Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-12-16
NlDE OPENING N
P9iN-AMER|CAN PET.
window Dressing Largely Re.
.oonsjbIe for Weeks churned
Price Movement

Nav York, Dec. 16.-The exciting
.,d vide fluctuations in an.American
..,,ol.um we're tho outstanding feature
.,,oday's irregular closing market. The
s.,,.,stion OF the 90 per cent stock
s;,idend BY the directors Of that com.
r.ny and an increase IN the Mexican
Petroleum cash dividend TO q 10 per
ormonce. cens The INCIDENT caught ap-
psrontlv the short interest mapping,
psdtbs there was a wild rush to cover at
~. na nnt,et. The volume Of business in
w VIZ in consequence, was 80 enor.
.ous TINT the opening range was not
s.sn;tsjy established until nearly one.
S.W hour after business began. 1t
. DO. then hem reported as 70, 900 shares at
,.or 80 TO S8H, compared with 1871.
isoD ~. Dnrcvious close. Part Of this gain
NV surrendered when the short re-
sS.;,sments were filed, but most Of the
sSvsnce was later restored. I.
70 Tho general list the trading was
.,,,sd. hut was without any particular
s;.niSeance, because the bulk Of the
SnSiness practically represented the
.m;liar week. END evening up Of the
professional traders.
Toreisn issues exhibited a firm tone
I, tbe bond dealings in reflection Of the
higher exchange rates and the revival
a. eritation for a German loan, but the
.s,, Of the list was decidedly irregular.
There we're times during the last
v..k when IL would have required the
accomplishments Of a wizard to select
= really acceptable explanation for the
hishly churned condition Of the market.
There never perhaps was time when
.nch n complete collection Of assorted
",n,ments was on hand. That is to
ssy there was within reach all sorts OF
srents. developments both fancied and
real. 10 explain whatever the market
did or ought to have done. This con-
fusion Of influences would be difficult to
understand had it not been for close
proximity Of the year end. When the
customary evening up process at this
important period is taken into cOnsid.
Grafton, much of the supposed mystery
dissolves into vapor.
The weeks events, in other words,
can be safely placed in that peculiar
category Of market movement, popularly
known on the street as window dress
inx." Not the prelude, however, Of
formidable major swing, but rather the
sathering UP Of numerous loose ends
such as are usually found in the after
matb Of n comprehensive adjustment of
the speculative position. This is always
productive of cross currents. such as
the present market is so heavily charged,
arVaccounts for the simultaneous ex-
hbitions of strength and heavlness by
different stocks embraced in the same
groups.
Under the circumstances It would
seem altogether fruitless Of attempting
TO interpret the real character Of the
market from the day to day conflicting
and confusing price movement. More
accurate measurements would be- OBJ
tanable in closer study of certain un-
tcrlying signs and in the ahalyzing OF
seemingly fast crystallizing events in
the economic situation. In either di-
rection recent developments warrant
serious consideration, as they promise
sooner or later to become not only DO.
tent but also active factors in the gen.
eral market situation.
One Of the outstanding events OF the
week was the continued remarkable re.
covery in sterling exchange. There was
an effort to weave mystery and r0-
nance around this performance and to
establish some connection between the
Incident and the behavior Of the market.
Except sentimcntally, the relationship
was very distant. In q broader sense,
however, or from long distance view.
the advance in sterling from a market
standpoint was highly significant. In
that it may sooner or later open an ave-
nue. OF relief. and avert recurrence Of
disease which attacked the security
world not many years ago, known as
"und!Cested securities.
No one has been able to offer. as yet
4 reasonable excuse, or explanation, for
the remarkable rebound in British ex-
change. OF course, it Is recognized
the sooner Great Britain becomes en-
'irely normal financially the stronger
our position becomes. Even this is open
10 some debate. In fact. the foreign
situation Is open to endless perplexitics,
and as well.known financial interest
remarked some time ago. tho more you
sudy it the more unpromising is the
outlook. 1t is generally recognized mat.
ters abroad are fast approaching a most
critical stage, one in which drastic
action will be found compulsory. This
very action, however. may produce
complete revolution Of conditions and
hiter the complete aspect. Some are in.
runed to believe the apparent confident
attitude OF the powers-to-be in the
nlnancial realm is prompted from this
direction, and consequently argue tho
real next market signal will come from