Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-21

steel and iron centers and In many in
dustrial lines.
Big decreases in both coal and lum-
Der made big inroads In the total traffic
figures. There was also a considerable
increase In idle cars. This was due in
come measure to. the more economical
loading Of cars.
Oficials Of southern roads reported
general traffic about 10 to II per cent
less than a year ago, but In some cases
the total figures were slightly better
curtsilcd activity in industrial lines
continues to keep down the movement OF
coal, and lumber tonnage also Is light
comparatively, as we'll az other building
| material shipments. The cotton move
! ment is fair and grain continues to
move freely to the gulf ports.
MARKET OPINION
Newburger, Henderson, & Loeb-Thc
crisscross currents injected into the
general situation as result OF the per-
picking economic occurrences clouds the
immediate future Of the market with
considerable uncertainty. 1t Is always
equally difficult to measure the dure-
ton Of any great downward swing In
the security markets as IL Is to find the
apex OF enthusiastic bull campaigns.
Beneath the surface confusion and con :
Hicting fluctuations, however, circum :
stantial evidence Of q convincing char
acter is discernible, suggesting q near
approach Of n turning point. At the
moment there is naturally an unwilling
ness or perhaps inability to take any
positive stand, and the market has been
left almost exclusively TO the DONNA
ton Of the professional traders.
Signs that the bear following is be
coming overcrowded we're strikingly fur
nished during the week, and while nc
concentrated effort was made to force
a general covering movement, still th'
restricted supply Of stocks disclosed OF
the rallies was significant. The rail
road wage question remains to be set
; tied and certain phases Of the foreigt
: political situation must become stabli
} ised before any appreciable change ma!
! be expected In the market trend. TOT
much cannot be expected for the imme
diate future, but for people who ar
able to care Of their commitments, W,
! advise purchases on all declines. as W
: are inclined to believe that in time thi
will prove profitable. as turn for tn
; better in business and money markc
conditions is beginning to take place.
Jones 3 Baker: That the motor in
!. dustry is staging u remarkable come
, back Is indicated not only by report
of big production gains, but by tn
. announcement that the recent improve
' ment has obviated the necessity Of pub
9 9 lie financing BY Ford and other larg
Y motor interests. More than 1000 EN-
ployes are said to have been rehired a
= the Ford plant this week. The recen
: market activity and strength Of th
+. motor and motor accessory shares
i also accepted as indicating the tide q
events in the motor industry
West & Co.-"Political condition
!. abroad are still chaotic, but we fe,
4 that some progress il being made !
q Russia. No one event In the world
r history will have had more far r-reach
4 ing cffectS than a setting up Of gov
n ernment In Russia which will allow th
, trade with that country to be resumed
The banking situation continues to sh0'
money promises to be in good suppl,
a Altogether we look for continuance {
moderate market movements. roll
on technical conditions seems likel
within the next week or two
. Hughes 8 Dier: "Thc very fact thi
= although at comparatively high rate
Q conditions have reached such a gener
ally unsatisfactory state augurs we'll X
the future, inasmuch as quoting an old
time saying, 1T 10 always darkest ju.
u before dawn and things have come
q such a condition Of badness that the
y the better. Notwithstanding the dis
y agreeable state in which we seem
q now find ourselves and which does az
= tually exist and Is not a mere fgmeI
10 Of ina gination. there is every reason
re believe that the near future holds mut