Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-12-31
FINAL MARKET OF
1921 VERY ERRAT|C
Wall Street Starts New Year
With Its House in
Order

New York. Dec. 31.--Highly irregu-
lar, II not crratic, price movement
marked the final stock market of 1921
TO-DAY. Because Of the ultra profess
Sional caliber the operations were de-
prlVed OF significance in that they rem
resented in most cases the familiar
Weekend evening up, coupled with
year end adjustments. There was n
continued large volume Of cash sales
which bore suspicious earmnrks Of rep.
resenting something more than the sup
POSED establishing of losses for income
tax purposes. Altogether the market
curing the short session was governed
entirely by conditions within itself
rather than by the influence of outside
conditions or happening. While there
was no settled trend, the market as q
whole again disclosed little short of
remarkable absorption capacity. This
served to give the list an undercurrent
Of stcadiness. The sugar stocks were
among the strongest features. but the
more violent movements occurred in
spccialtics.
One thing is quite certain. When Wall
street shuts up its shutters tonight for
the last time this year every one will
have the satisfaction of knowing that
| l922 will start out much more propi-
tlously, from market viewpoint, than
1t did with the birth of 1921. The ac-
complishments in the restoration pro-
gram during the last twelve months are
little short Of phenomenal. Results
are not only satisfactory, but It would
be altogether safe to say they exceeded
tho most sanguine expectations. Little
would be gained to harp over an old
sore. The experiences Of the year arS
still too vivid in the minds Of all con
cerned and interested to require any re.
capitulation. II Is in the future, rather
than in the past, in which the ma jor-
ity are the most interested. II signs
count for anything there Is little to
be feared from the happenings Of 1922.
Of course, there are left over quite a
number of adjustments, but these may
be accepted in the light Of the after
math of the drastic measures of the re-
construction. Many could not be
avoided. and, indeed, it is more surpris-
ing the humber Of weak sisters are not
much larger. Such incidents, however,
should be no source Of concern, inas-
much as they have been already dis
counted by the thorough liquidated state
Of the security markets.
To tell long story in few words,
Wall Street, if the market situation
may be described in that category,
starts the new year with it's house well
in order. Fortified by an easy money
market and one that is likely to become
even easier soon after the turn of the
year, there are many reasons for sup
posing that the constructive. or for
Yard. swing will be easily maintained.
Strengthening this belief is the direc,
testimony OF the turning of the corner
in the basic industries and the growing
confidence of improving conditions in
general business in the early part Of
the new year.
In short, virtually on all sides and
in oil quarters, n hopeful feeling exists
| for better things and conditions next
year. At least, this view Is expressed
| by recognized competent authorities,
and it ID equally certain they must
possess convincing evidence to support
such a view, else they would hesitate
in making such positive public express
sions. Since 1t always has been the
tradition of Wall Street to discount far
ahead. rather than awaiting the con
summation of events, or conditions, it
is reasonably certain the constructive
movement in the security markets has
not been finished. The undetermined
position as to the ability, or willing
ness, of the pools and ciques to con-
tinue their operations makes the i'm
mediate perspective of the market
somewhat uncertain, but this has no
direct connection with the major move
ment of the main body Of the market
which, from all reliable signals, is ap-
parently strongly upward.