Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-24
GOSSIP OF
THE STREET

1t looked yesterday as II the bulls
would at least get leg of the Christmas
turkey. The rift through the clouds,
which came'after the gloomy atmosphere
OF the preceding sessions, was refresh
ing belief. There was distinctly
better feeling in all quarters Of the mar
ket world. Whether the recovery was
merely a technical bareback or not, the
spectacle Of rising prices, one that has
not been seen for nearly seven weeks,
was at any rate gladstone to those who
have been hanging on by their eyebrows,
fearful of what the next day would bring
forth.
While there was considerable diver
sity of opinion as TO the immediate
future Of the market, there seemed to
be consensus Of opinion that much
better things can be confidently ex-
pected after the turn Of the year. Some,
however, continue Of the belief there
plished on the constructive side until
the middle Of February. II some Of
the reports that most Of the recent sell
ers was for the purpose Of establishing
losses for income tax statements are
deferring repurchases until after the
turn Of the year Is true, there would
appear to be an almost immeasuraDle
buying power behind the market.
This, coupled with the estimated large
short interest, is therefore likely to pro-
duce an equally exciting rebound In Sc
curity values ns was the recent marking
down process. In the opinion Of some
observers, this fact has already been
recognized by some Of the larger bear
interests, and they have already started
to get out of the range of the possible
squalls.
A Dissenting Opinion
A we'll known market critic, taking a
| somewhat divergent view Of the imme-
diate outlook, said yesterday:
"Dcspite the fact that little can be
asserted with confidence, it remains
worthy OF observation that the market
rallied yesterday at time when buying
for January disbursement rally should
have started.
"At any rate, the feeling at the close
last night was inmeasurably better than
the feeling at the opening, and we
choose to believe that this better feeling
will bring some outside buying orders
| into a market that has been absolutely
void of anything but scale order buying
| II so, IL would be reasonable to eHpec,
irregular improvement until the end OF
next week, after which time we thinh
stocks will again be sold, because it IL
essential to remember that while the
period Of bear markets continue lond
we see no hopes of its possibly ending
before February. rallies will be sharI
but brief and will not be worth trying
for except for the nimble traders.
"'They will, however, offer better sell,
Ing opportunities than the sessions Of
acute weakness that we have beer
through, which latter should only b'
utilized for buying securities whose div
idends are reasonable certain of main
tenance, and even then only on mos
liberal margins.
More Copper Dividends Passed
| Directors Of two copper compante
passed their regular quarterly dividend
yesterday, in each instance conserya
tion of cash resources and prevailing
conditions In the metal market beini
given as reasons. Action by the di
Tectors of the Inspiration Consol olidate'
Copper Co. came as surprise II
financial circles, but in the case Of tn
Greene Cananea Copper Co. the actor
was expected, it was said. This actio,
in either case in so far as the marke
was concerned had been pretty well dis
counted by the stocks involved and the,
| were little affected