Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-06
CALL LOAN RATE
DROPS T03 31-2P.C.
Relaxation Precipitated Short
Covering, but Failed to Stim-
ulate Fresh Interest

New York, Jan. G.--Trading was very
iuiet during the greater part Of today's
cssion in the stock market. The main
1ody of stocks moved lstleSsly within
I narrow area, showing complete indif-
renee to the variable movement of
w selected Issues. 1t was distinctly
trading affair with inconseQuential
rt price changes, and carried virtually
- significance other than rejecting the
ljustment Of the professional contin-
cent.
In view Of the manufactured nature
i yesterdays late rcaCtionary move
mcnt and the fimsy foundation upon
which IL was built it was not surprising
little scmblance of the smash up
should be found when Wall Street re-
Sumed business this morning. As a
revision Of the markets technical posi-
tlon had been anticipated for some time
the baCkSet was not surprising. but 1t
was the consensus of opinion Of the bet
ter Informed observers that If the reac'
tiOnary party had no better ammunition
than the excuses employed thus far there
was not much danger Of the reversal of
the market trend reaching serious pro-
portions.
That little or no attention is being
paid to outside developments. especially
II they are Of constructive character.
was demonstrated conClusively in the
complete indIffcrenCcs paid to the adop-
tiOn Of the ban of submarines by the
five Powers ut the Arms Conference.
II strengthened the foreign exchanges,
with all the leading European rates
! showing a firm tone. but nobody seemed
to have even heard It In the market
community.
There was continued pressure on
General Asphalt at the opening,
which continued throughout the first
hour. forcing the stock down more than
point. Some of the recent over.
exploited pool issues also showed heavi-
ness. as did st. Paul. but the rest of
the list gave ground. stubbornly indi-
eating very little actual selling pres
sure.
Further relaxation Of money rates
supplied q strong bulwark to the general
market, and later in the morning pre-
cipitated urgent covering of short con-
tracts. Call loans opened and renewed
into next week at Al per cent, but the
large supplies soon forced the rate down
10 3t2 per cent, or Il per cent under
the low rate touched on Monday, and
"uI'u up 10 tndt time was tne mini
mum rate since last November and,
except for one days quotation of 3ia
per cent Mt the end of last July, was
the lowest rate reached in five years
Oils, shippings and equipments rail-
lied ! TO = points. with motors, to-
baccos, coppcrs and textiles Mexican
and Pan American Petroleum, Royal
Dutch, Houston Oil, Mercantile Marine
preferred. American International, At
lantic Gulf, American and Baldwin
Locomotives. Chandler anl Pierce Ar.
row were most active in the rebound.
Among specialtieS. National Cloak ana
Suit preferred, Sears Roebuck, Inter-
national Paper and Corn Products also
we're strong, but rails showed little
change.
The whole list showed signs Of go
ing stale again at the higher level, de-
spite the further reduction In the call
loan rate to 3k per cent and rejecting
Indifferent support when the require
ments of the shorts we're filled. In the
early part Of the afternoon session the
specialties added moderately to previous
gains, but the leaders fell back on re-
newed selling OF the oils.
Prices continued to slip back during
the remainder Of the afternoon with
freer Offering of the oils, steel, equip
mcnt and motor shares, but the tone of
the general list was one of increasing
heaviness.