Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-12-01
MARKET lacked
SETTLED TENDENCY
Short Covering and Profit TAX.
ing Made Price Movement
Very Ragged

New York, Dec. 1.--Trading In TO.
days stock market was quieter than
for some time. Prices we're irregular
md there were some weak spo's. but
the main body of stocks moved on a
more even keel. but without definite
tendency. Much the same as in the
preceding sessions the dealings were Of
highly professional caliber and to a
large extent reflected the familiar week.
end evening.up operations Of the trad.
= ing element.
I Nothing Of especial market impor.
tance developed In the way Of news
over the Thanksgiving holiday. The
monthly report Of the Federal Reserve
Board showed business conditions to be
generally healthy. The American Rail-
way Associations reported loadings Of
freight cars the heaviest on record.
However. It was still distinctly ques-
tion Of internal conditions Therefore
these outside developments. favorable as
they were to the constructive forces, cut
little ice as market factors. 1t was
mainly question how long the recoil
against the short interest could be con.
tinucd
1t was the extension Of Wednesdays
short covering combined with some pool
activities that impaired the strong tone
to the opening market and brought fur.
ther rallies ranging from small frac-
tions to two points. There was not
the same eagerness on the part Of the
shorts to reduce commitments and np-
parently there was no concerted effort
to make them do so.
Naturally a large portion Of the pro.
'essional operators, apparently acting
on the belief that the run-in Of the
shorts had progressed far enough to
leave part Of the market in vul-
nerab!e condition, began selling oil
shares at the end of the first hour,
being aided by some profit. taking on
h" part Of recent buyers.
Most Of the oils recorded material
recessions. carrying with them to lower
ground number of leaders. including
Baldwin, Studcbaker. Bethlehem b..
Midvalc and Marine preferred. Cen
nral Asphalt lost "a. the preferred .,
icrre Oil preferred 2l?. Standard OIL
~, Bethlehem Il 1% and Pan. .Ameri. /.
"an \ and B 1 each.
Toward noon the market turned up
ward again in response to the demand
for Crucble and United States Rubber.
each Of which gained . points. L,oril.
lard Tobacco, General Electric and
Westinghouse Air Brake all gained
TO points.
The sustaining value Of the short
interest was shown in the afternoon
when bidding for stocks by professionals
sent the entire list up sharply. Pan
American. Baldwin. Marine preferred,
Standard Oil Of New Jersey. Sears Roe.
buck and Studebaker. which we're sub.
jected to early pressure. moved up Wig
erously in common with the general list
Fisher Body advanced ~ points.
Burns Brothers \ 2as and Continental
Can 2, all touching new high figures.
Mexican Petroleum gained 5E and a
number Of other shares were also quoted
from l to 3 points over Wednesday S
final figures.
Apart from drop of 4 points in
international Harvester the late market
was mraked by virtual absence OF
selling pressure despite the material
rise in prices which had spread over q
large part Of the list. Coppers were
accumulated heavily in the late deal
ings AMI New York Central was pushed
up 3 points.