Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-23
CLOSING MARKET
DULL AND NARROW
Drift Of the Week Was Toward
a Circumscribed Trad
ing Area

New York. Oct. o3.-Tne week
closed with narrow and unlnteresting
traders market today. Prices were
irregular but fluctuations were con-
fined within the smallest fractional
limits, there being only n few exccp-
tions to this rule. The frmness of eK
rhenge on London accompanied reports
mat prospects favor an adjustment Of
the British industrial unsettlement over
the week end. which influenced desul-
tory covering of some Of the more timid
shorts. After these demands were sat
ishcd the buying power was found to
he extremely limited. and during the
balance Of the brief session the greater
part OF the list drifted aimlessly within
narrow limits.
The market during the week seemed
To have driftcd back into narrow
trading area, which perhaps was to be
expected in view Of the undeniablc
highly speculative character Of the cur
rent trading. In other words. the pre-
dictcd pre- election boom promises to be
sidetracked. notwithstanding the grow
ing confidence in. market circles of the
success Of the Republican party candi
date. The market. IL is true. cncoun-
tered n strong combination of both de-
pressing and restricting influences, and
possibly under the circumstances prices
stood up well. In all events. the tech
nical position appeared to be much
stronger than apparent on the surface.
By some observers this was largely due
to the existence Of a large short inter
rst. who were rather cautious of extend
ing these contracts by reason of the in
ability Of disl0dging any considerable
amount of long stock or start what Is
sometimes called q general selling
movement.
One of the chief dampening influ-
Cnces of the week was the serious labor
disturbances in England. Another was
the continued rcadjustmcDt in the gen
cral domestic business situation as n
result Of the widespread price cutting
movement, which already has effected
considerable curtailment of industrial
activity. Unless surface signs are mis-
leading the transition from war to n
peace basis Is going to be much more
rapid and drastic than was generally
supposed. The outrageously high prices
are fast becoming a matter of past his
tory, and while some business interests
are evidently still maintaining the same
foolish physiological policy of Great
ing an artificial atmosphere of under
supply, the wiser ones have awakened TO
the change that has taken place and are
cndcavoring to make the best Of an nm
comfortable position. 1t is reasonably
certain much clearer and more
reliable diagnosis of the real business
situation will Re obtainable after cleo
ton. After that event all the camou-
fage and artificial window dressing will
be promptly eliminated, and matters
generally will rest on true fOunda-
tiou.
In truth. closer study of the funda-
mental conditions quite easily explains
the conspicuous waiting attitude of the
more influential trading element. There
has been n whole lot of irresponsible
talk by certain market interests, but it
would seem t. be only common sense
when the big guns are willing to stick
to a Micawber attitude. that the unex
pcrienced layman should willingly find
ample excuse to act accordingly.