Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-10
RAILS Continued
MARKET BACK LOG
General List Again Displayed
Sturdy Resistance to the
Bearish Tactics

New York. Aug. 1O.-The strength
Of the railroad shares supplied n strong
back log TO today's stock market. es-
pecinlly during the forenoon, when a
goodly sized volume of left -over selling
was encountered in different parts Of the
list, coupled with further aggressions
on the part Of the bearish element Of
the room traders. The strong position
OF the rnil group commanded more at
tention because OF reiterated bluff and
bluster In the strike news. Price move
ment altogether was about on the sane
mercurial order as witnessed in the re-
cent session. rejecting radical and con-
stant shifting Of position on the part
OF the professional element. As noted
| heretofore, the market, as n whole, con-
tinued to display sturdy resistance to
the tactics Of the bcarish element and
continued to encounter the least line Of
resistance on the upward tack.
While there was a lack Of definite
news concerning either the rail or coal
strike. the market community was
disposed to treat the less favorable de-
velopments overnight lightly. The BIZ
luminous operators and miners, while
not having reached a satisfactory agree
ment, there was a strong belief that
harmonious understanding would be
reached and definite results were likely
to be obtained during the next twenty
four hours. This thought was prompted
by guarded intimations coming from. the
conference TO the effect that other
meeting in general conference may
swing into line later owing to the grow
ing famine of fuel and the high prices
being offered for 1t by many Of the
leading industries.
The feeling concerning the rail
situation was less hopeful as it was
frankly admitted the deadlock was
nowhere near solution. The growing
restlcssness Of other and more i'm
portant rails unions threatened to
plunge the situation in q very chaotic
drastic congressional action may be
necessary in order to keep transporta-
ton from being paralyzed.
Speculative interest Convergei on the
high priced railroads and industrials in
the early afternoon and the influence of
this buying was felt throughout the list.
The readiness with which stock ad-
vanced materially on moderate absorp-
ton indicated scarcity of offerings at
current levels. Call money hardened to
Az per cent after midday. but this
cxcrted no restraining influence on the
buying.
Liquidation Of low. priced ndustrials,
combined with an increase in call money
to > per cent. halted the advance in the
final hour. WHY'S Overland common
and preferred. kennecott Copper, Gem
tral Leather and Worthington Pump
developed heaviness, yielding l to 31a
points.
Prices for foreign securities in the
bond market were rractionary. reflect
ing the pesSimiStic feeling here regard
ing outcome of the meeting Of allied
Premcrs in London French IS.
Railway IS and French American 7l.s
were down u to l poinS. However.
City of Sac Faulo s.. MarAeilles Gs and
scissors Is were slightly better.
Weakness was also manifested in do
mcstic rails, declines of y to H..
points being registered by Colorado and
Southern refunding 412s, Denver i'm.
provemcnt IS, st. Paul refundnG 4l2s,
Atchison convertible is OF 1860 and St.
Louis and San Francisco income IS.
Atchison adjustment 5s improved frac-
tionally. The industrial list was al
most neglected. slight losses being shown
by Goodyear SIS of 1941 and Montana
Power IS. Liberty Bonds, especially the
%2s. opened strong, but Cancelled most
OF their early gains before noon OH
fairly heavy turnover.
Prices moved with an uneven trend
in later dealings. st. Louis South
western As were up points, Southern
Carolina and Georgia 5i2s were up 1i2
and gains of point each we're regis
tered by Chesapeake and Ohio convcr-
tible rs and Republic Steel IS. San
Antonia and Aransas Pass As dropped
IA and slightly smaller declines took
place in Cuba Cane Is and Goodrich
GMS