Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-15
| |b!ERSF)[E Up
EOvER THE HOLIDAY
,Mssk's Developments Con.
! stantIy Strengthened Position
!, Of Constructive Leaders ,

|iS New York. April 15.-The fresh out
H.burSt of speculative enthusiasm in the
a IN stocks In today's brief session was
Of the present market. Al.
I" though this particular group commanded
.aAle foremost attention the trading In
the general list continued broad and
Y active. The heavy accumulation OF
II buying orders over the holiday supplied
n striking illustration of the contagious
nature Of the speculative fever which
shows signs Of running rampant. The
4 tremendous buying wave increased In
3 Intensity during the short session and
awept everything before it. Substan- :
I tial additions to the recent advances Of
6,brices was virtually recorded all through
Z the list. The only discrimination being
!; shown was the seeking for something
2 that had not yet advanced.
q New HIGHS for the year were estab-
: lished not only by the oils. but also in
( \ number Of the other industria's and
! same of the lower priced rails. AL
though quite n good bit of profit taking
was encountered the constant shifting
y 10. different groups served to keep the
Y trend of the market upward until the
s closing.
Liberty issues we're irregular in the
bond market. but other domestic as
: strengthen. Mexican. japanese and
Belgian Government ISSUES gained from
1 y to ~ points. Mexican As leading.
Advances of to almost points fen-
tured the further demand for Erie gem
eral As. PENNSYLVANIA general 4i.s. Sea-
board Adjustment IS and Interborough
Rapid Transit jy. Fractional improve
snent was shown by many other rails.
NOTABLY the coalers. with active buying
: of Baltimore and Ohio and Chesapeake
7 and Ohio convertibles.
- The question uppcrmost in the mind
Of virtually all market interests is when
the much talked about and long
1ooked-for reaction is going to take
place. Up to the moment. the market
simply has refused to react. On sew
/ eral occasions during the last week.
Il seemed to be on the brink of ma.
tertal setback and seemed to be all set
for temporary reversal. The reac-
tion, however. did not extend very far
, before II uncovered fresh strata Of
underlying buying orders. which not
only quickly overcome the downward
tendency. but Invariably started the
forward swing on a fresh tack. in many
: instances carrying the speculative lead
Z ers to new high prices for the year.
J, The week closes with virtually the ma
: iority of the active issues near IN.
top of the current year. which in
many cases represent the high marks
since 1920
The supporters of the constructive
movement have not suffered because Of
the lack of ammunition. On the con-
trary, on almost each succeeding day
there crops out some event or develop
mcnt serving TO confirm the almost phe-
nOmenal transformation taking place.
not only in the financial situation. but
also in the commercial and industrial
sas well. About the only remaining
stumbling block to n speedy return Of
business prosperity is the lamentable
coal strike. Notwithstanding increas-
ring evidence that curtailed production
yOf coal IS already beginning to hamper
Industrial operations. the powers to-
-Ls and the market world in general are
fssill disposed to treat this unhappy sit
siistion with singular Indifference.
4 The 3l2 per cent interest rate for the
Z Jew iss,Ie of Treasury Certificates Of
supplemented by the low
eNng Of the Bank Of England mini
mum rate of discount to ! per ,,".,
making the British rate. with the eX-
jception of Switzerland. the lowest bank
rate of the world. is monumental tosti-
mOny of the complete restoration Of the
icredit situation and releasing Of funds
FOR commercial and industrial purposa.
besides the rapid approach of degree
Of normally Of tho international tinan-
cial situation.
These events. together with the prom
ises of good influences that are expected
10 come, out OF the historical Genoa
conference. the wonderful improvement
and outlook of the steel industry and
many other favorable happenings of the
last two months tell. in their own way.
the reason for the rising values Of the
country. The only trouble there seems
to be founl is the possibility Of allow
ing the imagination to run away with
good hard sense and create weak po-
sition which may be somewhat difficult
to correct.
In consequence. there are some weak
elements to be considered in the current
market which naturally have been
passed slightly over by reason Of the
lure OF spreading speculative cnthusi.
asm. One of these. which may sud.
denly precipitate the longed- for reac-
ton. is the increasing number of stop
loss orders, which many OF the traders
are placing to guard against an entire
loss of position. This is building a
weak understand to the market struc.
ture by which some unforeseen accident
may cause 1t suddenly to topple over.