs Of coming back after the
early irregularity. No one would nave
been disappointed il the list had sur
fcred n material backsct because OF the
holiday tomorrow, and with one snort
session intervening between the week
end n general profit taking movement
had been looked for. But the market.
as it has done for some days. simply
refused TO react. and in almost every
quarter the least resistance was en-
co,ntrrcd while prices were rising.
The Tobacco group came into proml-
ncnce shortly after the opening. when
Tobacco Products rose over > points and
American Tobacco advanced 1at. Then
the lcathpr group reflected n special de-
mand based on the tariff legislation.
American Hide and Leather common
moving up -. and the preferred rose
points. Central Leather following
wiih a gam Of = "a iOit. Railway
equipment issues. which were among
the strong features in the recent trad
ing. we're also in increased demand.
American Locomotive making now
high record and Baldwin Locomotive
advanced over point. Motors and
their various accessories made further
substantial advances. Mercantile Ma
rine preferred gained ~: points and
food specialties. such as Loose Wilcs.
Wilson and Jewel Tea nreferred. ad-
vanced ! to " points. The feature "f
the railway division was the substantial
gains registered by the common and
preferred shares Of Gulf. Mobile and
Northern raIlroaGs. Invr>'m"nr rails
were dull and oul: slightly changed.