Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-28
STORM CURTA|LS
STOCK DEALINGS
Market Apparently Shaping Its
Course for Another Rest
Period

New York. Jan. 2s.-Trading in to-
days stock. market was greatly curtailed
by the severe storm which caused SER
ious interruption of the wire service.
While prices were little changed the
general list continued to show rcac-
| tionary trend. Some of the pools made
valOrous efforts at different intervals,
to give the u'grkCt 'colorlng ol
strength These individual demon
'trations brought few of the special
ties into prominence again. particularly
American Ice, Davidson Chemical and
issues Of n like character. American
Ice established new high record. The
representative shares in the meantime
moved within narrow groove and as q
rule showed general small gains at the
close. The trading was almost eXclu-
Sivcly confined to the professionals.
From all appearances. the market Is
shaping it's course for another rest
period, which perhaps was somewhat
hastened by reason of the ILL timed
I spectacular ryrotcChnics in the indie
pendent steel group in the preceding
week. 1t does not require any great
amount of experience or strong glnsscs
to discern the ultra artificial character
of the current market. These. side.
shows, while attached to the big tent
!
nificance whatever in 50 far as relating
! to the Fundamental situation and may
7 ne entirely regarded as mere flashes III
the nan. They represent merely the
ability of what may be called bob-tat
pools TO make momentary demonstra-
| tionS in few highly manipulated, or
closely held. issues. while the repreSen-
| tative shares and recognized speculative
| eaders mark time pending completion
of adjustments necessary before there
can be a resumption of the constructive
| program.
There are easily to be found a num-
Der of conditions and clements which
would account for the slowing down of
the market machinery which has been
! in evidence since the opening Of the
year. One IL, there is the absence from
the market arena of number of in
! !uput!al operators who arc taking their
mid winter vacations. Another is, that
/ we are in the season OF framing fore
casts of the possibilities of the current
year both as to finance and general
business. St!ll another, was the unde-
tcrmined ability the pools and specu-
ative cliQuCs 10 maintain the fresh po-
Sition they had taken as influenced by
the easement of the money situation.
In other words. the present iunCturc in
the market world Is one in which there
are reasons for much thinking and very
title room for action. in fact. the C!c-
mcnts of uncertainty are such as TO
make it most difficult to draw very
large conclusions.
Little in the way OF comfort is Of
fered as to any immediate recovery in
the business situation. II IS the opin-
ion of most of the recognized authOri-
ties. that the next two month in trade
and industry are quite likely TO be very
trying. There is every possibility Of 4
material increase in business mortality
which already has grown to alarming
proportions. Yet what much of this
represents was foreseen months ago and
quite generally anticipated. Hence.
rom a security market viewpoint it will
therefore probably have less influence
than IL it represented something uncx
pected and unknown. There are ahead,
Il long procession OF dreary and uu-
promising statements covering the Opcr-
atiOns OF the past year. They are going
TO make mighty unpleasant reading
matter. But the fact for one moment
should not be lost sight Of that this will
represent Il condition of the past and
corrections Of i'll advised policies insti-
tuted as result OF the inability TO
measure the revolutionary changes pro-
duced in the transition Of business from
a war to q peace basis.
Il is well to remember ~ all times
that the weaker foundations of the
fundamental structure have been en-
tirely removed and that the banking
machinery Of the country has been re-
stored to n sound condition with a
thorough readjustment Of the inflated
and diSordered credit situation, together
with the alleviatiOn of the Individual
and corporation distress which such q
process invariably involves. In short,
history and experience ever has shown
the eyes Of the market world always
train the vision toward the future aad
its possibilities and never on record has
there been an instance of looking buck
ward.