Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-21
MOTORS STRONG IN
UNCERTAIN MARKET
Easier Money Conditions Sup
piled Incentive for Renewed
Pool Activities

New York. March 81. - Nothing of
sufficient importance developed over
Sunday to release the market from the
familiar circumscribed trading area 1t
has occupied for some time. While the
surface movement continued mixed aud
uncertain, the undcrtone was decidedly
stronger and increasing resistance was
manifested in most every quarter Of the
list. The motor shares and the motor
accessories we're the real features Of
strength, although further pool demon
strations were nlso noticed in a number
Vt the highly speculative issues. The po-
sition Of the more representative stocks
Of both the industrial and railroad divi-
sionS could be best described ss one OF
marking time.
The outstanding development Of the
day was the easier tendency cf the
money market. Call loans renewed at
6t2 per cent, the lowest initial rate in
| many weeks. and according to the street
reports private call loans were negoti.
ated at D and 51a per cent, There was
also reported to have been some shading
in time money, but this lacked confir =
nation. The market community Gid
not seem to pay any great amount OF
attention over the big German majority
in the plebiscite held in Upper Siesia
| II anything, there was tendency TO
interpret the result as bullish rather
than a bearish argument, because the
victory of the Germans would place
them in better position to meet the
reparation demands Of the Allies.
Because Of the confusing influences
resulting from the large income tax
payments the bank statements likewise
were treated indifferently. On the other
hand, although not warranted by, any
concrete facts, there was Il strong i'm
preston the railroad wage question
would be satisfactory adjusted. To
this could be coupled the confident feel
ing of the War Labor Board rendering
Il favorable decision on the abrogation
Of the offensive agreements and likewise
decision of the Supreme Court
strengthening the position of the Fed
rral rate making BODY with the elm
ination of state interference.
II was the easier call money market,
however, which supplied the stronger
incentive for the resumption Of pool ac-
tiviticS in the motors and other indus
trial spccialties. and the more confident
position assumed by these speculative
combinations had corresponding
damppning effect upon the ardor of the
reactionary party who for so long had
matters pretty we'll their own way.
! The whole market picked up strength
1 fast following the uncertain opening.
and the forward swing was well sus-
tained during the most part Of the fore
noon. Gains Of l to 2ia points accom-
panicd the ouving of Chandler. Stude
baker, Maxwell, Pierce Arrow and
! international Motors. also Kelly
| Springfield Tire and Stromberg Car
buretor. Pools furnished the monen
tum in American International, General
Asphalt, American Wooden. Industrial
Alcohol and Central Leather at gains
Of to IL. points Rails, equipments
and steels for time displayed reac
tionary tendency without losing much
ground, and later the momentum OF
the upward swing elsewhere was sutfi-
Cienty strong to carry them along
with il.