Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-03-06
Market SENTIMENT
S MUCH IMPROVED
coreralry Believed Liquidation
IN Security Market Has
Run Its Course
PUBLIC IS ovERcAuTIous

49,. yorI, March G.-zThc. Evening
Sun In It's weekly hnancia' re'ie" 'o'''
SAYS: t., an, ;ootured before
"nu, nou,,olmsively shown this week-that
wos ons;dot;on In the securities market mas
;ts course. The course has been
ruh ,ong one. too long by far for either
lDns or reason TO follow It to the end:
minsnsoless depression Of spirits, fostered
ennOrtoin o,iarters for narrow and sell
a. nl, ' motives. has found happily GER
nsi, i,, Measure of antidote in the. com I.
M.h M1u0d legislation for the railroads and
.hs uIe' rctnrn of the lines TO private owner :.
Ihs h;, and control, with the complement
ssiP sPtho favorable decision of the United
@, e.,,os 1 Smpremc Court In the long
oud;nc United States Steel Corporation
"t ..nst case and the promise OF and
ua,,oI tendency 70 easier money condi-
s;ons Enough, indeed, remains to per-
W.. oven the clear of vision, but the
Lisu~ Lis, IN thc clouds should serve>to heerten
.hoso. who, whether superficial or
.ouSdulous, ouU BY virtue Of their numbers
constitute no mean factor in wall
"frt, Tbe reflection Of improved sentiment
uas rather negative. The stock k market
Vas loft entirely In the hands OF the
confessional traders who showed their
uneasiness bys shifting their position
a good deal. Raiding tactics were not
wholly eliminated, although they were
undertaken with less assurance than III
thc prcvious weeks. The short interest
was large and those on that side OF the
market made earnest efforts. from time
IN time TO make good their borrowings,
W .i,.I a. ka;. hide did mot hiring
forih the requisite supply of stock. The
rn,umc Of trading was reduced to 500, =
O0D or 600 900 shares in session, a
Iyht turnover considering the proper :
tions 10 which the number of listed
stocks has grown in the last two or
three years or more.
The movement did not begin this
week. Il was in evidence last week.
Tho market aS II whole did not show
that. because it required several days
to bring the various groups sufficiently
into line with each other to permit of
ANYTHING like Il uniform front.
Formerly it could be said that the
market moved this way or that when II
moved at all. but now the list has be :
come so extended that even a general
impulse may be reflected in some groups
before others. Thus it often happens
that bull or bear influences, as the case
may be, will be operating before they
become apparent on the face Of things.
This gives a decided advantage to the
astute and merely puzzles others, so
much so that having 'profited' by ex-
perienCc they more than ever fail to
withdraw or enter at the most propi
tious moment. In other words, the
stock market of today requires far more
intensive study than ever before per :
haps and the hazards of the speculative
game have become greatly intensified.
The public, in consequence, has grown
sensitive and overcautious.
TO the perplexities cngendered by ma :
tional and international economic and
financial problems, there has been added
want Of confidence in self Judgment.
Under such conditions of thought and
action, the probable course of the Sc :
turities market is not easy to ascer
tain until the lapse of time has disclosed
It when more often than not 1t has gone
far. enough to be about to reverse it.
self.
This explains in measure also WHY
the market may proceed along a false
course for Il considerable time berorc il
can be stayed. The late liouidating
movement was illustrative of the ten.
dency to extremes. Whether that move =.
ment has ended for certainty cannot ho
stated or whether, assuming that it has
II means rebound to the point of de :
scrlblng 1t us bull movement. Present
Indications fail to disclose public mar.
uclpatlon or to reveal the hand of
mOSe who may be supposed to be in n
position to influence its destinies.