Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-27
PRICE movement
. MORE IRREGULAR
Demand and Supply Evenly Bal
anced In tho More Active
Issues

trend was well maintained in practi.
"nlly all the markets today In face Of
nnquestionably heavy proft.taking.
Sterling exchange Atruck a new high;
there was a resumption Of active buying
in the grain markets: cotton pushed
forward again and money ruled com
paratively easy at 8 per cent. The
railroads were the .trong spots OF the
stock market. while the independent
steel shares continuSo under pressure.
This produced more irregularity in price
movement and the demand and supply
were SO evenly divided that reactions
quickly followed advances, although the
majority Of the active stocks showed
little net change at the end of the day.
Over the. week. end developments, II
anything, were strik-ngly in favor OF
the constructive party. This was es-
pecially true as pertaining to the inter-
national conditions. Outstanding In
this connection was the favorable re-
port Of the Senate committee on the
treaties. Almost equally important and
inspiring was the announcement Of the
perfection of the British and French
alliance. This was considered important
because IN the pact was found indica-
tions OF a getting together on the other
side. All Of which foreshadows a
quicker adjustment Of both the foreign
fundamental and economic problems.
and which is partly confirmed in the
steady recovery In the sterling and
other exchanges.
Trading became feverishly active dur
ing the morning with the first hours
foreehadowed another turnover in ex-
cess of a million shares. The independ-
ent steel issues resumed their reaction
ary course Of last week, Bethlehem
Crucible. Gulf States Steel and Lacka-
wanna Steel losing I to 2 points. This
was more than offset by the steady buy.
ing of the rails, oils. equipments, ship.
ping stocks and prominent specialties.
Canadian Pacific. Texas and Pacific,
Missouri Pacific common and preferred.
Pere Marquette and Chicago and Alton
gained to IA points. Standard OIL
Of New Jersey; Mexican Petroleum.
Transport, Mercantile Marine preferred
and American International rose to
2 points and Sears -Roebuck, May De-
partment Stores and California Pacific
made similar gains.
The constant shifting OF the interest
reflected the broadening character Of
the dealings and the continued hasty
retreat of the short interest. Announce
ment Of additional failures Of broker
age houses. bringing the number of
these crashes since November up to.
ward the forty mark. was again with.
out the slightest effect or influence, ex-
cept perhaps to emphasize the complete
control of the constructive forces and
the strength Of the market position.
After midday there was a shifting to
the copper issues, which have been in
the background for some time with ad.
vances in that group running from l
to ~ points. Their strength, how
ever. was seemingly utilized to affect
.stribution in other quarters. partic-
ularly among the industrial specialties.
The gas shares were later taken up TO
stabilize the list with Consolidated Gas
rising over points.
The market became unsettled in the
final dealings, reactions of / to 3 points
being preripitated by liquidation in At
lantic Gulf common and preferred. Corn
Products. Tobacco Products, Studebaker
and Bethlehem.
The foreign group again overshad-
owed the active trading in bonds. do
nestle rnils rs we'll as industrials show
ing irregularity. though mainly higher.
Chinese Government 5s rose PA points.
their advance being associated with the
favorable report made by the Senate
Foreign Relations Committee on the
Chinese treaties Mexican Government
IS gained l point and the French, Bel
gian, Swiss and japanese issues also
strengthened. Seaboard Air Line re-
funding 5s and convertible Gs rose .
and 1l2 points, respectively. st. Louis
and San Francisco, Missouri, Kansas
and Texas. St. Paul. Chicago and East
crn Illinois. Rock Island. Missouri Pa
cifc. Chesapeake and Ohio, Erie. Balti-
more and Ohio and Southern He'll Tele-
phone issues were better by fractions to
l point.
! French Government 7iss made a new
4. high ut 1902 in the late dealings. but
I the general bond list gave way irregu-
! larry to the reaction in stocks.