Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-10-21
CLOSING MARKET
I / VERY IRREGULAR
Another Week Of Boisterous
Speculation in High-Priced
lndustrials

! New York. Oct. 21.--Considerahle
. iFregularity marked price movement in
today'S short session in the stock mar.
ket. The list made a good showing OF
strength at the outset under lead of
the coal carrying railroads, some oils
and equipments. New high records
were made in the first few minutes hy
heading MNviran Petroleum. Pan.
American "B." Corn Products and
some other speCaIties.
~" Narket. however, was called upon
to absorb a fairly large line of profit
taking which together with the weak
ness cropping out in scattering parts
Of the list checked the upward move
ment, and in the later dealings most ct
the early Improvement was Canre'ed.
"A number of the weeks active favOritrH
yielded under last nights closing level
Establishment Of new high rsCUru
by the new GOvornmcnt Al per cent
bonds was the feature Of the bond deal
tngs. the main trend Of which wat
upward. Most Of tn" gains, huwcv,F,
We're of n fractional nature. An int/-
esting movement in the foreign list /Hs
furnished by Rrrnc s.. which close. last
night at HOS. opened today ut lUr.
and then advanced in three snles to III.
The week $ operations were continued
very much on the same Spectacular
scale rs witnessed during the past fort.
night. with the familiar violent bidding
o. up of selected stocks, embracing largely
the high priced industrial issurs. TN'
, bcisterOus speculation was again famed
BY prOspeCtiv" and predicted stock dtv,-
dends. While the strong arm methods
OF thrS pe'u.H,'Nr HoMoIhhtI"hN were NOT
altogether edifying VI conducive Of bull.
tsh enthusiasm on tho part of the rank
ana he OF lac So'caIrd pIhIiG. yet IL
demonstrated very ronciu>iHrly the un-
oisput"d ahSN ute c"htr'I OF the con-
b'ruc'lNe i"Fc'S.
ine'c Is 'ir'U""E no way or mean"
D! ,"hlch a"E utPhSuremrh'H could oe
maue as 60 the duration oi IN" remark
ao!e bu!!iSh uehlohStraIohS in "Hldeh'"
Tor the Ia>t TWO or three weeks. eau
t'or signals are chtir"jY ignored. l'n-
velopmrntS and influences which "rai-
nari!y world com" IN Tor serious con
sideratlon ana dclo"rati"n are brushed
aside with almost audacl"NS indi5Pr-
ence. II can =" realty seen. however,
II IN" market continued to adTanC" 7"
the sam" degre" a. Il has been dong
the last fourteen months prices ultl-
mnteiy would reach Unheard of levels.
obviously TINS WI not occur. ot
course, II Is generally rr'ogn!Z"d ~p""u-
idl,oH j. bHN'N on LuLUF" ITOSl''N>
rather than history. but from all logical
deductions II would seem ~ II the price
, Level of many OF th" speculative IA
, vorltes had discounted not only all that
can be seen IT present in th2 way OF
Improvement. but great deal NOR"
that could b" cIaSScd in the category OF
Imagination.
The almost riotous speculation in the
industrial! speC!aIties may be accepted
as concrete proof Of the existence of
the secondary lnhation, which IS 10
longer denied by students OF the eco
nomic situation and which Is plainly
=. reflected in the rising barometer Of
living cost. As matter of fact. this
imitation is giving banking interests
:. considerable concern. because il is rec
ognized il will inevitably be followed
= BY another slump, likely 10 be even more
drastic than that experienced IN tie