Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-10
CLOSING MARKET
I. fH|GHLY FEVER|SH
Tob-Heavy Long Account Ap-
parently Left List In Vul.
nerable Position

NV York. June 10--The feverish.
nes4 Of todays stock market was
natural aftermath Of yesterdays violent
enakedown. While price movement
was cratic the undertone was much
better and the greater part of the list
asePlayed more resisting power. AL
though overnight developments were of
O distinctly constructive type. including
the clean bill Of health given the .ner-
gers of the independent steel com.
panies and continued extension of busi-
ness recovery by the mercantile agencies.
the selling movement was resumed on a
heavy scale at the outset.
while the oils and other pool issues
were most vulnerable the pressure ex.
tended to other parts of the list. The
Gc1nes. however. disclosed powerful
uA0erlying support which not only
ceked the downward swing. but SUBJ
eeQuently brought substantial recov-
ertea. carrying the more active leaders
Sosk to and above last nights closing
teveI on free covering of the short in
terest. When the requirements from
this quarter were satisfied the buying
demand was found &c be very limited,
which in turn invited fresh profit
taking and caused general shading
OF prices in the final dealings.
Bond prices were lower following
the heavier trend of the stock list
Liberty and Victory issues eased on
fairly heavy offerings. Ma;land Oil
warrants lost u points and Interna-
uonal and Great Northern adjustment
6s fell point Fractional declines
we're sustained bv St. Paul convertible
zhs, Missouri, Kansas and Texas As.
4. Ia
Marine 6s Atlantic Fruit TS and Third
AtSnue adjustments Mexican Govern
nfent 5s rallied ! point and Chesapeake
smel,inr ? IS tE"'CRs and chie cSpper 6s were
fractionally higher.
Whether from natural or forced IN
fiuences. there was a decided >lacken-
Ing of the speculative interest during
the-"current week. This is not alto
Eether surprising in view Of the definite
signs present within the last fortnight
which plainly indicated a growing top
heavy long account. Despite the con-
tinued scattered selected demonstrations
the forward swing denoted it had lost
q great deal of its former energy and
so-called strong arm methods were
found necessary 10 be applied often in
order TO keep moderate amount of
speculative interest alive.
Not from any adverse turn in fun
damental or basic conditions cou'd the
apparent changing the complexion Of
the market be held responsible. To
the contrary. conditions and develop.
ments all indicate uninterrupted prog
ress in the reconstruction from a finan-
cial. commercial and industrial View
point. Threat of railway strike, in
vestigation of the steel company mer-
Esrs and talk of overproduction in the
midcontinent oil field are important only
In producing. as they have done,
mixed attitude. As real factors they are
not treated seriously. but are regarded
a. being incidental rather than having
a;tlirect bearing upon the genera. sit
uation.
In the great rise in security values
since last August. however, there is
both the possibility and probability OF
the market having outrun the improve
-Went now being manifested in the gen.
eral business situation by indisputable
facts and figures. Regardless of this
theoretical side of the question quite
sSnumber of deep thinkers sensibly
reached the conclusion several weeks
ago the time at least had arrived when
profit taking would make n good or
der of the day. Although there has
been no sign of the market having suf-
tered any acute indigestion, yet the
ehect of the weight of these heavy real
ixtng sales for some days has been quite
apparent. Whether the technical bal
aiice can be restored without the GUS
tomary shakedown is a question diff
cult to answer.
If the stabi ity Of any movement must
depend upon the circulation of ire
sponsible creations of the professional
rumor monger and the exploitation Of
q class of stocks formerly dubbed in
the category Of ''catS and dogs" it is
certainly not a playthIng for the mex
perienced layman. Nor could it be re-
garded as a market of character to
meet the appreciation of the leading and
influential interests. For some little
time the accepted leaders have shown
all the recognized earmarks Of having
had their movement. Whether the halt
is emily a temporary breathing spell pre-
ptfatory to the second stage of the con-
stTuctive movement remains to be seen.
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