Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-15
GOSSIP OF
THE STREET

There was better feeling on the
street yesterday after the closing IMAM
has been experienced in some weeks.
While few looked for a substantial
recovery from the recent drastic de-
probation Of security values, the ma
iority were of the opinion that the
market was more likely to work into
narrow grove until after the year
end settlements and disbursements had
been provided for.
There. however. seemed To be
singular unanimity Of opinion that two
of the chief stumbling blocks and de-
pressing influences had been entirely
eliminated from the market situation.
This was based on the belief that the
selling for tax payments was completed,
and that an awkward position had been
safely bridgcd Some seemed to believe
that much of the selling for c'tnblishinS
losses for income tax puym'nts was ike
wise about done.
The only remaining disturbing ele
ment Of weakness. they said, was the
bad business situation. Business II
was pointed out. was on its back and
still unable to get up on its feet again
Much. however. ..of the adverse side ot
this section 0f the general situation
in the opinion of many. had also been
to q large extent discounted. Ii seems
as if everybody is prepared for some uh-
pleasant things in the general business
situation after the holiday trade is over;
The rank and file hnve been educator
up to q point not to be surprlsed NJ
anything. Sometimes. according to tnc
annals of Wall street. when the worst lS
expected II never turns up. 1t wolllu
be a blessing in disguise IL such happg
event would be experienced when th'
new year dawnS upon US.
Technical Rally Due
Market opinions these days are
naturally very conflicting. which is to be
expected in view Of the mental con
fusion of the trading contingent; Inc
New York correspondent OF j. w
Sparks & Co., in a special message
yesterday. remarked:
Fundamentally. Of course. We are IN
a period OF bear markets aud viii con
tinue to be until February. BuslheSn
depression with it's destruction OF senti-
ment and it's wiping out of corporate
and individual working capital pays
into the hands Of bear traders, ana at
the same time it stultifcs buyiLg power
Unlike previous periods OF depressloh'
there is no European buying power
coming to this market and pears are
therefore unopposcd except by scale
buying orders until their own selling
and that of their following creates an
oyersold condition where large operators
will turn bulish to run in shorts,
Until they are signs OF such an
oversold condition. they will not be apt
10 reverse their tactics. but Just az
soon a. the easiest way TO ten point
movement in speculative leaders appears
10 be upward, they will do tnij ana
bring about q technical rally.
Hope in the Future
There is always room to find more
hOpcful side. This ut least IL suggested
by the optimistic representation MADE
by William 4. Law. president OF the
First National Bank. in tho llccemoer
issue of the Business and Financial
Outlook published by that institution.
"The country is gradually approach
ing a price level at which large volume
Of business can be safely done. says
Mr.. Law. This il no time for pes
simism." he continues. "as the nation
is headed for better things and going
strong. The liquidation in Wall street
and the readjustmcnt in commercial
lines has clarified the atmosphere and
strengthened many weak points.
"The fuel situation has improved