Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-18
RAILS CHECKED
EARLY REACTION
Atchison's Favorable Report
Furnished a Powerful Lever
in the Upward Swing

New York. April 1S.-llcavy realz-
ing was encountered during the first half
of today's stock market. which was to
be expected after yesterdays violent
speculative movement. On the re-
actions. which IN many instances
reached considerable proportions. there
was disclosed an enormous buying pow
or which wns not only sufficient to alb
sorb the tremendous volume Of profit-
taking sales. but after midday carried
the entire list forward again under the
leadership Of the investment rails.
Some effort was made 10 associate the
rcactionary trend of the early market
with the unfavorablc overnight develop
mCnts at the Genoa Conference prccip-
itated by the announcement of the new
Russo German treaty This was an
excuse, however. rather than reason,
and what did occur resulted principally
because Of conditions within the mar
ket itself. The little cloud in the Eu-
ropean political skies was not alto
gether relshed. but the major portion
of the market community was more CON
cerned with what class Of issues would
be- taken UP next. or whether yesterdays
variable performance marked an carly
elimination Of the constructive move
mont The uncasiness created by tho
new Russo -t'"rman treaty. however,
found direct DETECTION in the unsctt'C.
mcnt of the foreign exchange markets.
An offsetting influence was also to
he found in the extremely favorable an
nual report put out by tho AtChiSon
and the cheerful deductions of tho steel
industry outlook given by Judge Gary
at the United States Steel Stockholders
meeting. Still another strengthening
stimulus was presented in the free
Offering of call money At 3i2 per cent.
The .Atchison statement. showing earn
ings equivalent to about Is per cent on
the stock. gave the constructive party a
fresh lever TO lift the rail group. 1t
was. IN fact. the renewed strength Of
the transportation shares that served 70
check the reaCtionary current and later
lead the whole list in n fresh forward
movement. New high prices for the
year we're registered by both the in
vestment rails and the lower price
issues. and the trading in the group as
Il whole was broader and more animated
than in any of the preceding demon
Strations.
In the meantime. while the turnover
was considerably under yesterdays rec
ord. the trading was broad and active
IN that IN the reaction OF tho last two
days many of the stocks were reduced
to level whereby they reached Il fresh
strata Of buying orders already placed.
but had been passed by the rapid up
bidding of tho previous sessions.
Before the rails We're taken up, SELL
ing on a large scale was observed in
many Of the recent active speculative
leaders. The more substantial rcac-
tions included Canadian Pacific and
Standard Oil Of New Jersey. which
lost 2ii and I points, respectively.
Foreign oils. especially Mexican Pc
trolcum and General Asphalt. also were
liuuidated. Other transcontincntals
cnscd with Canadian Pacific and coal
crs lost ground with Reading. Stcels
equipments. motors and tobaccos made
| to = point recessions. Wilson. Mont.
gomery Ward and Peoples Gas were
among the few stocks to run counter to
the general reaction.