Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-13
MORE SOFT SPOTS
IN |NDUSTR|ALS
Another Menacing Sore Spot
Cleared Up by Big Bank
ing interests

New York, Aug. 13.-Operations In
today's abbreviated session OF the stock
market were exclusively confined to the
familiar evening mp Of professional
traders. The overnight announcement
OF the measures taken to rectify an un-
favorable banking position induced quite
general covering movement in the
earlier proceedings. The advancing
prices, however, failed to attract any
new buying, on the contrary it was evil
dent stocks were freely supplied on
the recovery movement. At the same
time renewed weakness cropped out
again in scattering parts of the in.
dustrial quarter. Central Leather and
United States Rubber being particularly
vulnerable, the former establishing a
new low record for the year, while
the latter In n decline of 3 points was
within a point of the years low. The
trading was restricted and became more
curtailed when prices showed ten
dency to slip back, making the net
changes generally meaningless.
1t was another week of the same dis
agreeable housecleaning, and, like the
good husbandman, naturally a great
many are asking: Is this the last OF
Il? That would be q most difficult
question to answer intelligently and ac-
curately. On each of the previous pc
RODS Of like uphenval the thought pre-
vailed IL was the end. In making In
spection, however, it was found an.
other room had been overlooked. That
is just the situation. Have any others
been overlooked, or is there still some
more drastic cleaning up to be done be-
fore Wall Street really succeeds in get
ting its house in order?
These are days of multiplying disap-
pointments. They seem to come from
all directions. Yet after all are merely
the familiar hand maidens and legacies
OF an expensive debauch, financially and
from an industrial and commercial view
point as well. 1t is the inevitable pun.
ishment of excesses, and because Of the
almos. unprecedented pecullaritics of
the situation it is next to Impossible
5 to reach definite conclusion or attempt
TO define what the future has in store.
Despite the fact of the ever increas sing
disturbing and conflicting developments
and appearances and behind all the
clouds of distrust and apprehension
there are signs, reliable ones, too, which,
when analysed dispassionately, indicate
constant gain of strength in the inner
ent position Of the market and in the
general situation as well. Certain un-
looked-for obstacles may cause delay in
the PRONUNCIATION of the constructive
program, but the uudeniobe fact re-
mains open to challenge. and that Is
the market has proved conclusively to
be absolutely shock proof AS to it's
iquidated condition, there is room for
diversity of opinion. Still the day to :
day outcropping of weakness and seem =
ing forced selling is unmistakably the
outcome of localized conditions and is
entirely irrelevant to major movement,
which spent its force some weeks ago.
The greater source of disappointment
ts found in Washington because of the
lamentable and discouraging dilatory
tactics of the lawmakers. Only few
months ago eyes and hopes were turned
toward Washington as the promised
land Of the constructive developments
No criticism can be made of the efforts
and program of the Administration. TIL,
trouble lies in the seeming inability o.
Congress to agree on any one point
whether it concerns the relief of tn
railroads, tax revision or tariff meas
ures. Offsetting this, and which un
questionably is slowly but surely lay
ing the real solid foundations for a com
prehensive forward movement in all tn,
markets is the remarkably steady i'm
provement in the banking position, proc
of which Is to be found in the littl,
short of phenomenal advance in the re.
serve ratio Of the combined Fedora
Reserve system. While all signs pom
to additional dividend disappointments
still it will be found much of this ha
already been discounted. Things, /:
is true, are anything but conducive t
cheerfulness, yet it cannot be to-
strongly emphasized it is not the tim
for hysterical pessimism.