Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-02
MARKET PROSPECTS
/. APPEAR BRIGHTER.
r;rs+ Half of the Year Marked
by Many Disappoint-
ments

wall Street took another extra hon-
Nnd as n result, the stock quota, .
guy t;cLers will remain silent untii
,,, ,,on Jav morning. Most all the Leading
u.rots followed the lead and also shu,
i.a' Shon, Banks. trust companies ana
~ financial institutions were open
osnv, o. nvsuai. but as Independence Day Is a
,o,aI h holiday there will be complete
lesa .,ssnons sion of business on Monday. :,
Svhon Wall Street resumes tradlng
T,esdoy IL will start off on the last
In,f Of the year. The hrst nan, no
"nttor from what angle 1t Is viewed,
n"s big disappointment. 70 many
We cory costly one. for never before Id
a., history of the Street has there been
s"cb a merciless slaughter OF security
'.alues and demolishment OF paper
waits The results were far different
fron, those anticipated at the opening
80 tho year. for It was generally 1eit,
" ot.or Tho violent shakedown of'values IN
qnaoar,her, much of the adverse side OF
.to situation had been discounted, ..
'"V 1nstead of this being realized, IT
.os found. as the months crept on, that
va onlv was the business depression OF
nrsoter NO @ extent than realized, but also
eon,o of the very shrewdest OF indus
sriaI managers had been grossly guilty,
" making serious miscalculations OF
vt .ho General situation. The numerous
dIv; iend reductions and omissions affirm
al, more strongly than columns OF
t"cts ard figures. Besides, 1t was found
the bousrcloaning of the speculative
structure had only been done in Slip
sbod manner. requiring the same work
20 he done all over again and with more
drastic measures.
LITTLE would be gained in making an
extensive recount of the happenings
during the last six months, for when
attention Is called to the fact that not
only was the average price of the rep
resentatiye stocks carried under the De-
cember low levels, but many stocks
reached the lowest prices touched in a
generation. the whole story is told in a
nutshell.
Little is to be gained in -threshing
old straw. Every one who had the
slightest interest, in the market fully
knows what happened, and it would be
only adding insult to injury to indulge
in an extensive review. What is more
10 the point and of interest, is what the
market is likely to do in the second or
last half of the current year.
On this question there is considerable
diversity of opinion. On the one hand,
there is one set of critics who hold the
opinion that the present unsettlement
will be succeeded by prolonged period
Of stagnation, which is not likely to be
broken until the close of the summer.
They are confident, with the opening of
the fall season, the way will be paved
for the long delayed forward swing, as
by that time the turn in the business
situation will have been made.
Others express the belief that, by
reason of the uncompleted adjustments,
both financially and from market
viewpoint. there is every likelihood of q
lively trading market during the usu :
ally dull summer months. These will
mean nothing and possibly will prove
confusing to the inexperienced layman.
They also expect the real market will
start in the fall.
Just as soon as the country is con :
vinced that all is going well regarding
the economic situation and with the first
sign of revival of trade, coupled with
positive evidence of an easier money
market. all the professional bears of
Wall Street will not be able to checH
the market tide. 1t is certain that the
banking position is great deal stronger
than 1t was six months ago. 1t is Ger
tain great progress has been accom- =
plished in correcting the strained credit
situation and it is quite certain many
tangIes in the railroad problem have
been Strengthened out, and it is also
quite certain the business of the coun :
try. is not going to stand still in
dHknitely.
In brief, all prospects are brighter for
the last half of the year than they were
SIX months ago The worst is unqucs :
tionably behind US. and the sun is at last
peeplng through the troubled skies. 1t
Is the time not to grow pessimistic.