Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-24
SELECTED STOCKS
AGAIN CREEP Up
Pool Operations a Potent In
fluence in Scattered lndi-
viduaI Demonstrations

New York. Aug. 2i.-Despite con-
| tinued irregularity in the movement Of
main body of stocks. new high records
were established by number Of issues
in today's stock market. While the
surface aspect Of the general list was
uncertain. confusing and conflicting
! there was retained an undertone OF
pronounced strength. Further profit
taking was encountered and also some
additional short selling. Evidently a
comparatively small volume of stocks
was dislodged and apart from the ship
ping shares there was not the first elc-
ment Of weakness disclosed.
Indifference TO the rejection Of SEMI
ority concessions by the railway exec
utives was explained in the fact such
action had been generally anticipated
and the market world undoubtedly
would have been greatly disappointed if
the rail chiefs had done otherwise
Whatever unfavorabe side there may
have been TO the incident was easily
discounted in the moderate reaction ot
! the rails in the preceding sessions. The
incident in measure was also counter.
balanced by the growing belief that the
carriers we're in good position to con-
tinue the movement of traffic without
further serious interruption. This be-
lief was strengthened by the evidence
OF the steadily expanding traffic con-
,aincd on the reported increase OF A,
81 in freight loadngs.
While there was said ,o be ron.
sIstent widening of the outside interest
pool operations were potent influence
rs indicated in the rapid rise Of the
special stocks which unquestionably
exertrd sustaining influence on the
general list. because they more or less
LETT the position of the professional |
traders vulnerable, ms there was no tell
ing where the concentration of specu-
latiye activity would be shifted next.
The existing deadlock in the rail
strike situation resulted in temporary
transferring Of interest to the indus.
trial division. While the rails wav-
cred, the oils. Independent steels.
motors. merchandise and public utility
shares were in active demand az gains
OF l 10 ; points. New highs for the
year werc established by Consolidated
Cigar. Reynolds Tobacco. Dome
Mines. Public Service Of New Jersey.
Brown Shoe and Eastman Kodak. AL
though this did not furnish an alto
Sether inspiring leadership. il never
theleSs demonstrated the complete con
troll of tn" constructive forces. Mexican
Petroleum sold off at the opening, but
made another bulge above lS6 with
sympathetic advances in Pan American
and Houston Oil. presumably in re-
sponse 10 the settlement of the Mexican
export tax question. Weakness, on the
other hand. persisted in the shipping
shares, which was explainable in the
doubt and delay attending the Ship Sub
s:dy bill and the untavorable conditions
Of ocean tonnage. The chemical shares
were also subject to reactionary in
tuPnces.
Strength Of high priced railroads.
which improved | TO > points with sew
eral new high records made, contras asted
with the active selling Of shippings.
rubbers AMI American Telephone in the
afternoon. Northern Pacific rose 2a.
to new high figure. while Canadian
Pacific, Atchison. Reading. Omaha
Chicago Northwestern. Missouri Pa
cific preferred and Ann Arbor pre-
ferrcd were | 70 . points better. To-
baccos also climbed on the announce
ment of an increased dividend on To-
Telephone made sudden downward
dive of points on the announcement of
n new stock issue of Sill. 900 900. Ma
rinc preferred extended it's break to
ALI and United States Rubber and
Kelly Springfield were also depressed
severely.
Some of the industrials were sub
Jected to further pressure in the last
hour. which was accompanied by profit
taking in oils. Mexican Petroleum for
foiting all of its gain. The demand for
| nited States Steel the tobacCoS and
dividend paying rails continued. how
ever, the final sales in these issues be-
ing at or near tho days best prices.
Early dealings in bonds wore subject
70 III" same irrcgularity az stock prices.
Kali mortgages wcr" again the most
active. Long Island refunding Is yield.
ing Ia. with nominal losses taking
place in Chesapeake and Ohio convert
ibe 4ias, Erie general 4s. Pennsyl-
vaniu 5S and ST. Paul convertible AIS =.
/. However, Norfolk and Western con
vcrtiblc 6s moved up a point, while
smaller advances were registered by
Frisco income IS, Southern Railway IS
and Seaboard Air Line adjustment IS.
French SIS receded slightly In re-
sponsc to the weakening of Paris ex-
change, but Japanese As and Belgian
ll2s moved to higher ground. Liberty
3l2s advanced slightly, but other Gov
ernment issues showed declines of 10
to 90 points.
Mercantile Marine IS forced that issue
down 3&, points, while American Tclc-
phone convertible 6s fell back 2h, pre-
sumably on the announcement Of fur
thcr stock issue by that company.
American Cotton OH IS and Chile Cop
per Us gained substantial fractions while
losses Of similar character took place in
General Electric Us and American
Smrltjnp Is