Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-15
HES|TANCY AFTER
EARLY RECOVERY
General List Showed Signs Of
WobbIing When Short Gov
ering Slackened

New York. Dec. 15.-Today's stock
market developed the familiar degree of
hcSitancy and irregularity that usually
follows such periods of extreme vio-
lent fluctuations as recently witnessed.
There was continued covering Of the
short interest at the outset, which
brought further substantial recovPricS
among most of the active leaders.
When the most urgent requirements of
the shorts were satisfied the general list
Immediately developed halting tend.
ency. followed by gradually cancella-
tion of the early Improvement, which,
in turn. was succeeded by the reap.
, pcarance OF distinct reactionary cur
rents in scattering parts of the list.
The backSet was given additional mo-
mentum in the announcement Of the
passing of the dividend OH WHY'S.
Overland preferred and suspension Of
dividends by the Keystone Tire Co,
Although action in both cases had been
generally looked for, II nevertheless
had disturbing influence calling at
tention as it did to the widespread un-
settlement in the general business situa-
/ ton.
The rather crratic character of the
days operations caused little surprise,
as it had been generally recognized that
yesterdays rebound from the recent
protracted decline was little else than
a technical rally and natural reversal
in view of the oversold state of the
market. II was likewise generally ap-
preciatcd that the length and breadth
! of the recovery movement rested solely
on the extent of the short interest and
| what percentage of that element would
| deem il the wiser policy to cover, or
defer switching of position until later
on in order to escape taxation of profits.
Then 1t was also quite generally ap-
preciated that most of causes respon-
| Sible for the recent violent marking
down of security values had not been
wiped out overnight. II was true one
or two OF the disturbing elements had
been eliminated by the automatic process
of elimination, but the underlying fac
tors of unrest were still present await
ing solution.
I Aside from oils. which were inclined
to forfeit part of their substantial re-
coveries of the previous session, prices
at the outset of today were irregularly
higher. Within the first half hour
gains of | to 2la points were registered
| by Atlantic Gulf. American Sugar,
American Can. General Electric. SlosS-
Sheffield Steel and several Of the popu-
lar specialties. Rails were mixed and
equipments also reflected an uncertain
trend. The possibility of Il money furry
arising from the days heavy tax pay
mcntS made traders more than ordi-
narily cautious.
Trading fell away sharply in the first
hour in comparison with the recent
feverish activity, but many leaders ex-
tended their gains, especially oils,
steels and food specialties. A 3.poiut
rise in Nanadium Steel was regarded as
an indication that no adverse action
would be taken by the directors at to-
days meeting. A reversal of to .
points ensued toward noon. shorts
selling on announcement of the passing
of the dividends. Shippings weakened
the Mercantile Marine preferred losing
points. Call money opened at the
| fixed rate of per cent, but the market
was almost bare of time funds.