Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-08
STOCK TRADING
MORE TW0-S|DEO
Rails Taken Up to Facilitate
Profit Taking in Pool
SpeciaIties

New York. Feb. S.--The movement
of tOday's stock market was little
more two- sided There was a shifting
of action from the industrials to the
rails. with the strength Of the latter
apparently employed to facilitate profit
taking in the fcrmcr division. 1t was
che lower priced rails that made the
best showing. retlccting the same clever
handiwork Vt the pool combinations as
recently witnessed in u number of in
dustriul specialties. The movement Of
thc main body Of stocks was very ir-
/ regular with some symptoms Of in.
digestion rs result of the heavy VOL
uinc Of realizing sales of the two pre-
cCdug Sc>s!rnS. There was no weak
ness, however manifested anywhere. To
the contrary the list as Il whole dis
PLACED thc same remarkable rcsilicncv
with IL" familiar Swapping back of prices
when th" pr"Ssur" relaxed.
/ Bcrausc Of the highly professional
ruloring Of the current speculation the
underlying strength of the market does
not command the attention it would
otherwise. A. n matter of fact. the
mere interesting events and develop
n!vnt' were supplied from the outside
or by the associated markets. rather
than i'll happenings within the market
itself. These included the continued
remarkable unbrok"h ascent in Strr-
ing exchange, which. repeating the pro-
gram of the preceding days. established
Il new high mark. There was also II
further rise IN wheat rir"s. while
money. III" principal fuel Of every big
marie swing. apparently was growing
II abundance. While the renewal rate
" ~ 4 AZ bn,
liberal offerings OF funds In the outside
market at 0nr- fourth To half under
tn" 'thrinl rnt'. which easily foreshad-
'Wcd an Un>.MG of the inside rate be-
for" the day was uut.
For Il t.rc lhat nurt'oI of the trad.
llg contingent who have been contest
IN. III" "pn>truCtlv" movement for same
week. Uu~Urrrs>fuiI, made another e.
fort to Stc!n H." flood by makr.! capital
, out Of the Sol!ir"s' Bnnus R!il. c>pr.
Cully on the nr"po~cd taxation of ! -
Of per cent on all stock and brnd
. transactions. Spu" effort was also mnd.
It work lIu II scare over the growing
seriousness Of tn" India situation; but
was s"msibly ?~.HtcG oat that tue
sing rit1" Of stcriin.: would seemingly
nd.Cutc England was not much con.
'rru"d over the situation: then why
iou!d W" lose any slCro over the mat
tC".
Although u"ihiug of tangible ma
tire was received from Chicago con
r"riing tn" transportation conference.
IUir" Il n'iubCr VI Influential people +,
rCfr>>c'l 20 entertain Il confident belief .
THAI some highly important results .
wruld br ohIaincd. This evidently was
made the basis for the shitins % in
tcr"St to I'll" rail group.
SlDrfS NM nlIt frpsl limos uf tla ,1I,,.u- /
In- but bull roo's continued their uc.
tiv!tiGS in various S,priaitic.. United
states Food Prod!ctS. which was
thrown into bankruptcy yesterday. re-
"rt!cd Il further dcrlin" of Is points
lC ~. II new iow record. C0ppcrs. to-
Narrns. low priced motors and rails
forfeited inr@c fractions. ,iulf States
Steel and New York Air Brake made l.
r0nts on rIin"rS Of another cash dis
:ribut.on. Wells Fargo also rising Ia
POINTS.
Steady liquidation Of minor special
ties emphasized the irrpgularity of the
irst hour. United Drug. International
Harvester. Sumatru Tobacco common
and preferred and Famous Players caScd
! 10 = points, and several of the cheaper
motors und stcelS reacted sharply. Rails
were the only sustaining feature" of
that period. 81. Paul preferred. ,ni-
cago Northwestern common and pre-
fcrrcd. Northern Pacific. Erie first pre-
frrrcd and New CLEANS. Texas ana Mex 4
leo gaining to . points. The market
improved before noon. Corn Products :
rally!ng with Baldwin. while Gulf States /
Steel. Chandler and StWdebakcr were
again taken in hand by the old pools. /