Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-07
CLOSING Market
WAS C0L0RLESS
Three Factors Responsible for
Depressing Influences Of
the Week

New York. Jan. THE week closed
with n colorless stock market today
with the bulk of the operations in the
two-hour session practically confined
10 the evening up of the professional
traders. In some of the industrial
specialties in which the short interest
As believed to have been greatly ex.
tended substantial rallies were reg
istered. There was one Conspicuously
weak feature in Chicago and North
western which touched the lowest quo
tation for recent years. The main body
Of stocks drifted sluggishlr within
narrow trading area. although there
was hardening of prices in the later
buying. The only substantial net gains,
however, were scored by the specialties.
The weeks market was under the In
fiuence of three distinct depressing fac
tors. One, the overdue revision of the
technical position as the weeks move
ment plainly disclosed an unmistakable
top heavy speculative long position.
The other, the recognition there were
still quite a few sore spots to be
healed. The third and last, the undis-
guised disappointment in the failure to
continue the forward swing which ap-
parently had struck Il good pace In the
the weeks hitch In the constructive pro-
gram the immediate outlook of the mar
ket situation Is more or less clOuded.
This rs typified quite fOrCibly in the in
creasing divergence of speculative senti-
ment. 1t is yet altogether too early to
determine whether 1t is simply a tenn
pOrary halt or whether the bull cam
paign has been finished. The real test
of the markets inherent strength is
attll 70 N.bnn hp nnSitipn nf thp
pools and other speculative CliQues re-
Gently prominent in the exploitation of
the various industrial spCCialttes Is de-
termincd. Unless surface signs are mis-
leading there has not rs yet been any
wide distribution, n maneuver precluded
by the unrcsponsiveneSs of the so called
public. There are reasons for suppoSinG
these speculative combinations still
have the stocks, and while they are for
titled by much easier money market
conditions, Ii is an open question
whether they can maintain an unbroken
front until an outside interest is nt-
tracted
Unforeseen develOpments which have
crept into the market situation in the
Chicago banking episode and the re-
cent failure of one Of the big wire houses
and further passing of dividends intro
duced nm element which is difficult of
Interpretation. What was disclosed in
the Chicago incident sufficiently shows
the necessity of proceeding with eau
ton. The adjustments attending the
settlement of this financial derelict has
possibilities of complications which may
completely upset n considerable part of
the carefully prepared market program.
1t applies similarly in the case of the
Wagner suspension, because there is
present rather conclusive evidence OF
that unfortunate smash up involving
other interests and possibly forcing ad-
ditional suspensions. The more dis
turbing feature is in the widespread
ramifcatons Of the operative field OF
these concerns. Another influence con
tributing to promote caution is the con
viction that a number of commercial
insolvencies is inevitable. 1t Is quite
true financial interests have resigned
themselves to this unavoidable business
mortality. and while it may all have
been discounted by the protraCted H.
quidating movement last year. still 1t Il
difficult to excite bulliSh enthusiasm II
the face of business poverty and disma
earning statements.