Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-09
PRICES UNEVEN|N
SLUGGISH MARKET
Uncertainties Of the Strike
Situation Put a Damper on
Speculative Activity

! New NCrk. Aug. o.-Whilc tho nnan-
! cial community was nervousIr await
ing some definite news from the Clcve.
| land conference on the coal strike, and
! the next turn in the railroad labor con-
! trovcrsy the stock market today driftci
, SluggiShly within n CirCumsCribCd area
without getting anywhere i'll particular.
Gestcrday's rcactiOnary turns ap-
/ rarently took much Of the wind out
the sails Of the professional contingent.
At least this was suggested in the pro-
nounccd contraction in the volume &c
business. The brilliant crop report
with promised bumper yields of au
cereals and farm products failed to or
set the dcndlockcd strike situation. as
I'D the lowering of the call loan rate to
3la per cent again. Additional COM
rliCatiCns were added TO already mud
| died rail strike rs result of the walk
cut of the members of the -Four
Brothcrhcods on the Elkin, Joliet and
| Eastern in protest against State troops
on guard duty.
The attitude of the Illinois and In.
diana operators in n measure threw
monkey wrench into the machinery OF
! the Cleveland conference. 1t was fclt
on the street that the miners repre-
! sentatives would make an unusually
! strong play TO arrive at some agree
nCnt with the operators attending the
! conference in order to make the posi-.
tiun Of those outstanding the more un-
! tcnablc.
! Facing these increasing uncertain
ties. the hesitant tone of the market
and diminishing dealings during the
! forenoon were neither surprised nor
! Illogical. More particularly when It Is
calmly considered that practically 30
! per cent OF the recent dealings merely
| represented the operations of the pro-
| fessional element.
Orening prices were irregular on rel
| ativcly light dealings. but tended down.
ward later on selling of high grade
rails Studcbaker. Baldwin and MeXi-
can Petroleum. In so far as rails were
| concerned, the Governments bumper
crop report apparently was offsrt by
| publication Of statistics showing n de-
crease in car loadings Of revenue freight.
| Northern. Canadian and Union Pacifcs
! declining large fractions to l point.
! Active bidding for Peoples Gas lifted
it ~. points to q new high for the
year. Dome Mines and American Steel
t'oundrics also reached peak prices on
moderate advances. Mexican petro-
q cum was off point and Corn Products
dropped IA. Baldwin dropped a point,
while lesser losses were registered BY
| Studebakcr. Kelly Springfield, United
| States Alcohol. Cuban American Sugar
! and Cuba Cane Sugar preferred.
| KreSge, with gain of = POINTS, led
! the speciates. other strong features Of
which were Burns Bros. "A" and b"
! American Beet Sugar. Producers and
Refiners and American Safety Razor
| the latter advancing on the announce
mcnt of declaration of the initial d!v!.
| dend.
The market became sluggish later in
| the morning. dividend paying rails.
sh!ppings. motors and food shares
| Welding TO moderate selling pressure.
! Active rails were down ! 10 15A. with
! slightly smaller losses taking place in
Atlantic Gulf. American International,
| Overland preferred. knyser and Bald
win. y rally in Mexican Petro-
lcum. which reboundcd . points. to-
| gether with n demand for some of The
popular utilities and feathers. steadied
the market at noon. The three pre-
| ferred issues of Market Street Railway
were up T., to 3la, while Pacific Gas
and Electric rose . points
\ better feeling pervadcd the market
in the afternoon. and prices Stifencd
| substantially. Shorts manifested un-
ensinc>> when buying OF round amounts
Of Mexican Petroleum.. Studcbaker,
Baldwin Locomotive and Chicago and
Northwestern began, the last mentioned
touching Il new high figure for the year
TOP prices wore also established by
Adams Express. American Steel and
Foundry and California Packing.
Fresh selling of motors combined with
profit taking in some of the oils caused
further irreguarity in the last hour.
Changers, such HS Chicago and North
western. Great Northern preferred and