Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-20
[OS|NC Market
HIGHLY EXCITING
o0vrent Bull Movement Breaks
All Records in Point
Of Duration

New York. May 2n.--Today's brief
seoeion in the stock market was
crowded with interesting and exciting
evrnts. especially during til" first fifteen
minutes Of the trading. The foungs-
town Sheet and Tube interests threw II
monkey wrench into tho machinery OF
the siy company independent steel
merger and while some Of the stocks
included in this romhinat ion had bad
time OF II for n shorr period. the gen
rrAl market proved 10 be absolutely
shockproof
Trading continued cn the same
enormous scale with ovc@ 100 900 shares
changing hands in the hr,t hour fore
ehadowing another million share
Saturday market The ursrttins in
fiuence Of the dcscr,on Of the lounss'
town interests of the proposed six com
pany merger was offset by the continued
buoynncy Of tho ralIS. oils aud steeiS
with new high records being established
by United States steel and New
Haven ON Tho other hand ReHublt"
Iron and steel and Midvalc broN"
sharply but on the rca"tion NET power
full underlying support. In tho m"nn-
time the Strccr was filled with pr"dlr-
tions OF n Dig dcmonstrati" i"n in IN" 50
called Dohcny stocks. "hi"n w"r" w..
filed by urgent buying Of MoXrcan re-
tPoleum with a gain Of nearly points
followed by hnrdcn.ng "f ia" "lA"r
foreign oils.
Although liberia volume " roali7.
ing sales was encountered ON ~" early
bulge. these offerings were readily alb.
sorbed by tho remarkable buying power
quite conspicuous on al! moderate r'-
cessionS. and which reached -ut I"
virtualIy all classes Of stocks.
The brief session of the bond marke'
was dull and fcaturcless aside from the
higher tendency of prices Liberty is
sues were firm and tn" Two y per cont
issues Of tho MEXICAN Government mao"
further gains. The balance OF the inter
national li>' held within narrow limits.
Z Seabonrd adjustment jS. 81. Louis ana
Fan Francisco income c.. Chile Copper
r., American Smelling -. Midva'e
Steel IS and Intcrhorough Rapid Tran
sit rs were better by fractions +" on"
point. Baltimore and Ohio Is. Colo.
rado and Southern Is and Armour / -
eased slightly.
Three successive hyroderm!r inier.
lions Of oil. steel and conrer resulted
in n highly successful rpiuvenatton Of
the bull market within tho last fort
night. and from all Indications the TOM
pkrature Of the patient is quite likely
akain to reach the fever mark. II
proves tho line Of least resistance is
still encountered on tho upward swings.
bat II is obvious technical rather than
outside conditions are the propelling
influences. At the same time II makes
q record market for the bull movement
in point Of duration. II would he nee
essary TO 60 back 10 1904 to find an
upward swing comparable 70 the pres
ent movement. The memorable bull
campaign in 1901. starting March r.
ran until December with II single three
point reaction. period Of cighr mouths
and twenty four days. The current bull
market has lasted eight months and
twenty six days. from August ~ last
year up until yesterday. In this pc
riod the greatest reaction IN the indus
trials amounted to 2.9l points from De.
cembcr 10 to January 10. This week
the industrial average was the highest
Of the movement and the average Of the
coppers the highest for two years.
This. naturally. makes the market
situation unduly Interesting. While
evidence piles IN indicating continued
improvement In both tho industrial and
business situation. there. naturally.
arises Il question which is open ~ wide
discussion as to whether this rnma-k-
able reversal in the market trend has
not discounted the much improved out
look. 1t is quite certain. in all events.
for instance. thar President Harding's
picture of the coming great prosperity
for the country at large was recognized
BY the sharp eyes Of the market world
many months ago.