Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-26
DOMINATE,
L|STLESS MARKET
Public Waits for National and
International House.
Cleaning

"ItVtHdtIOIIdt tIouSO
Cleaning
New York. Feb. 2G.-The Herald's S
financial review today follows:
1t rarely happens that the stock mar =
ket falls so completely into the hands
Of the professionally interested as 1t
did this week and last. And the pro-
fessionally interested happened to be
quite unanimously bcarish. not because
they felt particularly distressed over
current events or perturbcd about imme e
diately prospective developments, but
because, in the absence of constructive
sentiment, there was no support what
ever to the market save that which the
bear traders themselves had created in
the shape Of large short account.
The trading element, in short, was
engaged III taking advantage of a
trnnsitory stage in business and in
or nothing to disturb it in the posses
sion of the field Operations were not
on an extensive scale. Had they been,
they would logically have led up much
quicker to positive issue.
Consistent resistance Of the stand
ard list alone made 1t advisable to cover
leisurely from time to time, but thcr,
was nothing at all in the nature OF
coercion to render the bears in the least
nervous. They sold at will and bought
at will.
Public Is Mere Spectator
The only role which the public wa,
disposed TO play was that of spectator
1t was waiting for the curtain to rise
first on the setting which the impending
change in administration at Washing
ton will provide. and second on tina
which will present the meeting of th
finally, it may be hoped, with th
knotty reparations problem.
The one presupposes the placing o
the national house in order and tn
other the international. The two un
dertakings are interYoven. Time is tn
chief factor in both. Neither Mr.. Hard
ing's entry into the White House no
the appearance of German representa-
tives at the London conclave will a
once do the conjurer's trick. 1t is wha
they perform as the weeks or month
go on that will count in Wall street
calculations.
The personnel of the new cabinet slat
has done much to encourage sentiment
particularly the inclusion and accept
ancc of Mr.. Hughes and Mr.. Hoover
A strong cabinet and o sympatheti
Congress. together with the President
elects attitude Of responsibility to tn
people. are Of excellent augury whic
cannot BE- left out of account in ap
praising the future Of the financial com
munity's activities.
Agriculturals Are Weak
Weakness in cotton. grain and foreg
exchange were highly disturbing factor
in the current week. The souther
staple established new low prices for tn
season, illustrating very forcibly whG
is going on in all agricultural products
This is the sort of thing that everybod
can see. but what everybody cannot Sc
is that business is improving in genera
1t is improving because virtually every
thing has been liquidated except labo
and labor is on the threshold of stcr
ping into the crowd If the swelling fig
ures of unemployed workmen mean any
thing. Bank clearings indicate that
large volume of business Is being trans
acted.
This would be conclusive il stats
ticians were content to make their con
PARSONS with 1913 rather than wit
. 1918. War expansion and post WI
, contraction do not form sound bns
! for comparison. nor do they preclut
contemplation. of course, of the con
mercial tragedies inevitable in trans
: ton from war to peace. 1t is case
: accepting what cannot be helped br
il should not be permitted entirely
I destroy perspective. a reasonable col
ception Of progress toward normal cal
. for some forgctfulneSs of the peak
. war prosperity.
2 The present period of the year
. usually one of more or less stagnNtio
especially 40 in year when n chan
III national administration takes plaC
: Demonstration of policies is await
in al quarters.
January disclosed decreases in bo
exports and imports of merchandis
the former being SG55 900, 900 again
:. S7o1 900 900 IN December and $722
600 900 in January. 1920, and the la
ter 500. 900, 900 against $1,000, On
3 in December and $4I4 900, 900 yc
ago.
I THE matter of transportati'
4 charges as an element in manufactu
2 ing costs not as yet revised, involvi
I readjustment of railroad wages n,
hence Of freight rates. was widely di
J cusscd in the industry. An immedia
4 solution is not promising. The roa
Z have already to contend with the d
4 cline in freight business as shown
the steady increase in idle freight cal
the increase this week alone havi
been "a 800 cars in round number
New England car loadings were high
but other divisions of the country we
st not able to follow.