Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-07
STOCK DEALINGS
BROAD AND ACTIVE.
While lndustrials Yielded Under
Realizing, Rails Climbed to
New High Levels

New York. April 7.--Dealinss con.
tinued broad and active In tOday's stock
market. but price movement was more
irregular. n heavy volume of profit
taxing was encountered. with the rpaliz 4
Ing particularly noticeable In some Of
the recent active speculative leaders.
This was Offset by the strength Of the
rails. especially the coaler group. which
made new prices for the year. A
number of specialties were also given
fresh whirls carrying them into new
Ugh ground.
The spectacular movements Of the
'ast few days brought forth advices OF
"nution from most Of the leading COM
mission houses and while no effort was
made to belittle the strength and scope
ct the current constructive movement. :.
till the opinion was expressed the ac-
ton of the market called for both dis.
cretion and discrimination. The pace
of many of the industrial spcciatlcs
was regarded as too rapid for the safety
of the general list in that 1t was be-
"errG the possibilities Of future had
already been largely discounted
As in the ,upceding sessions. there
was practically no association Of the
current movement with the news or de-
re!opmens. and more attention was
paid to the markets $ own internal posi-.
tion than 10 outside occurrences. II
was mninIy question. as in all major
movements. to attempt to discover where
the lightning was likely to strike next.
Cumulative evidence Of continued i'm.
provement. however. was to be found
both as to the commercial and indus.
trial situation. while further proof OF
the steadily improving banking was pre-.
s"nted in the Federal Reserve state
mrnts.
Studebaker was amon. the prominent
stocks to show the early effects of real
izing sales, falling 2li points. Chandler,
General Electric. Mexican Petroleum
and United Fruit also reacted l to =
points. The demand for rails expanded
during the morning. Reading. Lehigh
Valley and Norfolk and Western rising
10 2ir points to new high prices for
the -ear. Canadian Pacific. Atchison.
Rock Island and New Orleans. Texas
and Mexico also strengthened. Gulf
States featured the independent steels.
rising ) points. and Otis. S'oss- Shef.
field aud Great Northern Ore made
noteworthy gains
New features were presented in the
response of the local traction stocks to
the proposed plan by which the Inter
borough Rapid Transit system will be
released from the burden involved in
the Manhattan lease and which appar-
emily avcrtS rcceivership for the inter-
borough. 1t was generally believed the
suggestion Of Judge Mayer will be ac-
copied. which will consequently clear
up much of the uncertainty concerning
the complex 1nterborough situation.
Some of the bonds rose 3 to Z points.
and the preferred stock made an adj
vance of Is to 0ls. while the common
stock rose Is to az. The greatest gain
in this group. however. was in Manhat-
tan Guaranteed. which rose points
TO 44la. Brooklyn Rapid Transit was
also in urgent demand following definite
statements that plan will soon be an
nounccd for the reorganization Of that
system and the removal Of the receiver.