Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-11-18
CLOSING Market ]
( u|FElESS AFFAIR
Collapse Of Speculative struo-
turs Result Of the Top.
Heavy Condition


dona, traders evidently completed the
mix Of the usual week .end evening up
onerstions yesterday. In all events
there was striking disinclination
nsnifested BY the con,eStins forces in
e"Isv's stock market TO take much Of
= chance on either side. Asa result
, the trading was extremely dull and col.
oriess. With very few exceptions net
changes were both unimportant and
The main body Of stocks opene,
stea,iy, with a pronounced rurtnilment
A. dealings, but the usual active lend
or, did not vary much either way. Some
nressure cropped out In scattering parts
~ the list. rejecting belated adjust
mont of marginal accounts. hut was
without effect other than dulling TIE
edge Of the trading elsewhere. In the
Inst rart Of the abbreviated session the
market was disposed to sag
Early bond prices today were irreg..
and changes largely Of fractional
character. Foreign bonds were inrlinesi
TO sell of. Bordeaux o.. French 7ias.
Prague I1as. Paris. Lyons. Mcditerra.
moan Is, Uruguay IS, and Copenhagen
6iSs selling at fractional concessions.
Tbe movement In railroad mortgages
vas conflicting. Atlantic Coast Lins
r. dropping q point and Norfolk aud
Western convertible 8s a half point.
while Katy" first 4s and st. Paul con-
vertiblc ANS were pushed to higher
levels. The same irresularity prevailed
in the Industrial list. Par. American
Petroleum 7s and Duquesne Light Is
slipping backward, while Detroit Edi.
y Dat 4.
moderate gains. Liberty issues held
steady.
reluctantly on the part Of standpatters.
The bull market Of 1922 has become a
matter Of history. Within the. last
three weeks. although the actual re.
dictionary movement has been In prog
ress for more than six weeks. 1t once
more has been very emphatically exem-
UlIAed, much to the discomfort and loss
Of many. that market values can crum.
bic more rapidly than they are inflated.
Within The three weeks period, over
third Of the advance scored in the for
wsrd swing Of the preceding fourteen
months was cancelled. This. however.
10 not n new experience. To the con.
on the pages Of the ever interesting
annals OF Wall Street happenings.
The downward plunge Of stock values
gained surprising. at times alarming.
momentum this week and no favorites
we're played. When Wall Street hung
up the shutters today there were many
Of the big speculative favorites right
4: the bottom Of tho decline. A few
days ago customer asked member
Of the firm Of one of the big New York
commission houses: What II the
matter with the market:" The broker
hcsitated moment. then replied:
"Well. for about fourteen months they
have been discounting most everything
there was In sight, and then some
moro.
There 10 no more relationship between
markets. and outside conditions at the
moment than there 10 between Georgia
Negro and pig tail Of Northern
China.
In the early part Of the fall, there
was undisputable testimony. but no one
would believe It. that the big fellows
were slipping from under the market
In all quarters under the cover OF a we'll
planned nnd well played barrage of
the sensational kiting of the high
priced industrial specialties. with a
camaouge Of the new fashion financing
dress Of "stock dividends"
Within the last three weeks. profes.
sional traders unquestionably were
undermining, the market. backed up by
the now acknowledged over extension
Of public, speculative interest, assisted,
In turn. by pool liquidation and with.
drawal Of support by managers Of the
heretofore active and overzeal0us specu.
lstive combinations. Under such cir.
cumstances. the semi collapse of the
markets speculative supcrstructure
should occasion little surprise. As a
matter Of fact. it is remarkable the
crumbling Of values was conducted In
such an orderly manner. Because OF
the widespread nature Of the liquida-
ton and the severe depreciation OF
security values. there are quite q few
observers Of the opinion that much of
the unhealthy side Of the situation al.
ready has been corrected. Unfortun.
ste'y. signs and conditions do not con.
nrm this view. On tho contrary, while
the market unquestionably is entitled
10 substantial technical rally, which
u will set at some stage. proof 10 lack.
ing 10 indicate either the liquidation
Or technical adjustment is completed.
Ihe average layman finds II difficult
10 reconcile the downward trend Of the
market with go many favorable dividend
actions. These included some generous
extra disbursements. resumption OF pay.
ments III some casee. and big juicy stock
d,vldends by others. In the first place,
this is one Of the things the market
was busily discounting when the tide
of values was upward. In the second
place, some Of the dividend actions
we're obviously entirely unwarranted,
30 many concerns are not making
enough money to put out respectable
net income report and probably will b.
unable to do 20 in the near future.
itLere mas been lot OF noise about
Sr.5.; S'S business. but the rising cost Of