Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-17
MARKETMOVEMENT
AGAIN IRREGULAR
Few Selected Issues Marked
Up, While Recent Leaders
Broke Sharply

New York. Feb. 17.--Price move.
,nent continued Uneven in today's stock
market. Some of the more prominent
speculative favorites reccded. others
held, while still others moved w into
new high ground. The general char.
ncter of the operations very strongly
suggested pool distribution Of special.
ties under the cover of the strength Of
new selected issrcs. This served to
ring fresh leaders to the front of the
stage while some recently conspicuous
III the limelight not only took back
eat but also broke badly when iquidat-
ing pressure developed.
There was about an even break In the
overnight news and developments. The
Federal Reserve reports were again ia.
vorable. Washington advices pointed
to possible shelving Of the soldiers
bonus bugaboo and money market con.
ditions were decidedly easy. with q
plentiful supply Of call money, loans
renewing into next week at 1 per cent.
On the other hand. the annual report
OF the United States Rubber Company
was fully as bad as predicted. II not
worse. London cables tod Of the fail.
ure OF an English brokerage concern
which has been in business $50 years,
and has liabilities of $4,000. 900.
Shippings and rails Of the invest
mcnt class lifted the average of prices
substantially at the opening. but gains
soon were cancelled as a result Of re.
pendent steels. Initial quotations re.
hected further buying of United Fruit,
Union Pacific, Southern Pacific. Mer.
canti!e Marine preferred. Lchigh Val.
ley and Reading. Shorts made drive
against Mexican Petroleum, probably OIL
rumors Of an increased export tax ana
Crucib.e Steel reacted one point.
Much of the early selling was trace.
able to professional sources and seemed
to be based on the unfavorable annual
report of the United States Rubber
Company. That stock was we'll sup.
ported, however, yielding only frac-
tonal.y. Gu'f States Steel. Baldwin
and Studebaker were heavy with Cru.
"iblc. and Mexican Petroleum showed
marked depression, losing 2 points. TIE
pecialties of the food and text g va.
rieties. also General Asphalt and Amer
team Can.
The market showed little resisting
power after midday. when the bears
made u savage attack on Mexican Pc
troleum on reports that we'll had gone
to salt water. Mexican Petroleum
s'umped 52s, Pan.American 2la and
Pierce Oil preferred 6 points. Favor
tie issues were also in free supply. with
Studebaker. Bethlehem and Crucib,e
Steels losing point or more. In the
specia ties considerable lower prices
prevailed for some issues. United Drug
yielding 2la and Adams Express pa.
The entire market was more ad.
versely affected in the final hour when
Mexican Petroleum extended its loss to
almost 7 points on increased liquidation.
Foreign issues again were most fav.
ored in the broad and generally. high
movement Of the bond division. French
Government 7i.s and United Kingdoms
Of 1922 registered best prices for the
movement. French municipnls and
BE gian. Swiss, Swedish, Chinese,
Cuban Republic 5s and Mexican Gov
crnment is were also firm to strong.
The second, third and fourth 4hs we're
strongest of the Liberty issues. Denver
and Rio Grande 5s at a . point advance
and Louisville and Nashville is and
Pennsylvania general 5s were among
the higher rails. Utilities were fea.
tured by Western Union AIS and Pa
"ifc Telephone and Telegraph IS At
moderate gains.