Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-17
MARKET WAS FLAT
TRADERS AFFAIR
Traction Shares Supplied the
Only Excitement in Back
ing and Filling

New York, Jan. 1.-THE new week
started with a decidedly fat stock mar
ket today and with further pro-
nounced contraction in the volume OF
business. Contrasted with some of the
recent excited sessions the dealings were
exceedii ely tame. To large extent the
trading represented little save the
familiar scalping operations Of the pro
fcssionals. This produced more or less
Of ragged price movement with mod q.
crate gains in the industrials. while the
railroad division showed q tendency to
react. About the only real excitement
was supplied by the local traction group
which were featured on the prospective
legislation at Albany looking for higher
| street railway fares.
Nothing particularly interesting was
to be found in the over Sunday develop
ments. In fact, there was singular
deartn of influential news in so far as
the market was concerned. Yet some
things having direct connection with
| the economic and fundamental condi-
tions we're considered quite favorable
Probably the most influential in this
connection was the favorable Federal
Reserve Bank statements, which. in
turn. helped to lessen what alarm there
may have been excited by the deficit OF
legal reserve requirements reported by
the Clearing House institutions. The
reduction of S157 200, 900 in redis :
counts was considered especially sig
nifcant, as this brought the outstanding
rediscount to the smallest reported since
March Of last year. At the same time
loans on government collateral dropped
TO the lowest since March, 1918, which,
in turn, was accepted as evidence OF
indicating great reduction of com
mercial demands. Last, but BY no
means least, was the further improve
ment in cash reserves, which percentage
reached the highest since October, 1918.
In the Interpretation Of the street this
clearly foreshadowed much easier money
market conditions with lower money
rates.
Another favorable symptom was the
news from Mexico intimating that the
government was framing legislation to
destroy the retroactive features of Ar
ticle p of the Of the Mexican con :
stitution, thus giving Mexican oil com :
panies complete titles to their land
holdings.
Like In all dull markets these matters
were of only academic interest. In
truth the performance was largely a
repetition of the irregular two sided
backing and filing traders market of the
recent sessions. Industrials and rails
followed contrary courses during most
Of the day. CruCible Steel started out
to do big things at the outset with an
opening advance Of over 2 points. Other
industrial specialties also displayed no.
table strength. Some Of the early gains
were extended during the first hour,
shippings, oils and fractions showing
special strength. The latter presumably
on prospects Of an increased fare, rose
. TO points, Third avenue leading.
Reactions Of to points before noon
in steel, equipments and motors were ac-
companied by a break in investment
rails, Reading falling almost . points
and Southern Pacific /. International
Paper lost 2A, Studebaker ". Re
public Steel 13s and Baldwin Locomo-
tive /. Coppers were dull, despite ru-
mors OF a possible merger of the low
priced companies.