Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-22
||ANY.'STOCKSPASS
The PREVIOUS TOPS
Aster Recent Violent Trading
4 Market Seems Entitled
to a Rest

mt stock market made htting cli-
max to the weeks remarkable specu-
lative demonstrations. Trading con-
tinued broad and active. with quite
number Of the active issues lettering
their previous tops of the year. The
market was called upon to digest an
immense volume Of profit TIA king sales.
influenced partly by the usual weekend
svening-up operations and also partly
because Of the uncertainty Of the effect
Of the speech Of the Comptroller Of the
Currency ndmonishing a. check of the
wide speculative fever. Studcbaker was
once more an outstanding feature. but
the steel shares also demanded special
attention because of the persistent buy
ing induced By reports Of an early con-
summation Of the merger of the large
Independent concerns. There were.
however. numerous other huliish demon.
strations throughout 'tht industrial
quarter. The railroads still occupied
secondary position. :,.g =
Public utilities. especially the local
issues, were again the dominant fea-
tures,of the bond market. lntcrborough
Rapid Transit 5s rose = points. Third
Aver,ic Adjustment 5s. 1al INTERIOR.
ough Consolidated. 4ie points; Hudson
and Alanhattan Inctpne: rs and New
York, Westcbester and Boston :A,as, 1
point each.
New Haven 6s and southern Railway
6s'w were strongest of the rails. many of
which were better by large fractions to-
Ia points. Liberty issues allowed no
material change from yesterdays firm
ness, but the foreign group. especially
Mexican 5s. Belgium 1las and Chinese
Railway as rose from large e~fractioiis to
point. the only Issue to show marked
heaviness was Liggett 4 Myers 6s,
which fell ~ points. 90 n. =
After the almost uninterrupted ad-
vance Of nearly eight months. and es.
pecially after the 'vio ent performance Of
the last fortnight With the fifteen con-
seemingly would be entitled to some
rest. Whether 1t will get is;nr not de-
pends largely upon two conditions. First
upon the humor Of the speculative
public. which. after a prolonged pc.
riod of Indifference has once more been
attracted to the speculative arena by
rapidly multiplying numbers. The other
Is the extent of distribution the pools
and other speculative combinations have
been abe to make.
1t is evident. however, the construc-
tive forces have not lost their control;
rather to the contrary. surpounding con-
ditions served To strengthen their po-
sition. There Is apparently no let.up
in the buying power AS indicated in the
almost Unsuitable demand for new in
vestment issues, the overflow of which
is distinctly traceable to the active buy
ing of higher grade stocks. The abun-
dant supply OF money for stock market
purposes also affords the bull interests
a powerful lever. Yet those who make
a closer study Of the market situation
lean to the belief that much OF the i'm.
provemcnt, especially In the industrial
outlook has been discounted. They
point out that so far as general busi-
ness and mercantile affairs are con.
cerned these are marking time. Pro-
duction in many lines OF manufacture
are steadily reaching upward. but the
! margin Of profit Is extremely small. In
other words. il is their argument the
whole situation is in position where
uncertainty is beginning to develop as
to further trade expansion in the i'm
mediate future. Accordingly. further
commitments should be carefully con-
sidered pending definite Indications as
to which way the curve of industry shall
Incline from its present stage.
As Is usually experienced in all ma.
5or market swings, relatively slight as
ISOLATION is to be established between
the happenings in the outside world and
the Gay to day movements. They may
temporarily disturb the fast running
currents as the hand would If placed IN
a flowing brook. but these momentary
Interruptions are quickly overcome By
the momentum of tie speculative forces
which was strongly excmplitied during
the last week in the comparative in :
difference paid 70 both domestic and
foreign Developments. which on the sur
face appeared to contain disturbing
possibilities: No accurate measure =