Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-22
STOCK. TRADING
|. WAS C0L0RLESS
Market Gives Remarkable Per.
formanco In Face Of Dlsquiet-
ing Labor Situation

Kew York, July 22.L,roday's closing
stock market was coior.ass affair,
continuing little feature outside. Of the
familiar evening up operations of the
prcfes iona! trading element The In
idcpen'cnt steel group made some show
Of strength at the outset on the clean
(, bill of health given the proposed
' mergers. by the Attorney General, but
even they failed to maintain the i'm.
provcment. Because OF the possibilities
Bof far reaching Developments over Sun
doy In both the coal and railrond strike
isit,iation, there was naturally gen.
,eral reluctance to make very extensive
ventures on either side Of the market.
In consequence, the main body Of stocks
hacked and filled in desultory fashion
without important net changes. Rails
Imade no perceptible response to the
latest developments in the strike situa.
tion.
Week end profit taking was noted in
the bond market, but Liberty, issues
held the greater part Of yesterdays
record quotations. Foreign loans were
irregular, British. French and other
European Issues easing slightly with
Hrmness for japanese first Ans. Trad
Ing in rails and other domestic issues
was nominal at fractional changes from
ayesterdays final prices. Junior rails
of the Western and Southwestern d.
visions were among the frmest fea-
lures. Mercantile Marine 8s lost N
point.
For n year or more the stock market
seemed to be bent upon smashing
completely nil the cherished accepted
rules. regulations and precedents of the
trading community. and does not show
the slightest intention at the moment
Of getting cured Of this habit. Some of
the shrewdest experts expressed the
opinion several weeks ago that after
the nine months of uninterrupted mark
Ing up Of security values the market
was likely to quietly drift into a narrow
groove and enjoy its usual micdummer
siesta. Instead Of taking the needed
rest and then starting according to the
prearranged schedule on the second lap
Of the bull swing in the latter part Of
the summer. 1t has persistcntly kent
plowing ahead. making new top prices
for n number of the representative
stocks Of the Industrial division. It has
done this in the face Of all kinds Of
bad news and disappointing develop
mcnts, both at home and abroad.
The forward swing, however, in the
last six weeks has been of an entirely
different tyne than that which prevailed
during the broad and buoyant movement
in the three months preceding. Al
though the market at all times has the
sembIancc of enjoying technical posi-
tiOn Of pronounced strength, and while
the line of least resistance Is encoun-
tered on the rising tide of prices. vet
upon closer analysis the "made- to.
order character Of the movement Is to
be easily discerned 1t is true. even
professional Wall Street is never dis
posed to sell stocks on strike news This
indisros!tion on the part of the trading
element, both professional and semi
professional. to take the selling has
been Str'kingly exempliied on different
occnSions when the market was the
strongest at the time when the outlook
ef both the coal strike and railroad
labor situation appeared to be the most
serious
There is no doubt but that the effects
Of the coal strike are becoming more
pronounced in all Industries. In fact,
this condition is generally admitted.
Furthermore, 1t is giving considerable
concern to the Administration at
Washington, proof Of which Is to be
readily found in the drastic steps al
ready taken to avert what seems to be
an inevitable fuel famine. Thus far
thiS disquicting outlook has failed to
have any effect on stock market opcr- !
ationS. To some extent. this Is no
doubt true. because Of the firm hold
which pools have on certain Of the more
speculative issues. 1t. however, also
must be admitted that the public ut
large has not been easily frightened,
and that liquidation usually encoun.
tered In such periods Is something
which the stock market has not been |
called rpon to face.
This naturally has raised a most In
tereSting question as to the immediate |
future Of the market. That is to saw. II |
the market persistently ignores such |
unfavorable developments, and, in the |
parlance OF the Street. goes up in the !
face of all bad news, 1t is fair to as.
sumo reversal Of form might be rea
sonably expected when good news pre.
dominates. Whether the summer per.
iormance will materially affect the |
digger program of the fall is a question !
difficult to answer. Unless the strike |
troubles are speedily adjusted. there is |
constant danger of the market drift |
mg into dangerous shoals. This DOS.
sibility has been recognized by some OF |
the more conservative market interests.
as Indicated in the mora coutiou. ton,