Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-21
OPENING MARKET
VERY IRREGULAR
Tactics Of Powerful Specula-
tive Forces Uncover Inter-
esting Sidelights

New York. Jan. l.--JThc irrCguIHrity
and ragged price movement usually en-.
cuunturnd In the wake % on exhibition
as Witnessed yesterday prevailed in to-
days short session Of the stock mar
kct. The wee6 enc eyeuinR nv OF the
prolc cs5ionai traders contributed to in
rrcGs" the confusing Guc.unt org. The
marGrt however, hsh one very strong
spot iu the copper grcIp. which under
the lead of Ksnnccot registered sub.
ytantia! a'l@anccs. On the ether hand.
TIE independent steel shares suffered
it.sDef reactions with Gulf States
Steel making another abrupt break to
O.. after all early advance to 73. or
&G1@ points from the top figure made
yesterday. The other members Of tho
group moved Ia the same way. but with
less violence. Profit taking was very
general throughout the LIST, 10 facilitate
these operations the coppers evidently
were selected as cover. Dealings were
broad and active in the first hour. but
slowed down to n great extent in tho
final dealings.
Yesterdays coup in the independent
steel shares may safely be accepted as
on illustration Of what might happen
any time. and in any group of stocks,
should certain coterie of financial in
terests see fit 70 start the steam roller
moving. Laying aside the spectacular
features attending this exciting demon
srration, several convincing facts are 70
be derived from the incident One,
which carried with Il great signih-
canoe, in so far as shaping the future
course OF security values, Is that the
powerful speculative forces are evidently
pledged TO the constructive program.
The other IT, the current year Is likely
to witness an endless chain of merger
propositions. Some Of them may never
material!ze, but they are almost ccr-
tain TO give Supcrabundant supply or
speculative incentives.
It is granted manipulation unques-
tionably played Il very important part In
many Of the recent market demonstrG-
tons II is likewise true. that some of
IL was of the rankest order. Mnripula-
ton ever has been the hand maiden Of
speculative markets and furnished the
prelminaries Of every great swing, The
/ fact however, should not he overlooked.
conditions must be Mt least % per cent
perfect before such man!pulatiye pro-
grams can be carried 10 success. lt is a
common practice, especially on the part
Of those who have missed their market
(populurly known as sold out bullS) 10
charge every stage OF elevation in a con-
struct!ve movement 70 manipulative in
huenccs. Repeated limitations were
made recently Of this character in con-
nection with the recovery In the foreign
exchange markets. yet facts and figures
have conclusively proven beyond dispute
thQt tho Improvement was built upon n
much moro substantial foundation.
Those familiar with the technica! side
Of the market long ago expressed the
view a major forward movement IN the
main BODY of stocks was only matter
OF time when the active interests could
obtain sufficient monetary nccommoda-
/ tlons to support such campaign. The
continued easement In money conditions
would seemingly suggest such period
= had nrrived or was very close Mt hand.
Last week, q considerable amount of
time money was put out around 4A2
per cent. Although the supply was tenn
norarily exhausted, all signs point 70
even lower rates before the spring
months arrive. This, at least, is sug
gested in the rapid piling up OF loan
Able funds in New York. Unfinished ad-
iustmonts may influence the banks 70
keep these funds liquid for Il little
money. recently supplied 80 freely. ~
fl strong indication of what is ahead.
No better proof Of the inherent
strength of the market could BE- supplied
than in the complete indifference mani
tested concerning the European situa-
ton. II foreign news was still real
factor the announced policy Of the new
French Ministry which means unsettled
conditions in Europe for q long time,
would have completely upset the mar
ket. The incident, as we'll as all other
Developments. were ignored. For the
present, all hands are more concerned
with purely domestic matters. 1t IL
generally appreciated business condi-
fions are as bad az they could be, but
there is a confident belief, and it has n
substantial basis, that matters are go
ing 70 be- better instead Of getting
worse,