Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-29
RAIL ISSUES LEAD
L|STLESS MARKET
Many Of Group Score Frac-
tional Gains,-Oils Rise Under
Good Buying

New York.. Jan. 20.---Thc news from
Paris ovcrshadowcd every other conStd'
'"0t'On IN thr St"cct this morning. The
action Of tho allied cvports IN fixing the
amount of German indemnity. mud its
terms of payment. was under inc
closest scrutiny. The fnCt that the
market failed 70 rrsNond with any
'"fnt'r ~ N.nifrrnt changes in Nrices
might correctly BE- interpreted rs rci'r"t'
ing the uncertainty trit in financial ci,
ClpS as to whether or not something
really important had hrcn achieved or
whether new form Of prorra|t,nation
had boon created.
Trading was quiet NorthCrn Pacific
maintained n good show ~ SIr"uSt".
advancing fun point. Other rails wore
firm and many scored fractional All
VHnnCS.
Sinclair assumed leadership among
the oils and. under good buying, rrSr
tmrrc sivc'v from 23a. to close to -.
Mexican Pctro'rum was likewise. up;
General Asphalt shaded off. Associated
OH rushed upward points to over lO2.
Some ether SNcCialticS were active.
The weeks operations failed To dis
C'osc either any essential or significant
change in tho market situation. When
il is rcaliz.l III" bulk Of the dCaIing>
merely represented the routine opera
ti,nS Of the professional traders the
mc.ruriHl price variation is repriv"d or
all Sirnifraurc. Much the sam" as III
tn, preceding week. trading was of q
~'rriu ,2cd order with the interest con
rrntyatrd in a comparatively few c oSrlv
held WOOL issues. In other words, the
market cont uUcd in narrow trading
a.ca. in WhicA it is likrlv 70 remain
until Il clearer and more satisfactory
ana ysiS is obtainahIr con ,rrning the
fundnwcn'al and basic conditions aud
the economic s.tHatiOn as "A whole.
In view of some 0f the innortant
'Ou~t-ur'ivN dcvC.Oumcn'S the hang fire
character Of the current of the TIA ling
NAV b difficult for some tO reconcile.
When il is considered. however. that
the current market is one paying but
little attention to passing events. and
rur governed almost entirely by tech.
liCa Influences. rath. = than By out
idr conditions. the l"thnrSy Of the spec
u'atiun NAV be better understood.
Some effort has been made to create
~" impression current mancuvcrS rep
resent gradual Il FORMULATION ot stocks
or the urrliwinarv steps of n big bull
swing There has been no doubt con.
siderable invC- tulent buying of the
higher grade # securities. attracted by
.ra .on Of tho sSaormaly low market
"yCi. In vic3 Of tho attractive in
One basis. tins vas tO bC cxNcCtel. but
~ t0 the monOat there has ben moth
ing in the way et tangible evidence 70
give the slightest cnCOuraGcmrnt for
the c%ncrtatton Of any prOtraCtcd for
ward movement.
On'y casual analysis and study Of
tH, money market situation with tn"
"Wd C>S uVt?ut , { new bond issues, would
quickly djS<inatr such an idea. There
is no question the market j. going 20
30 better this wear than it did in 1870.
There is no question conditions will
likewise continue to improve and re-
establish confidence which has been
rudcly shaken. There is no doubt con.
~trurtivr factors will >toHdily make
their appearance. contributing to
strengthen the market position. But
what mas been occurring in the market
c>pcria.lv concerning tho pool issues.
world moro strongly suggest n distri
button rather thau an accumulation of
stocks.
For the moment the market has been
oft to tn" tender wrrCicS and whim>iCa.
notions of the professional traders and
shou i be judged accordingly. On IN"
other band. al evidence Ht hand would
tend >trouGly to show that the real big
pcOp!" are not on y strongly opposed t.
/ any revivu, Of speculative enthusiasm
| at this tim", but will. Furthermore" 81
out OF their wav to throttle any con
| r"rted efforts mad" i'll that direction.