Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-26
CLOSING MARKET
VERY IRREGULAR
Persistent Advance In the Face
Of UnsettIing Developments
Tends to Promote Caution

New York. Aug. 26.-Bullish dem
onstration in special stocks. which sent
nearly a dozen issues to new hi gh lev
els for the year, featured today s rela-
lively quiet stock market. Liggett q
Myers was pushed up Sl2 points to
new high, while American Tobacco
Consolidated Gas. National Lead
North American. Eastman Kodak, Con-
tinental Can and Lima Locomotive es
tablished peak prices at gains OF ! 10
SIN points. Rail shares were under
heavy pressure in the early dealings,
declines of to = points taking. place
in st. Paul common and preferred
New York, Chicago and st. LOUIS,
Colorado and Southern. Illinois Cen
trail, Chicago and Northwestern, Jersey
Central, Lehigh Valley and ATLANTIC
Coast Line. Subsequently the list made
a good recovery in response to an ac-
tive inquiry for Mexican Petroleum
United States Steel. Studebaker. Bald
win and special stocks. which were SUD-
jected TO pool operations
Railroad mortgages, especially the
speculative issues were inclined to
heaviness. Declines of y to = took
place in Baltimore and Ohio As, Sea
board Air Line refunding is. Western
Maryland As. Chesapeake and ONO
convertible Is. Norfolk and Western
convertible IS and Erie convertible As,
series A. Rock Island, Ark and Louis
willie 4i2s moved up y. Public | ili-
ties we're in good demand. American
Telephone convertible 6s moved UP
point and moderate gains were made by
Southern Bell Telephone IS and Ameri-
can Telephone 5s. Little activity was
noted in the industrial list. Liberty
issues held steady.
The thought uppermost in the mind
Of those having market commitments
or contemplating making some at the
close of the wee kis how much longer the
barometer OF security values can con-
tinue to climb in face of so many un.
settling developments in both the do
mcstic and foreign situation. OF course,
il Is not an altogether new spectacle
of witnessing a rising tide of market
value with multiplying bad news and
developments. There is, Of course,
limitation to the stretching point and
for that reason an element OF caution
has crept into the current situation.
Ever since April the hope Of n favorable
solution of pressing problems has been
the propelling force. which has stead
lily swept the average price II the rep
resentative industrial and railroad
shares into new high levels. In quite
number Of instances prices reached
were the highest touched IN severa!
years.
While the market performance has
furnished a pleasing spectacle and DEM
onstrated beyond all dispute the COM
plete control of the forces behind the
constructive movement. there has been
q singular absence of unison which
usually CharacteriZcs all the great mar
ket swings. On the contrary, the move
ment has been COnsplCuOusly special
n 10 NF "a
set Of leaders. This has represented
an automatic shifting and reshifting Of
concerted speculative energy among the
different groups, in which, in most cases,
pool manipulation was the dominant
influence.
As a result there is considerable d.
versity of opinion among recognized au-
thorities whether the persistent bidding
or marking up of stock prices repre-
sents the disCounting or anticipation of
widepread prosperity in general busI-
ness and industry IN the fall and win
ter or whether it represents an Un-
stable and artificial superstruCt,lre built
up in defiance 10 the contest forced
upon capital by the country laborun-
terests. II the first NAMED theory IS
correct the market obviously has start
ed on the much discussed secondary
stage Of the bull market Of 1922 ahead
of schedule, which may upset at least
part of a carefully prepared set pro-
gram. On the other hand. if the bull
movement since III" interruption OF the
ma jor movement last April has a quick
sand foundation OF art!tiCiality. there is
q likelihood nf an attempt OF wholesale
unloading when the good news of a full
settlement OF the labor trouble becomes
public property.
Other observers regard the current