Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-13
week ENDED WITH
BU0YANT MARKET
Speculative Sea Likely to Be
Choppy in Next Few
Weeks

New York. May 13.--Thc week closed
with broad and buoyant stock market
| today. While there was an absence. Of
tho spectacular advances attending yes
trrday'S session the whole list showed
what could be best called an almost
irrcsistible upward trend. The pro
grcssive and broadening character Of
the forward swing reaching as 1t did
practically every division Of the list rc.
i'ccted complete rout Of the reac-
'iunary party as there was outstanding
proof of hasty covering of shorts all
around the room.
Although speculative interest con-
tinucd concentrated to great extent in
the issues influenced by the steCl
! merger there was distinct broadening
of bullish activities and many other
issues became prominent in the trading
because of vigorous buying and sub.
stantial advances. This was partic-
ularlr true as to tho railroad division
and tho lower priced oils. The session
was punctuat"d by frequent periods of
liberal profit taking. but these Offer.
ingE were quickly overcome by the heavy
influx of fresh buying orders and the
constant retreat of the shorts. As Il
result the final prices were NOT only in
most cases the best of the day. but in
numerous instances were the highest of
the week.
Trading bonds were nominal and
irregular of tone. Liberties eased and
foreign offerings were mixed. French
Government IS. Swiss IS. Belgian
l2s and Mexican Is were fractionaliy
higher, while French Tiss and several
Of the French municipal> lost as much.
Among domestic industrials. rails ana
utilities changes were equally narrow
M
If II waS known how many more sur
pris"S there were stored up like tn"
big coup Charles VI. Sclwab pulled of
10 III" utter surprise of the Street in
the BethIehem- -Lackawanna Steel mCr-
ger. Il" future of the current markr'
would he much more easy TO read. a
II stands. il is any ones guess. for. n
the moment. the general market Situa-
tion is SO heavily charged with conflict
Ing cross currents that some of the
shrewdeSt observers frankly admit their
inability to arrive At n satisfactory and
reliable reckoning. In consequence. for
the next few weeks. the speculative sea
is likely TO hn very choppy and the hori-
zon overcast with fog banks.
Until Speculative enthusiasm had
been rcchargcd to a high pitch by the
Rethlchem f.aCkawunna merger, il waN
u pretty SAT" bct 70 say the market had
made mighty good start toward getting
the reaction many. including the sold
out bulls. had been awaiting for some
time. There was. az least, just sutticent
circumstantial. If not concrete. evidence
TO indicate very clearly enough distri-
button had been made iE the preceding
three or four weeks 10 require period
of digestive rest. As a matter Of fact
the list. as Il whole. developed we'll de
fined symptoms of Indigestion and or
several days it looked as if it might be
an acute case. Despite the temporary
restoratives supplied by tho Schwah
coup, 1t is still an open question
whether the digestive disturbance haS
been entirely corrected.
This much is certain, n large number
of the well informed and deep thinking
OF the market community do not enjoy
the same 1osree of implicit confidence
Of continuation of the constructive
program as they entertained. say. q
month ago. Enough. likewise, has been
disclosed within the past fortnight 10
convince all unbiased observers an al
most dangerous overpNtension of specu
lative commitments on the long side had
been created. Coupled with this are
many substantial reasons for assuming
the so called pools and speculative COM
DinatlOnS succeeded IN unloaClng
larger part OF their holdings on an ever
conf;ding public. 1t is almost quite Ger
tain. in all events. unless surface signs
are misleading, the personally conducted
pool operations have been, for the time
being at least. suspended until cond
tions and circumstances become much
more propitious for their resumption.
Then again, the play time. or the va
cation period. of the big operators t.
RAPIDLY approaching and in but short
time there will be seen Il striking exodus
Of the big lights Of Wall Street to foreign
and other more comfortable climes. In
its long history. Wall Street has seldom
experienced any big bull market during
the heated term. and from all signs. this
summer is not going TO be any exception
Things. of course, could happen 70
change the entire outlook. but it Is
obvious even TO the unframed layman
that until This transformation occurs
the technical position. rather than out
side conditions, will continue the gov
erning factor.