Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-12
FURTHER RECOVERY
IN EARLY MARKET
Continued Easing Of Money
Rates Influenced General
Short Covering

New York. Jan. 12.-Further re-
covery in prices was made during the
morning session Of today's stock mar
ket on continued covering of the short
interest but the trading was TO a great
extent specialized. The easy money
market conditions gave the pools and
other speculative cliQues strong lever
and al the same time overflow demand
Of the bond market was reelected in
the wider dealings in investments.
stocks of both the railroad and indus
trial divisions. The recovery or ad-
vance was we'll sustained throughout
the morning. but was checked around
mid day by persistent selling Of sev.
eral of the highly speculative industrial
issues. There was some sympathetic
reactions. but the principal effect was
to influence II marked contraction in
the volume of dealings, This increas-
ing dullness, which has marked all the
rcacti)nary movements since the turn
"t the year is generally regarded
favorable omen.
Much the same as in the previous
sessions. the course Of the market was
shaped almost exclusively by technical
influences rather than rejecting out
side conditions. As matter of fact.
1t is extremely doubtful whether much
attention was given to the developments
abroad notwithstanding their highly in
tcreSting character. Possibly this is
because of the peculiar confident feel
ing entertained very generally through
out the country. that in spite of all the
scraps, apparent serious discussions.
tnp nf hp
European diplomats in the end. the
entire controversy will be settled wholly
satisfactorily and on general amicab!e
basis.
Home worries are being Shelvcd or
SIdrtracked by reason of the extra
ordinary change in the money market
conditions. Nobody seems TO be taking
tn" trouble 10 discover what are it's
producing elements. they are entirely
satisfied there i plethora of lOanablc
FUNDS. in fact. loaning Institutions are
experiencing trouble in finding en-
pIoEmet for II. The call rcewal rate
was again fixed at 81. per cent. but
1t was almost certain all accommodate
tions could be easily obtained during
the day at " per cent. The pools were
ready 10 start the baragc with their
big guns. but they lacked the support
Of the intantrr in the stubborn refusal
Of the sO-cnlled public to jump into
the speculative urena.
In the meantime there was no lot
up in huoyan"y of the bond market
there was continued activity in the Gov.
'rnmcnt war issues. The Liberty bonds !
were lower. bur the Victory 3"is and |
-. made new high records.
Buying of Goa shares impaired a
trm tone 10 stocks ~ the opening.
Heading. Delaware and Hudson. Del
aware. l.nckawanna and Western and
l."high Valley were higher Dy large
fractions 70 points. United Fruit.
Endicott johnson and Famous Players
made l-pOint gains. Mercantile Ma.
rine preferred. Industrial Ale, ami
lnSpirdtlon Copper also strengthened.
MeXiCai Petroleum. General Asphalt
and Bethlehem Steel registered modcr.
ate dsclinS. Low nuiCcd rails. such aS
Colorado and Southern. Perc Marquette
ll"terrHd. Southern Railway preferred
and Texas and Pacific shared in the
carly rise. a. did alSO investment issues,
notably Canadian Pacific. Union Pacific
and Atlantic Coast Line. Standard
hilS Of New Jersey and California led
the domestic issues or the oil grOup,
and "tr"ngth was shown by Genera!
Electric, motor sprcialtipS. Associated
Dry foods and Sears Rocbuck. Tho
market reversed its course before noon.
l"actionS being caused by persistent
selling If Crucihle. General Asphalt
and MrXlcan pctro!cum.