Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-17
Price movement
VERY CONFUSING
Line Of Least Resistance for the
Moment Distinctly on the
Upward Tack

New York. Sept. 17.-The week
ended with an extremely irregular and
eSratic movement in the industrial
specialties in today's stock market.
The railroads received only scant at
tention. A number OF selected shares,
embracing largely those commanding
foremost attention in the recent for
ward movement. made substantial ad-
vances In the initial dealings. Before
the end of the first half hour the gem
eral list ran into strong reactionary
currents and prices broke sharply in
all directions. The setback was espe-
cially violent among the opening
leaders. These breaks, however, were
not followed up by fresh selling, but
the market became dull and, extremely
rejecting the ultra professionalism of
the dealings As matter of fact the
operations were made up for the most
part Of the familiar week END evening
up Of the trading element.
The weeks development, demonstrated
beyond dispute for the time being, the
line of Feast resistance in market move.
ment is distinctly upward. The real
motive for the upturn in security values
has not been disclosed. Thus far 1t Is
generally admitted the propelling force
emanated largely from the routing of
m over extended short interest and
renewal of pool activities. There are,
OF course, many who are still uncon-
vinced the market upturn Is justified
by fundamental and economic factors.
Yet Il is recognized by all fair minded
observers there must be some appreci-
able change for the better In the general
situation to warrant resumption of
clique operations. The unwieldy short
interest created by the disheartening
trail of the prolonged bear market sup
piled a powerful fulcrum for the mar
ket lever on the part of those pledged to
constructive side, but other contribut-
Ing, sustaining and stimulating In
huences were supplied in the acknowl.
edged satisfactory progress of the COM
mercial convalescence. To which could
be added the undeniable growing ease
ment of the money market. Proof of
the latter was readily supplied in the
complete absence of the first sign of
disturbance attending the large income
tax payments this week.
While no rampant wild bull specula-
tion could be maintained or even coun-
tenanced. yet the character of the mar
ket in the last two weeks, to all ap-
pearances, warrants the belief of the
real corner having been turned, with
little possibility of recurrence of the
bear market. There are still many ad-
justments to be accomplished, which
may produce further omissions or re-
duction of dividends. These, however,
will prove reflections of the past, and,
unless usually well defined signals
are false and misleading, Wall street
has started to do what it ever has done
since its beginning-that Is discounting
the other side OF the picture of the
business, commercial and financial
situation.
Largely because of the prolonged
domination of the bearish interests,
quite few fail to find any association
between the current market movement
and that Of business possibilities. They
are of the opinion technical rather
than outside conditions are solely re-
sponsible for the reversal. They point
out that the shifting of position on the
part Of any individual trader Is iimsy
foundation upon which to build extern
sive bullish operations. In both con-
tentions they are partly right. Of
setting such a theory, however, is the
direct and circumstantial evidence Of
the more favorable general business
conditions. 1t is true the improvement
Is decidedly spotty and of spasmodic
nature, but there is clearly clean cut
change in the general order of things,
which applies to the market as well,
the paramount feature of which Is the
gradual ascension Of the demand over
the supply, whereas heretofore the rule
was reversed.