Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-24
Market TWO-S|DED.
AND VERY SPOTn.
Pool Activities Give a Few Se-
lected Issues Spirited
Whirls

New York, Jan. 24.--Trading in to.
days stock market was decidedly more
two sided. While prices were again
very irregular, the undertone Of the
! general list was stronger. and efforts
of the reactionists apparently met with
greater resistance. As in the immediate
preceding days, the specializing of the
| dealings was an outstanding feature.
! This suggested renewal of pool &C.
tvities, but the demonstrations were
widely scattered and confined TO clnss
| of stocks not recognized as either ac-
ceptable or popular leaders. The stiff
fening of prices. however, all along the
line around midday indicated the bear
"arty apparently had again made Il
serious miscalculatiOn Of the actunl
market position, and were experiencing
difficulty in covering up these commit
ments.
For a considerable time during the
forenoon the market maintained walt
ing disposition in fact, looked a bit
tired as a result Of the fireworks last
week. At the same time the profess
( sionnl contingent pursued the familiar
! tactics of trying to force prices to n
over level in the hope Of uncoyering
| some weak spots and start real liQui-
/ dation. The offerings. however, were
I small and were evidently easily ab-
sorbed by the underlying buying orders,
large portion Of which represented
cash buying, which has been 4 strong
underlying factor since the constructive
rovemsnt started last September.
Because Of the uneven course OF the
general list, the spi tied demonstrations
in the few selected issues came in for
more notice. Electric Storage Battery.
/ which is seldom traded in, became one
Of the leading attractions, with a sharp
rise Of more than 6 points. Unless
some plans go wrong, the stock Is likely
, 10 become one OF the lively speculative
footballs, supplanting some Of the recent
overworked specialties. Gulf States
Steel continued Its G! ratio performance
with another animated rise OF more than
3 points. Corn Products was another
strong feature, making a new top for
the year at 1O1. To sweeten the per-
,ormance, Cuban Cane Sugar was given
brief whirl. but while il was ascend
ing South Porto Rico Sugar broke badly.
The shipping shares we're brought for
ward before noon. Mercantile Marine
preferred, American international and
/ United Fruit gaining ! to IA points.
! Various other recognized pool issues, in
Guiding Coca Cola. Central Leather and
the like were all given q turn. All Of
which suggested jockeying on the part
Of the speculative cliques to feel the
market, and at the same time en-
phasized the ultra professional cal!ber
OF the current speculation.
Speculation broadened in the after
noon and buying for both accounts be-
came lively, folowlsg a drop in call
money rates. Spirited bidding for the
steel group carried them up to .
points, generally, with Gulf States Steel
rising points. The sugar, motor, can
and paper issues were a'so lifted to
points. Liquidation Of American Su-
natra Tobacco torced 1t down / point,
the preferred 2, and Consolidated Cigar
preferred 81.
Other inactive stocks were bid up
sharply in the last hour. Among thes"
were American Writing Paper pre-
ferred and Manati Sugar. The closing
was steady.