Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-25
CLOSING MARKET
VERY IRREGULAR
Reactionary Movement Re-
garded as Temporary Halt
in Constructive Campaign

New York. March 2j.--The usually
week end evening up operations of the
professional traders produced consid-
CRADLE irregularity in price movement In
today's closing stock market. In Its
general characteristics the days brief
market differed very little from the pre-
Ceding session and indicated continued
presence of strong cross currents. The
steel, equipments. motors and their sub.
salaries helped to lift the average of
prices in the early dealings, the market
benetiting by the favorable overnight
developments in the passage of the
Four Power Treaty. optimistic re-
steel industry outlook and liberal sup
ply of loanablc funds. Several of the
more prominent pool issues. including
Studcbakcr and Kelsey Wheel made new
high records. This was Offset by fur
ther profit taking and pool liquidation
in some of the recent active speculative
leaders. Toward the end of the first
hour the general list showed q reaction
ary trend rs result of the increasing
weight of the realizing sales and some
fresh short selling. The recessions. how
ever, were small, and in most cases net
changes for the day were unimportant.
\ spectacular advance of more than
ten points in Woolworth was an out
standing feature of the late trading.
Latin American issues were the only
prominent exception to the firm tone
of the bond market. Argentine 5s and
Cuban Republic 4l2s forfeited l point
each. Swiss S. were especially strong,
rising IL points. and French Govern
mentS and municipals, as well rs Bel
gian issues, also improved with Chile
6s and Cuba Cane 7las. Domestic
rails were mainly better, especially
Union Pacific Is. Missouri. Kansas and
Texas adjustment is. st. Paul Refund
ing 412s. Oregon Short Line As and
Norfolk and Western Convertible 6s.
Liberty and Victory issues were steady.
The weeks operations In the stock
market brought out two well defined
conditions. First. that the constructive
movement in the main body Of stock
for the time being at least has been
checked. Secondly, there was in ex-
istenre Il fairly good sized and aggres-
sive bearish interest. The main result
was week of conflicting and confusing
price movement The stability of the
market in consequence was put to n
rather severe test. but considering all
the surrounding influences and elements,
1t relatively gave very good account
of itself and had it not been built upon
such II sound and solid foundation it
is quite certain the reactionary move
ment would have reached much wider
proportions. The moderate backset
must be considered in the light of a
healthy rather than an unhealthy devel-
opment. for there had been very distinct
signs of the general list. and more par
ticularly the specialties, becoming
slightly tired and overbought.
Proof of the inherent strength of the
general market was forcibly cXcmplitied
in the comparative calmness with which
most of the weeks disturbing events
We're received. 1t is true the passage of
the soldier bonus bill by the House had
for some time been looked upon aS a
foregone conclusion. The sting of this
unpopular bit Of legislation was to some
extent modified by the growing conf =
dence of a drastic revision of the pro-
visions of the bill before II leaves the
Senate or reaches the White House.
Preparations for the nation wide coal
strike furnished anything but pleas
ant outlook. but sticking closely to the
long established tradition of the street
never to sell stocks on strike news
the threatened walk out of the coal
miners on April did not cut much of
figure as market factor. In the re-
duction of the Northern Pacific divi :
dend from Il to per cent per an
mum, the reactionary party found their
best ammunition. The action Of the
board was open to divergent interpreta- :
tiOnS, but in more conservative circles
was regarded with favor and was not
considered as having any unfavorable
bearing on future railway earnings. As
for the railway traffic outlook the in
creased car loadings reported virtually
in all sections of the country indicate a
gradual but consistent improvement oi
the entire transportation industry.
Offsetting these irritating specks on
the financial horizon is the circumstan- =
tial and direct testimony of uninter-
rupted progress in bringing both fun
damental and economic conditions to q
degree approaching normally, not only
from a domestic viewpoint, but inter. !.
nationally as well. The steel industry
seems to have struck real gait toward
better conditions, and it is estimated
the active capacity for the whole indus
try Is now around 80 per cent, which
is the highest reached in sixteen
months. Only a few months ago 1,
was down to 50 per cent. In the mean :
time money market conditions remain
easy and during the week rate for mer
chants loans fell to the lowest since
1917. while the reserve ratio Of the
Federal reserve banks was the high.