Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-15
IBALDW|N'S SPURT
!. MARKET FEATURE
Week Was Crowded With I'm
!, portant Foreign and Do
mestic Developments

New York. July 15.-The usual
week end evening up operations Of the
troding contingent impaired a degree
AZ irreg,lla, strength to the brief stock
market tcGay. Apart from the equip.
ment shares. of which Baldwin Loco
motive was the leading feature. and
further weakness in some Of the oil
stocks the days movement was really
without significance. Uncertainty as
10 both the coal and railroad strike
situation was nn effective damper upon
speculative activity. The possibility of
some important development over Sun
div naturally made the traders eau
lions in making fresh commitments.
Trend of prices was upward in the early
iea'ings. but the greater part of the
Improvement was Cancelled before the
closing.
Trading in bonds was nominal at
trihing changes. Liberties remained
steady, retaining the better part of
Yesterdays gains. Foreign issues were
extremely dull and unchanged. Mcxi-
can 5s gained fraction with Copen-
hagen 5l2s. Reading IL md Union
Pacific convertible Is were slightly bet
ter. while L. =. Steel rs gained IN
points. Consolidated Gas u Cancelled
mart of yesterdays sharp rise and At
Gibson general Is eased slightly with
several of the Western and Southwest
ern railway issues.
No complaint could be made this
week by the market community of lack
Of news and important Developments.
II anything there was an ovcrnbun-
dance. but the market. from surface
Indications. apparently has reached n
stage where IT IS almost totally in
different to outside happenings. That
Is to say. 1t refuses to go up on favor
able developments and stubbornly
ignores all the adverse events. In other
words, the motive power is still found
in conditions within itself.
From n far distance viewpoint, the
events of the week were of distinctive
constructive type. and sooner or later
will unquestionably become important
market factors. This is particularly
true as TO the monetary conditions,
which, after all, is the sinews of active
speculation. The outstanding events in
this connection were supplied in the
unexpected further lowering of the
Bank of England discount rate to 3
per cent. and the renewed activity and
strength of the United States Govern
ment war loan issues ut new high
record prices. Both can easily be ac-
cepted as foreshadowing II prolonged
season of easy money market condi-
lions.
The unhealthy German economic and
political situation for brief time
threatened to produce widespread un-
settlement. in the financial realm. In
the first place. 1t is obvious to all care
iul students of tn" market situation
II will take something more than tho
collapse of the German political struc-
ture to upset the American markc.s
The German situation Is admittedly
serious but not altogct.Sr homeless.
which is indicated clearly in the rel.
atively complacency of the English
- financial markets. To come down to the
bottom facts of the case. the European
Stuatioh for long time has not been
considered an important market factor,
lhe dis'lli"tlng events abroad have
caused congestive chills and are likely
10 cause more. but can be considered
asfncidcntal rather than potcntinl in.
nuences in so far as American security
values are concerned.
The railroad strike situation has
steadily grown worse by reason of the
conflicting elements injected into con-
troversy by the antagOnistic attitude Of
both sides. Emphasis on the serious
ness OF the situation is given in the
drastic steps taken by the Government,
including the use of troops TO keep the
mail ira ms moving. a week ago the
action of the Railroad Labor Board in
outIawing the striking shopmen seem
lngly foreshadowed IN early collapse of
the walkout. Instead of this happy
event being realized there is now danger
OF other departments of rnilroad labor
being involved. Cnpromising ns out.
look may be. the market continues to
ignore it. The trading community has
learned from long experience not to sell
stocks on labor troubles. This is one
Of the traditions of the Street seldom
violated. The market community, how.
ever. have all along entertained a con.
hdent belief some way eventually would
be found for an amicnblc settlement of
the railroad labor troubles. Such n
hope Is to some extent encouraged by
the apparent successful effort ON the
part of the Government to bring about
an early resumption of coal mining and
the submitting adjustment of the pcnd-
ing disputes to an impartial commits
si0n