Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-04
CLOSING Market
VERY UNSETTLED
Position Of tho Constructive
Forces Is Being Constantly
Strengthened

rev York, March 4.--The week closed
with an unsettled stock market today
and with generally lower prices. There
was an increasing volume Of realizing
sales which. together with the weight Of
profit taking Of the previous session.
caused general melting Of prices. The
setback\ was orderly. Notwithstanding
the reaching and uncOveriny Of '.stops"
In several Of the motor shares and other
speculative specialties. After partially
retrieving the lOs, of ground made at
the opening. the general list again
Yielded In the Rnnl dealings under In
rrcasing selling pressure.
Studebaker lost 2 points, Chandler
ana United States Rubber 1 to 1h.
Mexican Petroleum. Pierce OIL, Pure
vi. American Locomotive, Republic
iron. American Hide and Leather pre.
ferred, American Sugar, International
Paper and United Fruit also falling i
70 IN points. Junior rails, especially
missouri Pacific common and preferred
and Kansas City Southern, were de-
pressed, but Ann Arbor common gained
points. Several Of the local utilities.
as well as Laclede Gas and Jewel Ten
preferred, were strong.
two.point rise in Mexican Gov
ernment 5s was the feature of the quiet
and uneven bond market. Japanese 4s,
FRENCH !hs and ss. Belgian 0s md
san paulO Ss were fractionaily higher.
Danish 8s. Chinese Railway 5s, Chile
os. zurich rs and Swedish 6s eased
snshtiy. domestic issues were irreg-
9iar, pennsylvania. general Is. Sea-
Md Toard consolidated 8s and America
Leiepnone 6s making moderate conces-
sions. Liberty issues were dull but
ste%aay; %sy
NhiiS year ago 1t seemed to be a
physical impossibility to arrest the con.
stant crumbling OF security values, It
looks at the moment as II It was IN
equally hopeless task to check the rap
i9ly rising barometer In virtually all
tne markets. The performance OF the
last fortnight, In all events, would an.
parently dissipate the slightest lingering
DOUBT as to the force and breadth of
the constructive movement. Superb.
eially, the character Of many Of the
aemonstrations. both collectively and
individually. would suggest action re-
gardless OF motive or factors. In a
sense this Is partly true. for in many
the inability to attract outside follow
Ing has necessitated the continued
marking up of prices in order to main.
tain the market position. This, how
ever, does. not apply to the movement
OF the main body OF stocks, which un-
guestionably, has much stronger and
lasting foundations.
1t does not require any great amount
OF experience or training to find ample
reasons for this market phenomenon. In
the first place. generally speaking. de-
velopments with bearing On the bust.
ness future show that there has been
at least q temporary turn for the better
In finance and industry, as we'll as az.
ricuiture. This, with the increasingly |!
healthy banking situation, improvement |
In the international exchanges. and re.
ports Of changing economic and poll
tical conditions abroad, all serve to give !!
better tone to sentiment. There are
remaining. of course. a. few disturbing
specks In the financial horizon, but In |
the present optimistic mood Of both the
financial and market community there
is growing hope. II not confidence,