Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-15
TREND OF MARKET
IS TURNED UPWARD
Improved Strike Outlook In
fIuenced Yesterdays Sellers
to Take Back Their Stocks

New York. Aug. 15.--As the ma
jority OF yesterdays sellers were the
principal buyers in today's stock mar
ket complete reversal in the trend
naturally followed. The readiness with
which most of the more prominent
| sto ks retrieved the losses of the pre-
ceding session demonstrated very con-
| cluSively the absence of liquidation.
| which. however. has been an outStand-
! ing feature of the current market Situ-
alton since the shGpmcn's S strike started
on July l.
! In addition TO technical influences the
! overnight developments put an entirely
! different ASPECT on both the coal and
| railroad strike situations The cuntro-
! verSy of the hituminouS end of the coal
! labor disturbance. according to all ad
vices. has been virtually settled. Terms
of the agreement apparently were ac-
Cepted by those of the miners and op-
orators who attended tho conference at
cleveland. and IL Is reasonably expected
other opera tors who declined to partiCi-
pate in that conference will later fail
into line. aS the door has practically
been left open 10 them to sign up at
their convenience.
For the moment neither financial nor
market community i paying much
attention as to how the ending of the
dispute was reached. bur are more dis
posed to look at the more important
side of the question as to the stimu-
atlng effect II is almost bound to have
on the cOuntry'S 5 manufacturing indus
tries. More especially the steel trade.
whirh was on Il fair way of recovery
and expansion ut the time fuel short
az" showed symptoms of becoming
acute.
Despite tho seemingly increasing COM
plcationS the wind-up of the rail strike
is also looked upon as being close at
hand. The pag"rncSs of the brother
hood chiefs in seeking another confer
enre was regarded rs n favorable omen
and accepted as rejecting Il determined
policy among these leaders of opposing
any further Cripplng of the tranSporta-
ton at this time.
Opening prices wrro mainly upward,
but tn" hcSitant mood of most traders
bcraiL>" of To" uncertainty of the strike
situation resulted in relatively light
dealings. Rails recovered somewhat
from their hoavinoSs Of yesterday. gains
Of u to rs points being registered.
The boom in the building industry found
/ expression in United States Realty.
which jumped 2l2 points. to new high
for the year. Pierce Arrow preferred
was UP Il on reports of increased
earnings.
Long interests soon attained control
and prices scared steadily after the
early selling orders had been absorbed.
Conspicuous strength was shown by the
Mexican oils. dividend- paying rails and
independent steel shares Active bid.
ding for some of the SpecialtieS forced
up several 80 new peak prices for the
year. including Famous Players. In
ternationnl Paper and Pittsburgh Coal.
Union Pacific broke through for new
high, and Chicago and Northwestern.
Great Northern preferred and Northern
Pacific extended their early gains. Ad-
vanceS Of = points or more took place
in Crucible and Lackawanna Stcels,
Mexican Petroleum, American lee.
American Can and American Linsced
preferred. American Radiator. Gulf
Steel and Louisville and Nashville fol-
lowed contrary course, dropping | to
t points.
Orders from outside sources counter
! balanced speculativ" realizing in sov-
rral of the leaders like Mexican Pc
trOleum and Studebaker. with the list
In general continuing 10 give an i'm
I prcssive show Of strength up to tho
/ rarly afternoon. The Pierce Arrow is
tues (the preferred rising Jl2 points,
| and standard 'iI OF tulifOrniu. Nir-
! ginia Carolina Chemical preferred
North American. Texas Gulf Sulphur.
| Western Union and Elkhorn Fuel were
bid up in a spirited fashion. Republic
! Motor and the Burns Brothers shares
/ fell away sharply.
! Rumors Of an early resumption Of
| dividend payments by Crucible Steel
! forced that stock up / points and
| various other favorites continued 10
reflect bullish impulses. Toward the
close profit taking in oils and some OF
the other leaders caused some reces-
sionS from the high levels.
Early trading in bonds was dull.
/ most price changes being of a fractional
nature. Slight improvement was noted
in Zurich S.. Belgian I12s and SIS,
Paris Lyons Mediterranean Gs. Ar
mour 4l4s, Montana Power IS. Inter
national Paper IS aad Chesapeake and
Ohio convertible IS. Baltimore and
Ohio + were off H.. and a reactionary
tendency also was shown by Swiss IS
Japanese first 4l:s, Third Avenue ad :
iustnent IS. Chicago and Alton 3las
and Central Pacific firsts. Liberty IS
sues eased n bit.
The market showed more stability in
later dealings, several inactive mort
cages making large gains.