Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-04
PRICE MOVEMENT
AGAIN IRREGULAR
Free Covering. of Shorts Pro-
duced Animated Rallies in
the Afternoon

New York, Jan. 4. 4.A-Extremc irrcgu.
arity marked the movement OF today s
tcck market. There was Il, contihua-
ion of pressure on the inGt Strial list
the outset, but immediate after the
titial operations the reaCtionary cur
cnts seemed to have spent their force,
nd for time it looked as II much of
he ground lost yesterday would be re-
srieved. The rallies, however, ran into
= fresh selling movement around mid.
ny, cmanating, according 10 the bonrd
cnorts, from Western sources. In the
tornoon, however, lowering Of the call
ate to Az per cent sent the shorts
Iampering to cover and in the final
our prices rebounded with consider
bio degree Of animation.
Whie efforts were made to localize
the Chicago bank difficulties that incl
dent Sti figured actively as II market
factor. At the same time attention was
redircCtcd to the unsatisfactory con.
UitiOnS Of the motor industry by the
General expectation of the passing OF
the General Motor dividend this after
noon. The liquidation pressure. how
ever, was prompted by the Chicago sit &.
uation and the recent suspension of the
zig wire house. In sense the two
were closely dOvctal.ed, in that in both
cases there was unqucstiouabIy quite
II good deal Of enforced unloading Of
nvCr- ext ended accounts to relieve the
tension.
Underneath the surface there was
aprnr ntly running feeling Of un-
eaSineSs and there was nothing In the
news line Of constructive nature to
offset it. The Chicago bank situation
had been so wei guarded until arrange
mcnts were completed for the rescue
that naturally the question arose
whether there were any similar condl.
ttons elsewhere. While some further
weak commercial spots were aCknowl: {:
edged. those in position to know stated
emphatically no further bank troubles
were expected. On the other hand.
there was no evidence Of the excitement
which prevailed yesterday in the grain
and cotton markets. Leading foreign
exchanges. especially French and ltal-
ian rates. however, continued to reflect
Un ertain financial and economic con :
dtions abroad. The call loan renewal
rate was fixed at Jl2 per cent. but the
liberal supply of funds forcshadOwcd IL
lower rate later in the day.
After the lower opening oils and food
spcciOlties led the covering movement.
Standard oil OF New Jersey, Beet
sugar anu SOutn lOTtO hlCO CushE IOS'
to 4i2 points. Tobaccos, textiles,
rails and Shippings also strengthened
Most gains were Cancelled before midday
when offerings of motors and rubbers
assumed larger proportion. General
Motors. whose directors meet after the
close of the market for dividend action
was heavily sold In lots ranging from
1000 to 10000 shares. down 10 So q
new low record. Further weakness In
Kelly Springfield extended 10 Goodrich
common and preferred, and Corn Prod =
ucts and United Fruit also became un-
settled.
Shorts engaged in another covering
movement in the early afternoon. fol-
lowing the sudden lowering of the cal
money rate to Az per cent. Sugars
equipments and mail-order issues were
most favored by pools at gains of
to 3la points. Elsewhere. rallies of
to . points from the low prices of thu
morning were registered.
Covering of the shorts became more
urgent in the last hour and some oi
the pools taking advantage OF their dis
comfiture bid up prices rapidly anon!
their specialties. There was in con-
sequence a marked improvement IL
prices in the final dealings, advancing
some of the equipments, oils and tex
tile issues one to three points.