Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-02
SHARP RALLY FROM.
OPENING SETBACK
Rails Make New Highs Despite
Rejection Of President
Harding's Plan

New York. Aug. y.--lhoS" WHO han
hglr'd on a sharp reaction in StocN
values because of the railway executives
rejection Of President lIurding's plan
for settlement of the shoHmcn'S strike
were doomed to big disappointment.
Ihr market simply ignored this un..
favorable development MS il had treated
al previous adverse events Of tn" strike
situation. There was an initial setback,
hrt tho reactiOnary movement was 0i
,hurt duration and was prOmntlv Sur.
r"cdCd NV q strong recovery. The rally
was well sustained until the last hour
a u"n the demand slaCkou"d and part of
the improvement was surrendered.
Despite this hitch in tn" settlement
# the railroad labor dispute the ma
iOrity Of the financial community still
maintained III" same remarkable con-
hdcncc of n favorable outcome of the
labor troubles. This was clearly fore
~hndOw"d in IN" movement of the rail
division, which was about the strongest
quarter Of the list.
TIL" resistance displayed Ivy the mar
k"t and the subsequent rC>Iicncy WrrC
mHdr the more striking because Of the
untavorabIc tenor of the early foreign
udyircS, especially in the stand taken
by Great Britain in regard to the in
tcralicd debts. This naturally unset
'' nv l'I'ASIl 'N' ItlIS' hN'N WIN
tn" German marks crashing to hitherto
untouched depths of drnrcSSion dcrlin-
ing to ,OOll"l cents. Th" foreign situa-
ti"n, however, disturbing a. it may be,
has tor some time cut little ice as Il
dominant market factor.
Objection raised by some Of the coal
operators in the bitumnous fields 70
respond to an invitation hy President
Lewis. "i IN" miners union. 10 meet
next Monday in joint conference leaves
III" coal strike situation more or less
IN a chaotic condition and suggests q
very critical situation is undoubtedly
aplroactIns
u" quick recovery of the market
from N" intiu"nr" ct Tn" opening pres
sure d"mPn>tratrd very conc,uslvcly
mat IN" powers that b" were not permit
iiAg H." pear c"ntIng"nt OF the trading
|"H'HI !" max" c"l!'a! Hut OF the un'
h"pp' ."oor >.l"a!'"h' Nh!I' theE are
IoI apparently ia'orinS extension or
D"I,iN" HcI!N'j!eH, N't the concerted sup
lo'' ""oIueI t"C IISt NJ u" crltcaI
l'F!'T' IuI'kIN "!N'ouraE"s aggressive
;'.'"cAS Oh the part OF III" reaction
'H'1.
III "a" recovery following the initial
''io"GN many OF On" early losses were
""''''" or r""N'"u TO lrHrtiOns
' ''i' H''"e," " was H"'"H "
".' standard r"II~' oil ana gas
N"'FeN' several new hIEh prices Tor
'"H year hrHInS r"C"rdrd III the
I'",'nu' N"rloIh ana Western eX'
''nu'a !tS early gain 70 new tcp price
az - ana New lork Central was
xp -, ais" "t new hlgh for W.
E'' cams "f point Wer" scored by
! ~ ram preferred. heSap"akc and
, emo ana mon racine. LacI"de has
a." br"Ne through Tor new hlgh.
D'"'r strong spots Wer" Mexican and
La ian -AA!,Fl'"n i'troIeNms and facihc
Va up 70 ~ ,ruc!oIe up - and
MACK Truck up L.. Motor shares,
aAAonh'nmrht OF further price cuts also
recovered their losses in sympathy with
/ 'Ar genera! upward trcnG.
Buying Of influential stocks of an IN
4 F">,M"Ht grad" provided stimulating
. leadership in tn" afternoon and prices
, cFel steadily upward.
omn'ruoa OF short covering opera
tion> and the seeming lack "f outside
. OI] lnS orders rherN"d the upward
/ tendency later IN u" afternoon. Pres
! S4r' against "A!pWnS shares and tie
renewed Ht"V'N"s> "i rails and oils fca'
! tur.4 ,he Iat" d"aihgS.
Marked strength Of dom"stt" issues,
! part!'"Iar.y rails: and conspicuous
,We"An",N IN II" foreign group. nota-
bly, French Goy"rNmcnt and munich
| pui'' !'4'HT'd u" trading in bonds
Liberty " IS moae a new high record
/ at IOl 20, with other issues Of that
! group ho!"inG hrm' Norfolk and West
"rn ron|"rll." Us gained 2os points,