Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-23
MARKET TREND WAS
MORE REACT|0NARy
Apparent Deadlock in Hard
Coal and Rail Strikes
Prompted Cautious Trading

New York, Aug. 23 In view Of the
apparent deadlock in both the hard
coal and railroad strikes the irregular
and rather conflicting movement OF TO-
days stock market was not surprising
Az different intervals during the morn
ing rather pronounced reacuonary
symptoms developed but the downward
drift was each time arrested By inc
vigorous bidding up of selected issues
The market developed stronger tone
in the afternoon but renewed pressure
developed In the last hour. making th'
final movement somewhat confusing.
The failure OF the anthracite Oper-
ators and miners to agree vas one o'
the more unpleasant Developments ove!'
night, rs the STREE was almost cock
sure n settlement would be promptly
reached. Bur The question OF future
arbitration apparently proved rs mnrn
OF stumbling block as the seniority
dispute between the railroad executives
and the shop men. There also ap'
peared 10 be divergent views c0nCein'us
the wage increase announced hS the
United States Steel Corporation, al
though this was followed by Similar
action on the port Of several Of the
| Independents. As far as the steel In.
dustry itself was concerned. the action
/ was Of buIlsh Interpretation. but a. 20
! IT'S effect on the general labor situa-
| ton opinion differed widely.
In addition to these domestic events,
! the market was also called on to stand
the Influence Of other uUtavOrable news
developments. which directly or indi-
rectly had bearing upon the immediate
and future trend Of values. To this
could be coupled Il technical condition
! which more or less favored the reno.
| 10 Il a,tl ly "a
good deal of further profit taking
! The free offerings throughout the morn
! ing encouraged wider operations On the
! part of the bearsh faction, and the
main body OF stocks. in consequence,
. gave ground despite persistent Efforts to
rnlly the list by the familiar strong
arm methods iu the selected speculative
/ tavorites.
This had the effect to shift the cen.
! tor OF speculative activity from the rail
/ division 70 the industriaiS. but many OF
the latter suffered in common with the
carriers. A. the outset selling pres
sure was directed against tho active
rails. but soon extended 10 he motors
+ equipment and paper shares and some
| ut the public utilities. with declines OF
= 10 ! points. Mexican Petroleum con =
iinueh IFS contrary course. rising y
points before noon. with sympathetic
advances taking place in Allied Oil.
| Pan American and some of Tue domeS e
tic issues. Corn Products, Consni
lated Gas and Pullman were leading
sDeriaIttes. The last named rose !
points.
Liquidation and bear pressure were
, suspended TO 9 large extent after mid
day. the I!st creeping up gradually un.
der the influence Of a good speCulativ,
lTNy
Western Maryland common and pre-.
ferred, Ann Arbor preferred Missour
Pacific preferred. Texas and Pacific
Dawson Chemical, the feathers. to-
den OF and California Petroleum wer,
lifted 10 3 points Mexican Petroleum
continued 70 soar under urgent buying
rouching ls2I2, g Jump Of ia poiuts
Atlantic Coast Line. Gulf States Stae
and North American also ruled ma
rerially higher
Speculative operation on 'he sn.hu
SIde resulted IA n confused movemen
II prizes IN the anal hour. There wa
good @lemsnd, however. for some o
the equipment. Oils, ,obaccos and hig
priced rails.
Early bond dealings were marked h.
.rregularity in 81 Important groups
Rails were the most active. Kansa
City, Fort Scott and Memphis Is an
Seaboard Air Line 6s each jumped | J.
points, with gains Of substantial fra
lions taking place ia Canadian PaCiti
IL. Baltimore and Ohio As. St. Paw
refunding Alps Reading general Is
Southern Pa"!t" convertible Ia and Ne,
York Central Is. On the Other hanc
Long Island r"'lIuuiug Is slipped bac
a nOint. with si.gM concessions also be
ing noted in thpsappake opI nhfn ,,r