Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-14
week CLOSED WITH
BUOYANT MARKET
Further Relaxation of Money
Rates Fortified Position Of
Constructive Party

New York. Jan. 1.-THE week closed
with broad and buoyant stock market
today, and with general forward move
mcnt in prices. Week end adjustment
OF speculative accounts impaired q fresh
impetus to the recovery which set In
Yesterday and. with the rising prices,
there was n pronounced expansion In
the buying demand. The upward move.
ment was of progressive type and.
despite the brief session, virtually cS.
tended to all parts of the list, the main
body of stocks moving with greater uni.
fornity than for some weeks. The
motors and rails were the foremost
features. several OF the Investment rails
making new highs for the current move.
ment, indicating the overflow demand Of
the bond market was reaching this class
OF investments. National Lead led the
speciaties with an advance OF more than
points. In the final trading, how.
ever. the whole list was carried IN with
considerable animation.
It was rather In the money aud bord
markets that the more interesting dc.
rc'opmentS occurred during the current
week, but tie stock market. despite itS
raSgrd d nnd uncertain aspect. vas also
not wlthou. Il" fine points. Moves and
couItCrGlDyrS IN the part Of the pro-
ieSsipnal traders. supcrfctally to u
large extent, accounted for the uneven
movement. There was. however, n
Gront zeal more significance 10 be at.
lnchcd to the week ) happenings mar
kctwiSC, because in the events there
was presented concrete evidence Of the
steady progress IN the RECONSTRUCTION
program. Upon closer scrutiny, there
were found several accomplishments
which not very long time ago would
have been believed Impossible under
similar circumstances. Thi, included
the satisfactory clearing up Of th" uu.
pleasant Chicago banking opisod" which
confronted the financial community with
the dawn uf tie year. The prompt com
p!ctltn Of the adjustment. with tn" ~.
compnkying loan liquidation, 'poS'
strongly not only Of the perfect control
Of the existing situation, but it also
was mCSt convincing cXcmplifra'Ion Of
IT," inh' rent strength of the market 20.
sit'or.
surrounding clements have been any.
thing but of an encouraging Chara"te
yet in the conduct of the market 1t wds
quite clearly demonstrated that while
these indirect influences make unpI"l l.
an, reeding they are merely OutC"0D-
pings. of, or CrystallizatiOn of, COndi-
riOnS fOrPseen aS inevitable months ago.
tHfIfbN hlbIONllNFu DN lslf 'NlNAHN'u anu
extensive liquidation of the security
markets last year. Every one familiar
with thc credit situation long since
recognized that numerous commercial
shipwreCkS in the early part of this
year could be avoided or avertCd. Most
every student of the situation likewise
was aware that ii any improvement
came in the steel situation that indus
try would reach pronounced pauper
lied condition before the real reversal
arrived Under the same reasoning, 1t
was furthermore appreciated that with
the industries Of the country approach
ing near an absolute stagnation, no
material change could possibly be
looked for in the transportation situa
tlon. yet in the figures coming to hand
it has been convincingly shown tha,
after hard fight and starvation Of
maintenance the railroad managers
made rapid strides in the last haf OF
1921 in cutting down operating costs.
With n further revision OF wage sChed-
ule the overhead will be again cut
down and this will pave the way for
readiustment of rates and. in turn,
will bring an increased traffic move
ment.
1t Is not for the past or the present those
behind the market are laying their lines.
but rather their effort to read into the
distant future and, fortified by the
striking Improvement in the banking
position, as they are, with the daily
growing abundance of idle funds. there
would seem to be little doubt of their
program being carried out successfully.
There is not the slightest possibility Of
a great Outburst of undue speculative
enthusiasm for some time to come, but
the tide of security values has clearly
swung around strong to the food, and
il IL going to take some mighty i'm
portant unseen catastrophe to buck this
Increasing upward current,