Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-23
PRICES IRREGULAR
IN DULL MARKET
Fluctuations in Minor Issues
Rather Wide, but With
out Significance

New York, Jan. 23.-Trading In TO-
days stock market assumed a more
normal aspect. There was continued
irregularity, but the variations wcr,
generally within narrow limits, there
being a complete absence Of the excited
speculation witnessed last week. The
general characteristics of the trading
suggested the market was entering an
other rest period. although there was
continued specialization IN order IL
keep speculative interest alive in the
selected groups.
The over tho week end develop
! ments were conspicuously barren oi
/ stimulating influences. As matter oi
! the general market situation than that
already known at the close of last
| week. For reasons best known to them
| selves. the various pools and specula =
! tive cHques were not disposed to re-
sumo the same aggressive tactics. but,
apparently, were rather Of the bumor
20 permit matters 70 drift along until
some new incentive was uncovered.
While the call renewal rate was main
taincd at 3 per cent. it was the con-
sensus of opinion much easier money
conditions would be encountered before
the close of the week.
The greater part Of the list was reac-
tionary the major part Of the first hour
with the active leaders selling OF q
point or more. the reactions in the
domestic and foreign oils giving the gen
eral market a heavy tone. but little
real pressure developed and evidently
little long stock was dislodgcd. Not
only in the oil group was this apparent,
but it applied also 10 the bear tactics
in some of the minor Steels, equipment
and motor shares.
In tho second hour Gulf States Steel
made another one of the dizzy flights
to the extent of over points. which
put a damper on the operations of the
renctionistS. but the real feature of the
irregular rally which followed was the
local transportation stocks. Manhattan
guaranteed was influenced by the an
nouncenent that its interest on the
, 1nterborough IS will be paid. advanc-
! ing points to 40, following a rise last
week OF over 10 points. Intcrborough
preferred made sharp rise of 3 points
20 .. but later reacted to "a. Brooklyn
Rapid Transit was carried above 10.
and Third avenue got within a shadow
! of 70. There was corresponding i'm
! provement in the bonds of the same
companies.
| The rally, however. was not long
maintained and conflicting movements
characterized the early afternoon trad
ing. An abrupt fall in Gulf States
/ Steel and Manhattan Elevated Of nearly
. points from the high level of the
morning and a drop Of almost 10 points
! in Virginia Iron. Coal and Coke again
unsettled the list for time. This was
Offset by subsequent active bidding for
the sugar shares aud the equipment is
sues, infusing n steadier tone all around.
The market rallied irregulary before
noon under the lead Of Gulf State,
/ Steel, which advanced IA points on re-
newed buying Of sugars, tex tiles. Amer
lean Can, American Ice and local trac-
/ tions.
Reactions Of ! 20 > points in domestic
and foreign oils gave the market a
heavy tone during the first hour. This
was further emphasized by selling OF
minor stcels and equipments. also mo-
tors and their specialties. and ponular
tobsccos and chemicals.
The Inconsistency and the highly uro .
fessional caliber of the entire move :
ment was later eXemplified III the smart
! rallies in Gulf States Steel and Virginia
Iron. Coal and Coke. while the oils.
tobacco and equipments worked to lowe?
levels. Railroad stocks throughout IT,"
session underwent little change in po-
sition. although the news from ChiCag I
| Of the Railroad Labor Board ruling W L,
regarded with satisfaction.