Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-24
MARKET ASSUMED
NORMAL ASPECT
Few New Low Records, but
Shorts Kept List on
Even Keel

New York. June 24.-Thp trading
and price movement in tnday's stock
market assumed more normal aspect
Some irrcgularity continued and a few
stocks established new low records but
the week end evening up operations
Of the professionals served to keep things
generally on an even keel and in the
prominent leaders fair recovcries were
scord.
The indolent character Of tn edcal.
ingS after thhe list rallied from ] 10
points above last nights gnal quota
tions served to belittle recent reports
of the extended nature of the short in =
tcrcst. It was quite generally accepted
if the outstanding bear account was
anything near the proportions many cs-
timated, much more formidable re
bound would have occurred. especially
in view of the extremely low level to
which the general list had fallen. To
the contrary. the conduct of the mar
kCt strongly suggested recent extensive
and heavy forced liquidation had given
the shorts ample opportunity to cover
and while some of the eleventh hour
| bears may be still holding out the larger
short interest was already eliminated.
In all events. while there was spas
mOdiC covering in some of the over sold
| industrial spCCialtiCs, the rcaCtionary
party manifested no particular desire
to reduce these commitments if they
really existed There was similar dis
| inclination to put out fresh lines. In
| consequence. because of the otherwise
! feeble buying power the whole list after
| the first hour gradually driftCd into a
narrow and almost apathetic rut. The
pronounced falling off in the volume Of
| selling was, of course. gratifying. Yet,
on the other hand the semi stagnation
which developed on the rather half
| hearted rallies was not altogether looked
upon as a favorable omen.
Overnight Developments failed to
| produce ANYTHING particular inspiring
| Weekly statements showed n material
! strengthening Of reserve position by the
! Federal Reserve banks. Call money
continued in plentiful supply with loans
renewing into next week at per cent,
but the narrowneSs Of the market pre-
! cluded any material extension in the
! demand. While the credit situation Is
unQuestionably distinctly better. at
| tention of Wall street for the moment
/ has been diverted from this long an
moving problem to one of greater con-
| Germ business and security liquidation
| The rubber issues we're weak spots
| at the opening with United States Rub
her making a new low, and which was
generally regarded as foreshadowng a
material cut in the dividend rate. The
street is fully convinced the current s
| per cent rate cannot be maintained.
Baldwin Locomotive also made new
bottom. but covering of shorts impaired
a sustaining influence in the general
list.
Guided by Mexican and Pan Ameri-
can Pctroleums General Asphalt.
Studebaker, Cruciblc and other motors
and independent steels. the market con
tinued to improve during the first hour
Tobaccos and chemicals also extended
their gains with coppers, American
| Woolon. Sears Rocbuck, Corn Products
and Rails, chiefly Pacitcs and coalers
There were several weak spots. how
ever, United Drug first preferred. Bald.
win Locomotiv" preferred. Industrial
Alcohol preferred and Bethlehem St"e
showing losses of l to ! points. Gains
among leaders were shaded on profit
taking before noon, when trading be-
! came dull