Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-29
YESTERDAYS RALLY
FURTHER EXTENDED
Technical Position Of Market
Greatly Strengthened by
Weeks Reaction

New York, April 29.-Continued
buoyancy of the petroleum group sup
piled a strong backbone to the closing
stock market today. Whic the oils
were the outstanding features and scored
substantial advances on reports Of fur.
ther price advances in the refined prod.
ucts, the low priced rails, some of the
coppers and motors also came in for
considerable attention. The harden
ing tendency Of the general list, how
ever, indicated further retirement of
the short interest, which resulted in
an extension Of yesterdays general
rally. The familiar evening up of the
professional traders in the later part
of the session produced some irregu-
larity, but the tone Of the market re-
mained strong up to the closing.
The bond market did not share to any
material extent in the further activity
and strength of the stock market. Lib
erty issues were steady. as were also
most Of the foreign group. but do.
nestle rails and utilities recorded mixed
changes. Strength was shown by Ches-
apeake and Ohio convertible 41As, Erie
general As. st. Louis and San Fran
cisco income 6s, Reading As, Third Ave-
nue. adjustment 5s and Hudson and
Manhattan income and refundng 5s.
Among the weaker issues were Chicago
and Alton 31as, which fell 2h New
York, Westchester and Boston 4las of
pa. Consolidated Gas Is down 1 point
and Southern Pacific and Cuban Re.
public 4hs which reacted fractionally.
There is little need to look further
ho, tN h. ,t.itt in n mn
ket itself to find satisfactory explana.
tion for the weeks reactionary turn.
Over n week ago, a top heavy condition
was evident and it was only a question
of time when inevitable collapse OF the
apcculative bubble would occur. For
nearly four months there has been an
almost uninterrupted marking up Of
speculative values. without any setback
to speak Of. which would. specifically
at least. suggest many OF the legiti-
mate bullish influences had. to con.
siderable extent. been neutralized BY
the advance in price. extending any
where from ten to thirty points.
For considerable time the so-called
public stubbornly refused to take the
alluring bait Of the daily demonstra-
tions of the pools and other specula-
tive combination. but finally, as 1t al
ways does, it not only took the bait, but
the line, sinker and the rest of the
rigging. 1t is only reasonable to as.
sumo with twenty consecutive days of
over a million shares. representing ap.
proximately turnover of $4,000. 900
shares OF stock. there surely was
wholesale distribution. In this process
there was what the street was pleased
to call a tranfer of holdings from
strong to weaker hands. Accordingly.
the superstructure of the market posi-
tion was materially weakened. making
the speculative underpinnings danger
ously unreliable in event Of some un-
expected news.
Whether the weeks shakedown fully
corrected this element Of weakness in
the constructive side of the market re-
mains to be seen, as the market for
the moment has become virtually q
psychological problem and its immedi-
ate future depends largely upon the at
titude of its former sponsors. 1t has,
on the other hand. an uncertain ele-
ment Of strength in the possible over
Jealous demonstrations and skirmishes
of the professional element. Whatever
the ultimate result. the market, never
theless, is in much stronger technical
position than has prevailed since the
transactions passed the two million
share mark.