Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-03
MARKET THIN FOR
RECENT LEADERS
Sharp Spurt in Oils Turns
Prices Up Again Near
the Close

New York. Aug 3.-Today's stock
| market was found to be extremely thin
| fer rumbcr Of the recent speculative
| tavoritos when the professional oper.
| ators endeavored to make quick turns
! IN these issues. This provoked moro
active setlint IL the general list IN the
AFTERNOON when reactions of one TO three
points were common all along the line.
y squirt in the oils, however, turned the
marh"t up again in the last half hour.
| In" rank and file Of the trading COM
! munity maintained III" same waiting
attitu"e pending the next move in the
rHilrnad and coal strike situation
Artticialiy colored renorts were gen.
erousIy circulated to create the impress
sion some improvement was tak;,g
pace IN the transportation situation,
! hur. as q matter of fact, not much
I chang" occurred overnight. The Street.
however. appeared 70 find considerable
ENCOURAGEMENT in the loaded car re-
! port for the week ending July 30. This
showed the largest s~sfiu movement
barring the coal loadings There was
also an Inclination shown to regard
reports of the growing fuel scarcity
as being magn!fed. Il all made moro
pleasant reading matter. but evidently
IN" larger percentage Of the market in.
'Gre>tN Were quite content 70 maintain
me position they have held for soma
few days on the side lines.
Foreign oils furnished the only real
,acurity during the morning, with Moy-
! lean Petroleum registering n gain Of 3
points and the PAN american issue.
with General Asphalt and Mexican Sea-
noard moving UP ! 70 ~ points
Wooiworth and Western Union both
broke into new high ground for the
year. There was also apparently n
good demand for Adams and Wells.
Fargo Express shares, which were up
to points.
other strong points during the foro-
noon trading included Federal Smelt.
lng ana Refining shares which were M
~ and 2aS Joints, the latter n new
nigh r"cord American Car and Foun-
dry ut the same time advanced 3 points
and Amerran lee preferred 1ai.
The market, however. was not alto
gct@or one sided affair by any means.
Norfolk and Western. which yesterday
cam" into prominence" by the animated
advanr" to rs. dropped back over n
point on profit taking. Republic Mo-
tors, with decline of 2@s points. made
a new low. At the same time Interna.
tional Mercantile Marine, Gray &
Davis, Chicago and Eastern Illinois.
with Lorillard Tobacco and Republic
steel. were cOnsp!CuOusly reactionary.
he duLIness OF the market was re-
li"v"d for time In the early afternoon.
When professional operators, trading for
quick turns. made a sudden onslaught
on prices. Weakness in such favortteS
as Studebakcr and Chandler Motors
rruc!ble steel, Baldwin Locomotivc and
Marine preferred caused hasty profit
, taking in other stocks which had shown
recent marked strength. Chemicals. do
mestic oils. food, international Paper,
American Can and Consolidated Gas
We're also supplied freely. Marine pre-
ferred lost 2&i, Cruc!ble Steel . points
and considerable number Of other Is
sues l TO %.
The market showed a better tone in
the last hour following sharp squirt
in the oil grour, notably, in Mexican
! Petroleum, which wa, bid up five
points. Low priced rails sugars and
tobarcos also were IN good demand. all
nj the days best prices.
y strong tone was shown in the early
/ trading. in the bond market, most of the
| active issues making apprrriuble gains.
French Government and municipal
bonds, which SlUmp"i yesterday in re.
>ponsc TO unfavorablc international de.
, yelopmentS and further collapse in
German exchange, were up approx.
m4tely y point,
Rails featured the domestic issues,
Great Northern Is. New York, Ontario
and Western f. Atlantic Coast Line
first As. Baltimore and Ohio convert.
h." il.S and Northern Pacific Is and
'i~ being in good demand and showing
d"ciI"d strength. 'z"ch"- Sl"vakian,
L .F,E