Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-31
MARKET A MERE
DRIFTING AFFAIR
Price Changes Were Again Un-
even Within Very Narrow
Bounds

New York. Jan. 31.-Todays stock
market continued to drift i'm about the
same aimlcss fashion as observed yes
terday and in most of the immediate
preceding sessions. Price changes were
uneven within very narrow bounds. re.
Meeting strict adherence to the wait .
ing policy which seems TO have been
assumed not only by the more i'm =
pOrtant operators but also by most o.
the influential pools and speculative
combinations.
variety Of reasons could be offered
Tor the change of attitude while the
more direct influence in the hesitation
Of tOday'S market was to be found in
tho United States Steel Corporation
quarterly earnings statement to be
issued after the close today: undis.
gutscd uRcaSineSs over the rapid prog
ress of tho Soldier Bonus Bill, and the
recognition that a technical position
existed that was not regarded aS par
iiguIarIy strong.
IT professional Wall Street had been
IN the humor quito convincing construc.
/ tive elements could have been derived
IN the news regarding the Cuban sugar
Slfuation and tho industry IN this coun-
Try, together with the adviCes from
Mexico relative to the oil tax ContrO-
verSy in that country. BuIlish inhu-
cnceS ais" could have been found in tho
continued strength Of sterling. which
moved up another peg into new high
ground, not to speak Of the frccr offer
ingS Of call money which suggested a
return flow Of interior funds of Consid-
cradle volume
These brighter spots Of the situation
commanded little more than academic
attention. and such indifference is more
than likely 70 be- encountered until the
adjustments frPn the recently high ar
l!tirinl movements have been made
There was no common Impulse opCrat-
ing: TO the contrary. n number Of the
movements individually and collectively
were cousnicuously conflicting.
IN" opening was unCommonly nat
and the )nly popular issue 10 show more
than fraction variation was American
Sugar. | uitCd States steel, on which
quarterly dividend action is to bc taken
during the day. opened at a nominal
IcCcsSioH Studcbaker and Consoli-
dated Gas. also i'm line for dividend
declarations. made Slight gains. with
Utah Copper. Corn Products and In
duStrial Alcohol Declines of I to
almost points in Bosch Magnetic. Bect
Sugar and National Biscuit prcfcrrvG
gave tn list an irregular tone later.
The market recovered for n brief period
on buying of Corn Products. Sumatra
Tobacco, Mexican Petroleum. Mcrcan-
tile Marine preferred and Wilson pre-.
tcrred. these rising | to = points. tp.
actions set in before noon. however.
Atlantic Gulf. American Ger. IubN"
Service of New Jersey. Gulf States
Steel. American WOODEN. Associated
Oil. Chandler. Electric Storage Bat
terry and Union Pacific declining | to
/ H,1I ,h.,L
and toba"'"S also wer" under pressure.
Bidding up Of selected STOCKS. notably
Gulf States Steel and American Ice,
which gained @al and ! points respcc-
lively. impaired a better tone 70 the
dealings after midday. Representative
shares crcpt up slowly. regaining most
OF their forenoon losses
Covering by the shorts lifted the mar.
kct out of its rut in the last hour and
brought som" recovery in the oils,
metal and utility shares.