Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-11-24
Market DISPLAYED
MORE RESISTANCE
Full Covering Of the Short In.
tsrsst Offset Further Sporadic
Liquidation

Now AVtks Now Z4.-T0day'O stock
market seemed to put UP a little more
resistance to selling pressure, with ev,.
dence. Of the volume Of liquidation
steadily diminishing. Considerable ir.
regularity still attended price move.
ment, but the covering Of the short In .
terest toward midday reached su66cient
volume a. to Offset further sales b. dis.
courased holders Of l0Ke stock and pro.
1esstonal operations on the bear side.
Ihere was also reported to be some
buying BY the 30. called 'bareain hunt.
ere,' but apart from the demand eman.
atlng from the over extended short In.
terest the rallying power remained very
In the way Of actual DEVELOPMENTS
there was little room for comment.
News events over night and during the
day were open to varied interprcta.
tions, or just according to the angle
they, were reviewed. In other words,
much the same said about the market
IN any OF the preceding sessions could
easily have been repeated and fitted
the case nicely. With this exception
the market, In vernacular Of the Street,
showed some symptoms Of approaching
q temporary oversold condition. There.
fore the bulk Of the days operations
could easily be catalogued under the
tamilia. ts caption Of weekend adjust.
This, was not because the curren.
news events did not contain direct or
lnHIrect bearing upon the market stu.
alton, but simply. because the market
mad reached the juncture wherein the
movements were largely Influenced and
governed BY tho necessary shifting
operations Of the professionals adjusting
tneir con.mitments. Public interest was
MI other than the belatel liquidation
OF impaired marginal accounts.
For the first hour the movement was
feverishly irregular as q result Of the
continued short selling and moderate
liquidation on the one side, and the
covering movement on the other. by
tne beginning Of the second hour the
demand from the shorts overbalanced
the offerings on the selling. As a re-.
suit. prices rose steadily during the
balance of the morning. the recovery
i, being stimulated and sustained By the
increasing demand for the high priced
railroad shares and increasing pool &C.
tivities IN the food, textile, steel and
equipment shares.
General buying was suspended for
a time while a wave Of selling orders
| were executed in General Asphalt and
Dawson Chemical. which fell ~ and
points. respectively. to new low
developed in Bethlehem Steel B, Sears.
Roebuck. Chicago Northwestern, Pere
Marquette preferred, Union Pacific
preferred and Western Pacific pre-.
ferred. Later accumulation Of It.
Louis South Southwestern preferred.
which improved 2% 10 the years toI,
figure on its restoration to a 4 per
! cent dividend basis, and q gain Of two
| points In st. Louis and San Francisco
preferred tended To- revive buying in n
small way In the balance Of the list.
dependent steel IL and Standard oil
shares caused the market to sar nsaim
In the final hour. Standard OIL Of New
Jersey lost about 4 points and n mum.
her OF the active Issues sold below yes.
terday's closing levels.
Marrow Bond MARKET
Bond prices moved within 4 narrow
range IN today's bond market, but the
prevailing tendency was downward. In
the foreign list Marseilles Gs, Mexican
to higher grounds, the last named rising
4. point. while Seine 7s, Czecho.
Slovakian Ss. Belgian 6s and COpen.
hagen 515s were relatively backward.
Second grade railroad mortgages again
were In rather free supply. st. Paul
convertible 5s and refundins 81 and
New Haven Is each yielding about a
point. Illinois Central refunding a
also were weak: Interborough Rand
Transit issues showed a much improved
tone.
United States Government bombs
we're inclinedr to weakness, Liberty
39s dropping 10 cents on 800 and
the first 4Ms 10 cents. while the others
moved within a marrow range of &
cents.