Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-09-29
GOSSIP OF
THE STREET

Speculative interest differ in their ex-
pressions of opinion as to the founda-
tion and causes for the collapse in VAL
ues Wednesday ard the sudden turning
OF holders of stocks into urgent sellers.
There are many who insist that the
basis Of the whole market disturbance
was to be found in the Turkish situa-
tion and in the uncertainty prevailing
over the terms on which a settlement
can be arranged and the Turkish prob.
lem solved.
These interests hold to the view that
the selling which came into the market
followed the mutiny in the Greek army
and the crushing defeat administered by
the Turkish forces to the Greek army.
That selling started a little more than
two weeks ago and was then attributed
to a speculative combination including
many designated as bear plungers,
hut the street now insists on regarding
the selling Of stocks from that time
as being Of far more substantial char
acter than bear attacks.
Outside of these elements. however.
the opinion prevails that the market
conditions in the last few days nre the
natural sequence of what has been re-
ferred to as an extended speculative po.
Nton in a narrow trading market which
changed its movement when important
interests. previously committed to the
buying side. appeared as sellers and
found no bids in the market at around
the levels at which they had established
many stocks. Some insisted that the
market had been travelling in a circle
and after prices had reached high levels
haJ rntur,,aJ po down Grade 70 the
range from which they started.
There were other subjects brought
| forward after the close to explain pref'-
sure which came on the market in the
late trading but II was generally agreed
| that the suspension Of dividend pay
ments on Pittsburgh coal should not be
rega rdcd as of intiuenc. except on the
group Of soft coal stocks and as n
natural sequence TO the suspension of
soft coal mining from the first of April
until after the beginning of September
There were many who thought that
the selling Of Pittsburgh Coal had been
overdone and that n changed condition
will soon be created in the market for
that stock as il has not been traded in
because of current dividend payments
but chiefly on account of knowledge OF
value Of its holdings.
those having good information about
market conditions. suffered to a great
extent through dissolution of specula.
tive combinations and pools but. as far
as could be learned. that liquidation had
already been completed and in recent
dealings was having its effect because
Of liquidation having created a heavily
increased floating supply in the market.
The expected arrangements for re-
funding Victory 4a4s approaching ma =
turity was also brought forward as a
reason for the disturbance in security
values and it is suggested by some who
attempted to find a good reason
for the Liberty 4l4s selling below
par that heavy holders of Liberty
Bonds may have decided to dispose Of
the holdings OF older issues in order to
be in position 10 subscribe for the re-
funding Is if the issue should be made
at that rate.
II is understood. however. that II the
interest rate should be fixed at 4 per
cent that the new bonds will contain
inviting provisions which may make
many Of the holders OF tho older issues
desire to rAchange them for the new
! series.