Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-11-04
'COPpERS FEATURED
+ CLOSING MARKET
Weeks Confusing Price Move.
rnsnt Due to Adjustment
! Of Technical Position

ATOMS in both the stock market and
bcnd market were conspicuously cop
ncrizcd. While the general list put up
= very irrceular front all the red metal
shares made substantial advances. NJ.
mcrous reasons were offered for the
n,ddcn revival Of speculative activity
IN the group after mnny months Df
neglect. Rumors Of pending conso'i-
dations and dividend distributions were
freely cirrnlnted. and II was pointed
M, thc roppers were FAR behind the
general list. Regardless Of the mo-.
five. tho movement was about the most
succcssfnl attempted for srVeral years.
Rcsumptioh cf profit .takins was n
checkmntc on the general list, and some
Of yesterdays active leaders III the re-
cpyery movement were cOnspicuOus.y
reactioDary. In fnct the greater part
Of the list was inclined to slide on.
but the spluree in the coppers furnished
a good backlog and served to keep the
reactionists in check.
A sharp advance In copper company
licns and renewed strength and activ-
ity OF United States Government issues
was the outstanding development Of
the bond dealings. Chl'c Copper 0s
lose = points and the Is ~. while
Ccrro dc pasrc Ss improved ia. Lib.
erty 31.s advanced 2Oc On 800 aud the
. gains in the ~ series ranged from
&c to SOC. -.
The foreign bonds showed slight i'm.
provement. japanese 4s. Marseilles: u
and Lyons is being among the first
10 rise to higher ground. In the rai!-
road list Rock island rcfunding AZ
and Canadian Pacific debcnture AZ stood
out with gains Of point each.
Wall Street did the usual fall house
cleaning this week and like things at
home, when the good housewife gets
busy preparing the shack for the winter.
matters generally are out keller. II one
were to believe the printed stuteinen.s
Of some Of the more prominent specu.
lative leaders, the market situation has
bcen satisfactorily adjusted and the
stage IL already set for the secondary
rise. 1t is Il question. however. whether
the weeks shakeout fully corrected all
the evils produced by the recent over
extended speculative movement. NO
doubt. the drop of from 5 to 225 points
In the industrial speciaities cleaned up
and eliminated weak or undesirable
following Of the constructive forces.
Ary party who have expressed an unre-
strained willingness to help along the
adjustment OF the technical position nrr
equally pregnant to the sin of over
stepping the bounds of reason. much
tho same as their bullish brethren.
In all events, the weeks dcvcloi.
ments demonstrated most cmphat atically
q most unhealthy situation had been
created by the b0istcroua speculation
promoted by the stock dividend run,ors.
\ seriously over. extended long account
was disclosed which forced the throwing
overheard Of Il large amount Of loosely
margined stock upon II market which
was already staggering under the weight
of big load If long stuff that had come
ont un,ler the cover Of the spectacular
upbiddng of the industrial specialties.
This LETT practically ali classes o;
stocks vulnerable to concerted attacks
OF the professional bears who aireafy
had sensed the overplaycd condition Of
tne market. The crumblin2 OF The ar
tihcial speculative sup"rstructure was
III consequence in no way surprising. 1t
was more Wonderful the collapse did not
reach even more serious PROPORTIONS
However. one Of the forces contributin.
to cause its toppling automatically sup.
Fllcd an undrrcurrent of support in the
creation of good sized short interest
within relative short time.
Possibly i, was the hasty retreat Of
the more reckless members Of the beur
party that induced the belief Of the
weeks renction cs being only u tenn,
pornry adjusting period Of the ma,ior
upward swing. rather than marking the
elimination of the bull movement nv
great many fenr. II would be next to
impossible just at this time to give nm
intelligent opinion on that point. II is
obvious, however. until the loan posi-.
non IL in n more healthy state, there
hhruiE could be another prOtract up.
Mard movement In security values
Lhera is no dependence to be placed in
the reports Of the operations OF certain
prominent interests so fur MS n hiv
tIihG IN either direction Is concerned.
IN tle contrary. the market is Mt a
!un''ure where most every one must
a"t upon 'he!r own convictions or dc.
wue.'nns; as az the moment, there Is
no visible means Of obtaining n satis-
factory reckoning.
FOR tn" moment. tho mos. concern
i"ns ia. i" III" t'rhhl"al position whira
caves the market more or icss 90 ,hs
!!sehaer m"rci"s Of tn" trading clcmon,
'or SOM" little time outside c,r,lit,nu,
r.m'r '. NJ nome or nbronh have rcrriynd
Nttl" consideration. There In. been
sn,it'rr!ngs concerning the elortion 70
suits and EUROPEAN cond,inos. Tbcs,
ihvarlhhly furnished excuses rather thnn
,easnns for the m"rcurial whims Of tlr
trading element. Views, however r", ,
eathlng tho" industrial outlook ore
rn,hor conflicting. All indicntion,
No'n' to increasing frmne.s in mona"
market condi ions. The Euroncsn 81,
naf,on is still very disturbing, Sonncr
or later th'se are all likely 10 hccnms
iNr market factors with other mottc"s
now ignored. At that time. n m,oro
ss".,'rh'' measurement .ment Of the markct's =