Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-27
MARKET PENDULUM
TURNED UPWARD
Reversed Trend Merely Repre-
sented Shifting Position Of
Room Trading Contingent

New York. July 27.--Dcvelopments
over night with regard to the coal and
/ railroad strikes we're conflicting, but
the stock market again reversed It's
| course. taking the upward swing. This
was not surprising in view Of the cx-
treme narrowness of the current trad
ing which makes the price movement
| highly susceptible to the shifting oper-
ntions of the professional element. One
of the more encouraging developments
of the days operations was the per-
ceptible hardening of the entire rail-
road divisions. The group, as a whole,
apparently were moving up easily.
The character of the market In the
last three or four days indicates quite
clearly substantial Wall street interests
including leading financiers and market
operators are keeping on the side lines
for tho present pursuing n waiting poll
icy. As Il matter of fact. the more
conservative market interests are out
spoken in their opposition Of taking n
positive position on either side until
the labor situation, which has inter-
rupted transportation and halted the
coal output, Is definitely settled. This
action has virtually left the market
almost wholly in the hands Of the pro-
f"Nsional element on the floor and the
backing and filling process is entirely
determined by the constant shifting Of
thrs" traders.
Despite the disposition TO defer &C.
tviti"s. the market element, in fact.
the entire financial community, are
tCnaCiousy hanging to the hope that
Washington will eventually force a set
tlement of the labor problem. This
feeling IS running particularly strong
as 10 the railroad labor controversy. In
directly this hope was strengthened in
the publication of car loading statement
for the week ended July 10, indicating
the railroads were maintaining ground
in the fight with the shop craft An
additional helpful influence was the
Baltimore and Ohio June statement,
showing gross increase of 81 ,264,-
i9l for the month and n gain in net OF
S2.4IJ $50. This brought the gross gain
for the first half of the year up to ST.
AS and the net increase S6,949,.
SCI.
In the early dealings the room con
tngent offered a number of stocks in
large enough volume to cause declines.
but it soon became apparent good stocks
were scarce and other issues had de-
cl,ned 10 such an extent as 10 fully dis
count unfavorabe developments in their
affairs. Increased heaviness in the
Mexican Seaboard Oil issues gave the
bear crowd strong lever in the play
for the reaction. support set in, how
ever, in those hard pressed issues at
the new low levels. subsequently bring
ing substantial recoveries from the bot
TON prices. Motors strengthened under
lead of Studebaker and Chandler. and
Nteels came forward on buying of CRU
c!blc and Gulf States. Mexican oils
were firm TO strong. notably Mexican
and PAN American pctroleums and spv-
eral OF the Pacific group. Stronger foa d.
lures among rails embraced several Of
I n" coalers. Southern Pacific. A,chison
and Great Northern preferred. Equip
/ ments were represented by General
! Electric and Westinghouse at material
! advances.