Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-08
MARKET WAS THIN
ON PR0F|T-TAK|NG
Price Movement Was Wide and
Violent, Particularly in the
Pool SpeciaIties

new A0rk, Aug. S.-IrlCe movements
in todays stock market were wide and
violent and disclosed weakened teen
ncal position. Efforts to realize profits
revealed the market to be extremely thin
and the buying demand surprisingly
limited, apart from that emana'ing
from the pools and other speculative
combinations The manner in which the
entire list crumbled In the early part
of the afternoon suggested the profeS-
sional traders in their overzealOus Of
forts to discount the settlement of the
coal and rail strikes had reared an
artificial structure with foundations of
quicksand.
There was not an inkling given of the
semi collapse of the bullish movement
in the earlier part Of the session. On
| the contrary, the market. with few
wide exceptions, continued to move for
ward into new high levels. Overnight
developments in general way favored
a resumption of the forward swing. The
street appeared to find material i'm
provement in the coal situation. and the
settlement of the railroad dispute also
appeared TO be nearer at hand. News
from Mexico confirmed reports Of the
ratification of the financing plan by
that Government. Call money continued
plentiful, and little opposition to the
While neither side of the controversy
appeared to like President Harding's
latest plan for ending the rail strike,
the fact they were both put on the de-
frnsive encouraged the hope some sort
cf understanding would be reached. The
little news that came drihbinS by the
grapevine route from the conference
between the miners representatives, and
operators in the West also vas of en-
Couragtng type. Wall Streets biggest
concern regarding labor troubles had
been lest fuel shortage might seriously
curtail industrial output.
While profit taking appeared in sew
eral sections. fresh advances were
started in individual issues with re-
n.arkable success. The market seem
inly strengthened and broadcned as the
selected issues broke into new high
ground. Toward noon pressure was di-
rected against the motors. shipping
shares and some of the foreign oils,
which checked the rising tide Of mar
ket values.
When the bears began their attack
Marine preferred and American Inter-
national dropped /? points each. while
Studebakcr and Chandler Motors de-
clin"d even lower. WHY'S -Ovcrl2nd
preferred broke sharply, dropping y
points.
Mexican Petroleum was singled out
for concentrated selling after midday,
and when it made prCclpltatc drop
10 166 compared with 114"., It's earlier
high figure. the entire list CruMO.td.
Traders made haste to take rrOhL> on
earlier purchases and there was con-
siderable short selling on the theory Il
setback was warranted owing to Il
weakened technical position. Stock.
which were strong early rclinqulsAed
their gains TO a large extent. and con
siderable number of shares were quoted
l to 3 points below yesterdays final
figures American International slumprd
~ TO a new low price for the year.
Buying Of Baldwin Locomotive and Il
rally of points in Mexican Petroleum
caused later partial recovery in the
general list.
The upward movement was resumed
in the last hour in response to the de-
mand for high grade rails, equipments
and some of the speCialtieS, but TINS
was checked toward the close by proht
taking. Baldwin and Corn Products
led the rally at gains of approximately 3
TO t points, while Omaha, Chicago ana
Northwestern and Lackawanna Rail-
roads moved TO new high levels.
Railway issues, especially the st
taul group HSaLH leu u'c' '"' O'''
market, which strengthened substan'
TALLY on fairly active dealings. All thu
St. Paul issues. with the exception o
the As Of 1884, SCARED y to Il. points
Tho 1884 maturitics were up "s. Chi'
cago and Alton 3l2s mounted poin
with half Of that gain being recorded
by Canadian Northern IS, Oregon Shor
Line refunding Is, Erie general is au'
Southern Railway general As. In
vincibe Oil IS and Cerro de Pasco IS
up / to ~, were the outstanding in
dustrinl securities.
Mexican rs were up l;:s on news tina
President Obrcgon had ratified the re
Gently enacted international debt agree
ment. Brazil IS and City of Sac Paul
IS were up to / "a, with smaller ad
vances being made by Copenhagen ~
and the Dutch East Indies Of l047
French So and Prague : Us were re
dictionary. Liberty issues held steady.