Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-08
.MARKETMOVEMENT
EXTREMELY MIXED
Increasing Resistance Shown
Against the Recurrent Raids
Of Bearish Combinations

! New York. June S.-Nery mixed con-
especially concerning the industrial divi.
sion. 1t was in this quarter of the
list interest practically Couvergpd. Move
mcnt of the railroad shares was very
narrow with inconsCqucntial price vari
ationS. The ,coppers were. almost en-
tirelv ignored The shifting and re.
shifting in the first named group en-
phasizcd the ultra professionalism of
the dealings and reflected the prepon
derance of technical influences over out
side conditions.
The Crss cross currents which ran
through the market throughout the scs-
sion supplied further evidence of the
growing mental confusion of the trading
element. The CrratiC character of the
price tiuCtuatiOn at the same time indi-
| Gated the late recovery in yesterdays
market was triflc too rapid. judged
! from the nature of the morning news.
. The speculative element, however.
seemingly paid little attention to the
developments in regard to the Mexican
situation or the announcement of the
new Government financing program. or
course. the recognition of Mexico Is
conditioned on certain premises, which
/ IIN NlNAIUu ulIOEllNS nave lpUH CuIt-
fully SidrStrppCd, involving the rCCog-
milton Of Mexico property rights. Still
/ If the Obrcgou party agrees and signs
there will be accomplished what Amcri-
can interests in Mexico have been wait
ing for years.
! As to the Governments new financing
7 program there appeared to be consider
/ able diversity Of opinion. although in
the better informed circles the policy
| was regarded progressive and cOnstruC-
! tive. and very much on the lines sug-
geStcd by the conservative banking in
! tcrcstS. Fresh weakening of the foreign
exchange markets apparently likewise
only received academic interest although
employed by the reactionary party a.
an argument for lower prices.
Following the tactics Of the preceding
sessions, bear combinations and groups
I of bear plungCrs continued aggressive
drives, seeking out the weaker spots.
While many of the industrials gave
ground under these raids, increasing re-
sistancc was encouraged all around the
room. which in turn invited desultOry
covering Of shorts. but the entire group
again lacked sustaining power, and
when these demands were satisfied prices
invariably cascd off again. Still the
growing two sided character of the
trading indicated in many respects the
selling movement was nearing its end.
Initial price movement was extremely
mixed with pronounced weakness in the
more prominent oils and equipments
while elsewhere further rallies were
registered on the accumulated over
night buying orders. Price changes be-
came more irregular during the active
forenoon. After the early covering
movement had run its course, shorts re-
newed their attacks against oils, stccls
and sugars. Those shares declined l
to 2 points with coppers, equipments
and textiles. An opening rate of per
cent for call money and gains of 3 and
6 points, respectively, for Atlantic
Coast Line and Louisville and Nash
vile effected variable recoveries. These
were Cancelled before noon. however.
when oils and steels developed recurrent
! heaviness.