Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-09-09
RISE met
REALIZING SALES
q ~ S.S
Constructlve Forces Apparently
Given a Free Rein in Bull
ish Demonstrations

New York, Sept. 0.-Wcck end real
izing caused prices to taper off slightly
IN the latter part of today's session in
tne stock market. after number Of
new high prices for the year we're reg
istered in many classes OF stocks. The
Forward swing was resumed at the
opening, despite the abandonment of
negotiations regarding settlement OF the
shopn.en's strike. The dividend pay
ing rails were among the most active
end strongest features. The demand
Tor spccialties was not as pronounced
as 1t has been during tho last few days.
put evidence of continued pool activi-
ties was to be found in different quar-
ters. In the second hour the entire
Ilst felt the weight of the realizing sales,
causing cancellation of much OF the
carrier Improvement. A firm tone
however, was maintained, making tho
net changes unimportant. but with the
iarger part of the list showing gains.
a firm tone prevailed in the bond
market. Railroad mortgages were again
the favoriteS. the leaders being Nor
folk convertible G>. Central Pacific
firsts: st. Paul convertible 4l2s. North
ern Pacific As. Southern Railway is
and Chicago and Alton 3ies, Katy"
"'ANs' ioEhtN' NfEt SllEUllN Tpat-
tionary.
Few important changes took place
IN the industrial and public utility di-
visions, Ajax Rubber IS and Brooklyn
Rapid Transit IS climbing point and
Central Leather Is improving frac-
tionally. a fractional gain in French
IE2s was the only noteworthy change in
the foreign group. Liberty bonds held
steady.
Tho proF,,s;o,,I H.. -....i.-.
evidently found. in several unpleasant
as well rs Improbable experiences last
week. the time was not yet ripe for
oucktng the market currents. The de-
velopments Cf the week. marketwise,
while relatively having little direct or
indirect connection with fundamental
6 or economic conditions. demonstrated
In very forciblc manner the So
called constructive forces were firmly
seated in the saddle and up to this time
nothing Of sufficient power existed to
unseat them. How long. and to what
extent, this unlimited power will be
allowed to continue is entirely problc-
matical.
Two weeks operations registered
quite large number of new highs"
Tor the year and while this represented
to large extent individual demonstru-
tons, the extended list of various
stocks embraced in the upward swing
gives the forward movement n much
broader field than appears on the sur
face. One of the more curious features
attending the bullish demonstrations,
yet not altogether unfamiliar in all
great market swings. is the fact that
speculative enthusiasm is running the
more rampant in those stocks in which
the more conservative brokerage houses
are advising caution. while on the other
hand. those stocks recommended favor
ably show little signs of life. or action
u indifferent.
No one would attempt to deny the
predominating pool activities attending
tns recent buying movement, but the
very success, Of these distributed in
dividual or group demonstrations ap-
parently reflects complete accord on
the part of the influential and powerful
interests. In such demonstration of ,
recuperative power as given after the /
backset on "Wednesday it would be
difficult TO persuade the average layman .
the necessity of applying caution and
discrimination or in calling attention
to dangers attending the creation of an .
OvereXtended long interest, not to speak .
of the tremendous borrowing in Wall .
Street for financing transactions. These .
are all swept aside by the glamour Of the
spectacle of rapidly rising quotations.
Yet. on the other hand, all testimony
indicates liberal profit taking, and in
many cases by those screening opera
tions by vigorous and well timed spec
tacular upbidd!ng Of undGn!uble highly .
Manipulated issues.
For some time past just one sermon !
had been preached in the market realm. |
the text of which j. "The biggest bull |
market on record this fall This does
nor imply fnp DroprnU "A I'll NOR no fpr.