Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-10
RAGGED IN
FEVER|SH MARKET
Developments In Railroad Strike
and German Situation
Were Disconcerting

New York. July 10.-Domestic and
foreign developments over the week.
end were far from being encouraging !;
rather to the contrary, were Of the
character to promote further caution II
not nervousness. The feverish move-
ment of today's stock under the cir.
cumstances was wholly natural in fact.
the main body Of stocks stood up much
better than reasonably would have been
expected. About the only real construc-
tive news to come to the surface was
the increase in the untitled tonnage re.
ported by the United States Steel Cor
poration for last month. This was an
agreeable surprise. as in view Of the
prolonged coal strike and the reported
disinclination of the steelmakers to en- :
ter into large contracts some falling of
in the Tonnage had been expected.
The disagreeable possibilities in the
German situation together with the less
promising outlook Of the railroad strike
were the disturbing elements. While
both influenced some degree of selling.
the market at no time showed any real
weakness, although at different inter.
vals the trend was distinctly reaction
ary. Offerings. however, appeared to
be readily absorbed, and when pressure
relaxed prices rallied easily.
1t was quite generally recognized the
situation In Germany had reached a
point where something must be done
and done quickly. Yet, on the other
hand. it was obvious it would take
something more than the collapse of
the German republic to produce any
wide extent Of unsettlCmcnt in our mar
kets. AS a matter of fact, the European
situation has not for months been really
much of q market factor, The more
important element of the street are
keeping their eyes rivcted on London
for the real cue and passing by the day
to day developments in Germany with n
degree of indifference. While the
French exchange has suffered IN SYM
pathy with the collapse OF the German
mark, sterling thus far reflects no symp-
toms of any serious misgivings On tie
part of the English. Should sterling
break violently that would make the sit.
uation horse of another color.
Rails were under marked pressure at
the outset. rejecting striking condition,
Oils. chemicals and coppers also losr
ground. Early quotations showed losses
of | 10 almost points for Atchison,
Great Northern preferred, Royal Dutch
and Dawson Chemical. Lake Erie and
Western were the exception and adj
vanced IL points on adviccs from
Washington application had been made
by the Nickel Plate" road to acquire
control of that property.
Early offerings of stocks were easily
absorbed and prices strengthened for
time on the demand for Mexican and
Pan American Petroleums, Standard Oil
of California. Studebaker and several
of the equipments, food and chain store
.1.. i.
celed before noon when fresh selling
dcvclope among rails and domestic
oils. Atlantic Coast Line. Chesapeake
and Ohio nickel Plate" and the pre-.
fcrred shares of the Missouri Pacific.
Pere Marquette, Wheeling and Lake
Erie and Southern Railway were espe-
cially heavy. Motor accessories. sec.
ondary steels and coppers also lost
ground.