Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-10
RAILROADS Turned
MARKET Up AGAIN
Yesterdays Demonstration Pro.
voksd Liberal Realizing Sales
In tho lndustrials

NeW xOtHs reO. 1U.-lnc OemOnStru-
ion against the short interest In the
',te trading yesterday was not resumed
the opening in today.'s stock market.
sues made gains. These advances
rere quickly lost in a general reaction
which started before the end Of the first
iftcen minutes. A general melting Of
ices followed under the combined
ressurc Of liberal realizing sales and
resh bcarish operations, but before the
dictionary movement gained any con-
tlerable momentum another forward
wing was started in the rails which In
fenced a cor,n etc reversal of the mar
ket trend. This, in turn, was partly
,ounterbalanccd by the disappointing
ecrease reported BY the United States
Steel Corporation in the untitled tonnage
for the month of January.
The incentive for the raj demonstra-
tion was supplied in the Washington
advices concerning the conference in
Administration circles for devising
means of giving relief to the railroads
without expenditure Of funds from the
strongly impressed with Secretary
FIoover's suggestion that Government
uarantce Of the railroad equipment
certificates be given, which would not
My make them attractive to investors.
nut would also enable the roads to rnise
money for the much needed rolling
took.
Instead of concentrating effort in the
over price issues the real leadership
+ rs taken up by the dividend paying
abroad shares. with especial buoyancy
n the Pacific and transcontinental
. sues. The entire rail division. how
yer. responded and before midday the
roup registered gains from small frac-
ons to more than 2 points. in number
I instances establishing new highs for
he current movement and for the year.
In the meantime the movement OF
he industrials was quite mixed be-
ause Of the conflicting opinion as to
rhe real motive behind yesterdays dem
onstraton Of strength in the late deal
ings. 1t was generally agreed 1t was
argely brought about BY the clever
maneuvers Of an active floor operator
ana in some quarters was regarded as
pre- arranged concerted drive against
bucket -shop interests under examina- =
ton. Because of its recognized arti-
fetal character there was naturally a
tendency to proceed cautiously during
the earlier operations until the market
position had been sounded. There were
ONE who were of the belief the last
lad not been heard If the so dier bonus
bill as market factor notwithstanding
Cha .rman Fordney's more encouraging
emarks regarding the stock transaction
tax.
United States Steel reacted q point
before meeting with more than mod
crate support. Mexican Petroleum,
New York Air Brake, Corn Products,
Goodrich, American Tobacco and Fam.
GUS Players common and preferred we're
l to IA points under yesterdays finals.
Southern Railway preferred was Out
of line with other rails, showing occa
sional pressure, Rs against the stenrgth
Of Seaboard Air Line preferred, Pere
Marquette preferred and Minneapolis
and st. Louis. Cast Iron Pipe common
and preferred were the only specialties
ments and coppers forfeited fraction:
in the brief reacting movement.
Buying Of influential railroad stock!
like Atchison, Great Northern pre-.
ferred, Northern Pacific. Norfolk i
Western, Reading, Southern Pacific ant
Union Pacific which improved / to
Joints provided stimulating influence
for a time, but the entire market weak
ened on the publication of the United
States Steel tonnage report showing q
decrease Of 26, 738 tons, whereas an in
crease had been quite generally ex.
pected. Liberal offerings Of the stcels
equipments. American Sugar, American
Sumatra Tobacco, Peoples Gas ans
General Asphalt depressed them to q
below yesterdays final figures. Subse
luently the market again moved forward
under the leadership Of Mexican Petro.
leum. ."'
:. fresh wave of profit taking wal
encountered in the last hour, which wa
provoked by reason of the double holi
day following tomorrow's short session
This produced irregularity in the fina
| price movement and cancellation of
large part Of the earlier improvement.