Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-11
CLOS|NC MARKET
|H|GHLY IRREGULAR
yssk's Developments Denoted
Rapid Progress in the Re-
construction Movement

4 New York. Feb. 11.--Bcsdes the
natural restricting holiday influences,
today's closing market was confronted
\ with another handicap in the Soldier
Bonus Bill. with its additional burden
ef taxes. particularly Of it's purpose to
Put such a large part of the burden on
securities. The general list was re-
dictionary in the first half of the session
With general recession Of prices
Through the industrial division. After
IL o'clock. however. the market turned
strong. with a substantial recovery.
which partly represented covering of the
short interest and partly strong arm
methods of the pool interests to keep
tie market trend upward despite the
growing rCactionary undercurrcnts.
The rising trend of values was moro
strongly manifested in other markets
than on the stock exchange this week.
all of which contributed to strengthen
confidence as to permanenCy Of the con-
structive movement. Because directly.
or indirectly. one is associated closely
with the other in mirroring the pro-
nouncemcnt charges taking place In both
economic and Fundamental conditions
both here and abroad The uninterrupted
rise In sterling exchange and the cor
IcSponulnS strengthening ot III" oln"T
Foreign exchanges may in measure
be accepted as convincing proof Of the
rapid adjustment of the European stu
alton to conditions approaching nor
nlalcy. There are. of course. other diff. |
ferent theories offered. yet when viewed .
at different angles. virtually bring about !
the same conclusion. In all events 7
there is reasonable degree of certainty /
the initiative of tho movement has
more substantial basis than mere spccu.
)ation.
While the weeks operations on the
stock exchange were to large extent |
q continuation of pool activities. still ,
the market disclosed m undertone Of .
significant strength. besides Il capacity
OF absorption that WIS possibly sur.
prising to even the enthusiastic follow
ers of the constructive side. This was
exempliied in the calmnCSS with which
severhl of the more disturbing events
of the week were received. There are
plenty of matters Of unfavorablc con.
tent already known. and in making.
which would naturally be expected to
exert more or less unscftling in.
huencc. Most of these troubles, how
ever. are ghosts Of the past and SEN
sibly are considered AS such. Six months
ago every one realized the corporate
earning statements for the year would
make gloomy reading and recent reports
OF both tn" industrial and railroad cor.
porationS has surely confirmed it, Those.
however. who put their shoulders uu.
der the market are not concerned over
the results of last years operations but
are endeavoring to discount conditions
that are expected to prevail the balance
of the current year.
Convinced that the depths of business
depression were reached and passed last
year. and with staggering losses marked
OF. there is a strong belief entertained
In both financial and market circles that
the country's industrial and commercial
interests are in favorable position to
respond TO the first evidence of any
quickening in demand. 1t is true there
Is considerable diversion of opinion ae
to when the real change Of business is
TO come. Some are of the belief it will
be far to the end Of the current year
before any real sign Of rcawakening
will be manifested. Others contend busi-
ness still has trying period ahead and
sun others are inSiStent in declaring
the turn has already taken place. The
latter point out the substantial recovery
IN the grain markets rs an unfailiug
sign and assert this appreciation in tho
value of farm products will exert n
similar invigorating influence through
put the Western country as did tho
bulge in cotton for the South last fall.
They claim additional proof in the rro-
yressive reduction in idle freight cars
which since the first of the vrar havr
been cut down l34 900 cars