Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-01
PRICE MOVEMENT
MORE IRREGULAR
Interest Centered in Today's
Conference Of the Rail-
road Executives

'NVN iOIh, aug, IL OHuS stoCh
market showed a good deal of irregu-
, larity in tone and movement. As has
been the case for scme time, negotia-
tons to end the coal and railroad
strikes were the dominent influence and
the transactions for a large part rep
rcscntlng shifting and adjusting in
anticipation Of this event. Following
the program Of the recent sessions, the
whole list started of well, the upward
movement, which was temporarily
halted in the late trading yesterday by
the progressive advance in call money
rates, was resumed with considerable
v!gor. The forward swing, how
ever, was halted again before midday
was reached By meeting a fresh wave Of
proht-taking. The room traders turned
20 me selling, side in the afternoon
which, with the renewed pool l!quida.
t!on brought general declines.
Naturally interest centered In the
meeting Of railroad executives held to-
day. There was a confident feeling in
hHanclal circles of the railroad prcsi-
dents accepting the Administration s
plan for the settlement Of the shop
Ir"n strik" under protest. This opin-
ION, however, was not altogether unan-
lMOus az there were many who re-
winning hand and felt there was no
reason for giving ground at this time.
Inc street at large Is anxious to see
some settlement reached and Il was
pointed out that no matter how the
end j. accomplished, il will take q biz
weight of the market. Forcisn de.
velopments money market considera-
tons and all other factors for the time
Icing at Least have been reegated 70
the background.
Prices continued 70 move forward In
the hrst hour on very extensive trad
ing under the lead Of prominent indus
trials and popular chemical stocks. The
demand for the rails fell off IN com
lar!son with yesterdays recovery, but
Sti!l new tops for the year were made
hy st. Paul common and preferred. At
IN" same time Rock Island, Union Pa
"itic. Canadian Pacific, Texas and Pa
r.hc and Erie first preferred scored
gains up TO rs points, and Pcnnsyl-
vanla Railroad recovered the 80 cents
dividend taken off this morning.
Trading in the industrial division
was more specialized with activity CEN
,"ring in scattered selected issues. In
trrnational Paper and Madison both
mad" new highs for the year. This was
Offset by heavy selling Of the oil and
shipping stocks in the second hour
. pressure being directed particularly
against Mexican Petroleum, which re.
acted points, and Mercantile Marine,
which also fell over . points. The mo.
tor group likewise continued under pres.
sure.
Prices II motor shares were ham
m"red down on the announcement OF
further cuts IN prices. Studebaker,
rAandlor, Hudson and WHY'S Over
land preferred fell l to . points. The
effect ot This selling was "ounteracted
~ sudden display of strength in the
VI Xican OIL shares, Mexican Petroleum
raIlylng 1 points from its earlier
.r.v !"l".. Marked strength was also
exhibited by numerous other indus
trials and epcr!N.tie-, May Dcpartmen,
Stores sis!ng points and Consoli.
dated Gas, AnAOr!ated Dry Goods
American leo, Famous Players and
American Rad!aeor y points each.
Later in tn" afternoon there was a
| d"mGnd for nuhli" utilities. Adams and
{ Wells Fargo Express, Consolidated
Gas and Western Union rising one 10
! two points. Toward the close. how
7 ever, an active selling movement be-
/ gan. being directed chiefly against
motors, rUbbcrs, steels and equipments,
which registered losses of one to two
points.
Raj road bonds led the moderate ad =
vance in pr!ccs in the heavy bond trad =
! Ing. R"ading ~, Central Pacific firsts,
Erie General a. and Missouri, Kansas
! and Texas adjustmcnt IS wcrc up II
70 point, while the four st. PAU
issues strengthened in response to the
increased price Of that Corporation
stock. Foreign bonds, especially the
European issues, were lower, City ot
Lyons Gs and Department Of Seine +
dropping - and / x points, respectively
Consolidated Gas :, cuba Cane con.
vcrtb!" ~ and Oregon Short Line 4,
also were reactionary. Liberty bond.
held firm.
Trading b"cnme duh and featurcless
in the afternoon, price changes being Of
a fractional nature.