Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-31
TRADING IN STOCKS
MORE TWO-S|DEO
A Vigorous Comeback Was
Staged in the Last Hour
After Early Irregularity

New Yort. Aug. 31.--A number OF
contributing influences could easily be
| heId responsible for the more two sided
| character Of the trading in today's stock
market and the resulting irregular and
confusing price movement. In several
OF the overnight happenings the specu-
Iatlve contingent we're forced 10 face the
tact there existed in the current situa-
| ton elements that might easily develop
/ into positive adverse market factors.
The confused status Of the steel mergers,
! stiff money rates. .he complex foreign
situation and the Chicago and Alton re-
| ceiverShip all combined to take the edge
! on the recent bullish enthusiasm during
tho first part of the day, but the vigor.
! Gus rally in the final hour, however,
demonstrated very forcihly the Construc-
! tioniSt had not yet lost their grip on
+. the market
! While the forward movement was not
definitely checked the market plainly
/ experienced quite a good deal Of din e
Guilty in holding ground. independent
upward movements continued in a mum.
Der If selected issues. which carried
them to new high ground, but the pres
sure III the more speculative issues was
a strain on the general list. which even
the enthusiastic buying II the newly
/ awakened pool favoritcS failed 70 re-
ley" in the forenoon.
The Chicago and Alton recsiyership.
while forecast for some few days on
N" tape, took the Street somewhat by
surprise. There was naturally n violent
slump in all the securities uf the com
paD%. the common dropping more than
8 points; the preferred -. points. the
3 per cent bonds =. and 81. per cent
bonds So points. The company has
70 ha -, So, =, ,N
dillon for some time past.
Liberal offerings of low priced rail-
roads cam" on the market after mid.
day, Wisconsin Central breaking 8
points. Chicago and Great Western pre-
terred 2a4, Minneapolis and St. Louis
>, and Western MARYLAND and New
Haven I point. Rubbers also lacked
Springfield giving away sharply. A
cAaractcr!stic rebound in Mexican Pc.
tro.eum which carried II more than 8
points above the low level ot the fore =
noon and gain Of points in Crucible
Steel had n stcadyinc effect on the
better known shares. Relatively mac
tive spccialties continued to creep into
new high ground.
Rapid bidding up Of Mexican Pc.
tr"leum 70 q level more than ten point,
above It's lowest of the day revived III,
tagging spirits Of the bulls in the las,
hour and there was n rush TO buy ful
both accounts. which carried some O,
the popular shares to new high level.
for the yea.
Liquidation OF Chicago and Alton Sc.
cIr!ii"s had a depressing influence OF
many other speculative mortgages, an,
there was n more general inclination
!" obtain some Of the profits aCCru!ng
from the recent rise in the bond mar.
k't. Roc">~ions for the most part
however, in the general list were frac.
uoua.. Chicago and Alton s. brok,
- points and tho 3l.s s3s Pcnn>yl.
vGn.a consolidated 4l,S and Seahoar,
Air Line consolidated 6> also we're
points Of Denver and Rio Grande /
declined point. Heavlness preraile,
PQr!S, Lyons. Mediterranean Gs fall
ing points and Bordeaux IS and Sem
, - one point Mexican Government )
gave way points. Among the OUT
standing higher issues were Seaboar,
, r"tuHding 5s at 4 gain Of IL. Amcri
can Telephone convertible 6s at a ga!,
OF II, and peterborough Rapid Transi
9s up !. City Of San paulo S ver
bid up IL. while Mexican IS rose
!. point. Liberty Bonds ruled al slightl.
higher Jewels,
Prices 4 speculative bonds showe
more stability in the later dealings an,
several e the industrial and publ
grlHfy .sNroS attained their h!ghes
Prices ~ n" year Support TO the Chi!
pago and Alton lien caused q moderat
rebound from the earlier low levels.