Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-27
STOCKS SHOWED
MORE RESISTANCE
ew Low-Priced Specialties Bid
Up, While General List
Wavered

New York. Jan. 27.--whIle Wall
uite a few unsettling probabilities,
ought into the situation by yester-
ny's developments, today's stock mar
It, although continuing irregular and
'rntic, displayed much more resistance
the efforts Of the partisans of the
Onward side. The tendency at In
walls was definitely reactionary,
nd most Of the representative shares
ere. sensitive 10 selling pressure, but
Ne further declines were not followed
by any fresh liquidation nor was
ere apparently much long stock
aken out. On the contrary. there
uS. every indication Of material ex-
1SionS in the short intePst, which
'as confirmed IN the subsequent cover
.ng operations.
About the only real constructive bit
of news on hand when business was
resumed this morning was the favorable
statement of the Federal Reserve sys-
tens. showing the SYSTEMS ratio Of re-
serve to notes atd deposits at the high
est percentage since the month In which
this country went TO war with Ger
many. On the adverse side, there was
the postponement Of the Consolidated
Gas dividend: the practical assurance
OF tho passage Of the soldier bonus bill
ruinorS OF hitch or possible abandon
ment of one or more Of the steel mergers
and last but by no means least a
tighter money market.
Possibly all OF these developments
would have been brushed aside without
serious consideration had it not been
Tor the temporary weaker technical po-
sitton Of the market. In other words,
the market is plainly suffering from the
unwarranted over. Jealous pool opera
tions, which eliminated with the big
Jamoorec IN the independent steel shares
week ago today. This short lived de-
Dauch nevertheless left its effect behind
in a top. heavy. long account, besides
producing an altogether artificial at
mospherc.
While the rcactioaary increment was
GhecNcG during the morning It Is a qucs.
tlon whether It would not have been
oetter policy TO have allowed the market
rAK" Its natural course. as the few bull!sh
were concentrated In n
class of stocks hardly likely 70 inspire
confidence in the stability Of the re-
coyery movement. As q matter OF fact.
although showing more resistance than
II the preceding sessions, the rallyinp
mower Of the list was rather feeble.
uiLe "'ohC OF tho representative shares
ana the accepted speculative leaders
'onndered IN an RimleSs sort of fashtor
such issues rs Columbia Graphopbone.
Davidson Chemical and New Haven
were bid up. In the first named. the
common stock was carried up more than
a point. while the preferred moved IN
about points. The advance was made
on the unconfirmed report of arrange
ments being made 10 provide for interest
payment on the bonds next month.
which II had been believed would he
dcfaulted. In Davidson Chemical il was
out and out manipulation. New Haven
benefited BY the Washington reports of
GovcrnDcnt assistance.
Lack Of support and weak spec
uIat!vc following enabled the bear. 10
depreSs some OF the leading shares after
mid-day. but the general level OF prices
was not much altered and dealings CON
tractcd considerably. Some OF the less
active issues were run up 10 = points,
including Coca Cola, Savage Arms,
Montana Power. Standard Oil Of CAL
ifornia and Public Service 0; New
Jersey.
The later dealings were marked BY
irregularity in the familiar
week end cCeninE up operations. Some
of the spcc!alties were marked UP, but
the atee. shares and the railroads cor
tinued to waver.