Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-19
FURTHER GAINS IN
LEADING STOCKS
Weeks Conflicting Elements
Tended to Increase Existing
Mental Confusion

New York. March 19.-The week
closed with strong and generally
higher stock market today. Most all
the active issues. with few exceptions,
registered further substantial gains. The
steel, motor and equipment shares were
especially strong, while number Of the
! pool spccialties were marked up with
considerable vigor. Atlantic Gulf,
Mexican Petroleum and Pennsylvania
showed some heaviress at the outset.
The first named declining over two
points after fractional higher open
ing, while Pennsylvania equalcd yes
tcrday'S low mark. Most of the loss
in each instance was retrieved when the
general list developed the strong up
ward trend. Trading lacked special
feature Of interest in that the bulk of
the dealings were made up of short COW
cring and profit taking Of the profess
Sional element. representing mainly the
funiliar week end eycning operations OF
the room contingent.
II the atmosphere of gloom and
pcS>imism grows much thicker in the
market world it will be necessary to
supply gas masks in order to afford a
safe conduct for the daily tran nSastion
Of business in the Wall street district.
Marketwise, things generally continued
to look mighty blue. 1t might he sup
posed to be hopeless case and there is
never going to be bull market again.
Nor would one think there was any bot
tom to the market but prices were
going to continue to 20 down and down
~ tl,, hl1A OF
change became a mere scrap Of paper.
When Wall street, however, reaches
this stage of hysteria melancholia. it
generally foreshQdowS some radical
rlause in the temper Of market senti-
mont. Il is a long accepted fact, Wall
street and its following is either over
enthusiastically optimistic or hysteric-
ally pessmistic. The bluest spot on the
map today is Wall street. To guard
against cougestive chills one is com
PEELED to wear the heaviest kind of Il
tur overcoat. There IS not a glimmer
OF hope anywhere, everything is sChed-
uled to go on express train schedule TO
tho demniton bow vows. Such is not
the case. on the contrary, history some
Of these fine mornings is just going to
repeat itself, as it ever has since the
world began. Ultimately, this big bear
market will end as suddenly as did those
wild bull movements prompted by the
initiation Of the war.
Tho violent changes in the economic
situation have naturally produced
widespread perpIexity, even among the
deep thinkers The foreign political sit e.
uation furnishes an ugly background,
while tho domestic situation with its
never ending worries is aggravated at
the moment by the seriousness of the
railroad situation. Unless the labor
element are SO thirk skulled as to be
unable to analyze the world wide
changed conditions, there is every rca-
son for believing the wage question,
which has been made out terrifying
bugabOo will be amicably and satisfac-
torily adjusted. Tho overwhelming
bearishnGss Of the entire market COM
munity has blinded every one to the
progress steadily made on the construC. ..
tive side Of the picture. 1t is, OF
course, impossible TO fix the date for
the change in the aspect Of the market.
1t will be sudden when it comes, and
then the whole market contingent will
be as Indifferent to the economic side OF
the situation as they are now disposed
to magnify it beyond all sense of rea
son. II is not the time to invite pessi-
mism, but the time for cool heads and
cold calculation of the future.