Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-01
MARKET IGNORED
THE COAL STRIKE
All Earmarks Present Of an Old
Fashioned, Rampant Bull
Movement

New York. April 1.---While the price
movement was mixed the tone Of to-
days closing stock market was one of
pronounced strength. The coal strike
cxcrted no pcrcertibic influence what
ever as the market community com.
pletcly ignored that event. The only
Indirect effect was the noticeable
strengthening of the oil shares. which
were run up on the theory II the
struggle between the miners and opera
TORS should proved a protracted one the
oil industry was certain to benefit ma
tcrially. Leaders of the railway and
industrial groups moved within mar
row limits. but some of the selected
issues were bid up sharply, notably
Pierce Arrow and some of the oil issues.
On the other hand. Manhattan Elevated
fell potnt in connection with Inter.
borough Rapid Transit's default of tho
quarterly dividend on tina, stock.
Liberty Bonds reacted slightly today
from high records Of the previous ses-
sion but the general bond list was firm
to strong.
Persistent reports that favorable de-
velOpmenis are impending in the mat
ter of relations between Washington
demand for MEXICAN bonds. The Is
made an additional advance Of 2Hs
points and the two ) per cent issues
gained large fractions. French TLs
and Cuba Republic IS also were strong
Enins Of I point or better were made
ly ST. Louis and San Francisco ad-
justmentS. lntcrboroueh metropolitan
4'.s and Manhattan Elevated Is
Moderate" advances marked further
buying Of New York. Westchestrr and
Eostm 4'as. ST. Paul Convertible Az
and st. Louis and San Francisco In
comes.
ceptrd as Il criterion. and unless there
is some unavoidable slipping Of the
cogs. every sign points to an old
fashion rampant bull market. The
scenes have been plainly set for the big
event and all tn" trained actors are in
position awaiting the cue. What seemed
to be merely II prelude. only n few
weeks ago, has rapidly developed into a
full hcdgcd exciting fve-act drama OF
the Woody West type. 1t may be II
little ahead of schedule time, but il
will not be the first time q hungry
speculative public has taken the mar
krt out of the hands of us conservative
managers and run away with 1t.
I i4' NV atmosphere - uS l'uNIlN
/ charged, if not ovcrcharg"d, with bulli>h
| sentiment rs it was OF the hearish type
! II year ago. Then. again. stock values
continue to climb to higher levels with
| the same Irresistible pcrsistcncy aS they
! plunged downward less than twelve
/ months ago. Some of the very Shrcwd-
est operators on the street and floor
! have unsucrcssfully contested the rising
tide of values since the inception OF the
current constructive movement the
latter part of last summer. They were
confidently convinced. with their sold g.
out bull allies Il week ago. the psyche.
! logical moment had arrived for the
| long looked for reaction. and played
!! their cards accordingly. The market
| did have some sort of setback, but all
their calculations went awry and in.
stead of plunging into the abyss. the
market gathered fresh strength and
, momentum and started to mount eve!
more rapidly than it did before.
There is Il good reason for the fresh
upward sweep because it daily becomes
more forcibly patent that the restoration
or resumption of I'll" business and indus
trial prosperity is much nearer at hand
than was supposed Il few weeks ago.
Trained experts have asserted oil along
the improvement would be of n gradual
I. uHu, I'p~Slb's "Ouiu HioNt pam
fully slow. Recent developments in two
basic industr ries threaten to knock these
arguments TO smithcreCnS and there are
well defined signs that several other!
are going TO do tn" same little trick
IL would BE- no cXaggcration to state
that il is within the realm Of posai
bility that the steel industry before th'
summer has loft uS will be operat!n.
at full capacity This * no Idle guess
or hearSay. but j. based uron the Pre-.
,!ictions of the leading steel and iror
interests. who in twinkling have brcl
transformed from derp-d dyed pe>simist
70 loud. shouting optimists.
=. The same applies 10 tn" trsnSporta
tion industry. Instead of talking r"'
ceivcrships as they did n few month
ago. railroad men are now forecastin.
an early resumption Of dividends eith"
suspended or reduced. The februar.
earnings statements were c-openers
They Just showed. however. what thu
railroad men could do when they hat
TO. The unpleasant experience of las
year was Il good thing after ali. !
served 70 bring out III" best that wa
in the railroad managers Of the country