Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-06
SMALL RAILS UP,
|NDUSTR|ALS Down
Movement Of General List Con-
tinued Very Irregular and
Conflicting

New York. June 6.--In its genera
aspect todny's stock market did no
differ materially from the Performance
of yesterday or any of the immediat,
preceding sessions. lrreguarity anc
conflicting price movement once NOR,
characterized the days operation
which was accompanied by pronounced
contraction in the volume of dealings
Fluctuations in the greater part of tn,
list wore uninteresting and the leader
ship was not very impressive. In Ger
tain sections Of the list every evidcnc,
was present Of real liquidation. II
other sections there was positive testi.
mony of liberal profit taking. while ID
few selected issues mainly comprisinl
the secondary rails. the familiar bidding
up process was rcsorted TO with indit
fercnt success.
I The tendency Of the general LIST was
rcactiOnary, not because of any adverse
developments outside. but mainly be.
cause Of the unmistakablc weaker
technical position. There were. how
ever. mysterious hints regarding in
aUcnces which impelled liquidation IN
certain quarters. The nature of this
adverse element was closely guarded
although it was stated during the day
the whole matter would be fully ex-
planned later in the week The selling
of number of industrial shares re-
Gently active in speculative operations
was said 10 be prompted by this in
ftuCnce.
The easy condition Of the money mar
ket gave the list a strong backlog. The
call rate after opening at per cent
almost Immediately reacted to 3i2 per
Genet. Constructive news at the same
time was found in the action Of the
American Woolen Company in advanc.
ing prices of woolens and the Wheeling
Steel Corporation in advancing sheet
steel SO ton. An additional indirect
favorable development was the reported
announcement of the vice president of
the United Mine Works. that the coal
strike would probably end by the latter
part of the current month.
Selling Of the Independent stee,s, par
ticularly those which figured prom
inently in prospective mergers or con-
solidations, was the feature Of the early
dealings. Lackawanna Steel made a
prec!pitate decline of points in the
first few transactions. Republic Iron
and Steel soon lost Us points. and Mid
vale received a moderate setback. Do
mestic oils We're fairly strong, under
lead of Standard Oil of New Jersey
Mar'and, Houston and several Of the
cheaper issues.
Steels suffered further losses during
the morning. reactions in that group
embracing Crucible, Gulf States and
United States Steel. Studebaker. Bald
win. Mexican and California Petroleum,
Corn Products, Du Pont and Dawson
Chemical also showed heaviness. Rails
became the dominant features before
noon. The cheaper issues, notably To-
ledo. St. Louis and Western preferred
Lake Erie a9d Western common and
preferred and Western Maryland com.
mon and preferred rase . 1ato almost )
points. Gains of l to . points were
made by Western Pacific, Norfolk and
Southern. Wheeling and Lake Erie
common and preferred. Missouri Pacific
common and preferred. Pittsburgh and
West Virginia, Pere Marquette. Peoria
and Eastern. Texas and Pacific and
New Haven.