Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-03
IN
CLOSING MARKET
Weeks interesting Develop.
ments Were Productive Of
Confusing influences

New York. June 3.--Another splurge
in the oil stocks at the opening was
prelude to general profit taking
movement in todays closing stock mar.
ket. Several Of the petroleum group -
tablished new highs for the year but
most Of the gains was later surrendered
when the whole list gave ground under
realizing pressure. While considerable
irregularity developed during the short
session there was no evidence of weak
ness: on the contrary. the general list
continued to display an undercurrent
of decided strength. The trading was
again active but unusually confused
with stocks in various groups moving
in different directions at the same time.
which was due largely to the familiar
maneuver Of bidding up a few selected
issues to facilitate profit taking else
where.
The week was rcplete with highly
important and extremely interesting de-
velopmcnts. but. curiously. they were
productive Of conflicting influences and
confusing views. Inasmuch as these
events could safely be classified in the
category of constructive factors. the cx-
urally open to various interpretations
There Is not the slightest diminution Of
confidence as TO the true character and
breadth Of the business revival under
way nor the steady and consistent
progress of the reconstruction move
ment. There are. however, good many
deep thinkers of the firm opinion. which
Is altogether reasonable that Wall
Street has been guilty. as 1t is on al
such occasions. of overdiscounting the
returning prosperity.
In the weeks highly churncd mar
ket there were easily discernible we'll
defined and familiar signals prcsaginc
the approach Of a danger point. Any
engineer of an express train. or the
master of a passenger steamer. who
wantonly passed danger or caution sig
nails would be subjected TO widespread
public condemnation and n prompt re-
moval from his position. There j.
equally no excuse whatever for an
evasion of similar warnings in making
ventures in the ever changing currents
of the speculative seas. Attention was
repeatedly called durini the past week
hv the more conservative observers. 70
tho dangerous imitation OF stock market
loans. clearly indicating the existence
of n growing top heavy long account 4
condition admitted on all sides to be
distinctly unhealthy in that it leaves
the general market position extremely
vulnerable in the event Of some un-
favorable accident.
The trend toward better times i,
daily exemplified not only in the course
Of the commodity markets: steady iri.
provemenr in the basic industries: con.
tinued growth in railroad freight trafilc
indicated in the increased car loadinss
and corresponding decrease in the
number of idle cars and the unintcr-
rupted improvement in credit condi-
tions. These accomplishments. how
ever. it is generally admitted by all un-
biased observers. were forcseen months
ago when the current constructive
movement was in the making. This
leaves the interesting question whether
the discounting process has been COM
peted. The annals of Wall Street. il
all events, clearly show it is the ex-
pcctation. rather than the realization.
Of the event which ever supplies tbs
speculative community the real motive
power.