Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-05
EXTREMELY DULL
CLOSING MARKET
ScaIping Operations Of the Pro-
fessionals Bulk of Weeks
Business

New York. March 5.---Thc week closed
with an extremely ar!! and narrow
stock market today and the dealings
apart from the evening .ur operations
~ the professional traders, were mar
and colorless. Price movement was
narrow at the outset. but the posSi
bilty of some radical turn in the ter
man reparation situation over sunday
influenced moderate ont general GOV
ering of the shorts. This in turn had
strengthening effect and brought tr-
regular advances from substantial trac'
tions to over a point. In the meantime
the volume Of dealings dwindlcd to
slender proportions. with sales for the
first hour less than 80 900 shares. which
is about the smallest total for that
neriod experienced since last summer.
The days brief operation lacked IN
diyidual feature, although Reading was
one of the more active features, whlch'
with the continued strength of the
lower priced shares. helped the entire
railroad group In the industrial !lSt
the movement was mixed. hut iittc 10
terest was manifested apart from th'
specialties.
the room contingent. and in most cases
merely represented the familiar week
end evening up operations OF TINS e'e'
ment.
The weeks Sloppy" market was
hardly deserving of serious conSldera
ton. No one should lose any gr'a'
amount of sleep over the highly mrr'
curial price variations aS It was ger
erally admitted these represented httc
tt4l nj
,ions'' of the room trading contingent.
IL possibly would be no eXaggeration TO
state that over 50 per cent ot the week
business originated and was confined
within the four walls of the STOCK eN-
change.
There was plenty Of bad news to come
out. it is true, lots of 1t to scnd Chii'S
down the healthiest spinal cord. yet the
tact must not he overlooked that most
of these day to day unpleasant news
items represent conditions forescen anu
discounted by the wiser ones one tWo'
yes. six months ago. Every one win
q schoolboys ability Of analysis rec
ognized many weeks ago business con
ditions then present and forrCastcd for
the future made dividend actions now
reluctantly taken by corporation man
ayers inevitable and unavoidable. As
matter of fact. il il almost an eStan
lished certainty these very same condl
tions will ncrrssitatc either still further
additional dividend reductions or omis-
sions not only because of the vide
spread character Of the business de
preston but largely because the ma :
iority of the country's corporations OF
all tyrcs are money poor. So 1t mas
become a popular phrase to say by
corporate managers "deeming 1t tue
best policy TO conserve resources:
The average person. however inter
estcd markeGtwisc. whether from n
speculative or investment point of view
is more concerned of the future. SO
at this time it would be more pleasant
to ears of all concerned to speak Of the
bright side of tn" dark clouds. rather
than harping upon the shortcomings OF
the past. While market conditions at
tending the advent of tn" new admin
istratiOu could, Of course, be far NOR"
auspiciuus. vet built upOu the testimony
Of authOritntiv" and recognized Judges
IL would seem safe To predict much
more favorable market conditions for tn"
next nur months Of tho calendar year
than existed At any time since the sign .
ing of the armiSticr. II L. yet too eArIN
TO make accurate mcaSrr"nrntS. bui
unless well defined signs arc mISlcadn:
there should be gradual aud consistent
improvement in security market condl -
tons