Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-09
ANIMATED RALLY
NEAR THE CLOSING
Fear Of Possible Settlement of
Big English Strike Caused
Free Covering

New York. April 9.-Tp until the
last half hour today's closing stock
market was sluggish and generally un.
'Ventful affair. In that period there
was sudden and wild scampcr Of the
shorts to cover, which sent IN the spec
ulativc leaders from to . points above
last nights closing level This quick
retreat on the part of tho shorts pro
sumnbIy wns influenced by the fear Of
N" possibility Of n settlement of the
English strike over Sunday.
rms very same influence accounted
tor inc do nothing policy Of the market
previous to covering movements. Neither
side was disposed to make ventures be
cause Of the wide reaching possibilities
OF the situation. It was n gvc-and
iake nfair. representing moderate real
izing sales. ON tho one hand and desul.
torS covering of shorts on the other.
IN" only change In this order of things
was the continued weakness of Penn
sylvanin Railroad, with that stock
touching a new low record nt 326a.
with the dash Of tho shorts to cover
me whole complexion of the market was
changed and there was n spirited bid
ding up prices in various parts of the
list. The rebound being especially pro-
nounced In the oils. Stcels and motors.
The whole market. however. was car
ried up, not only regaining the earlier
recessions. but left the ma jorfty we'll
above yesterdays final quotations.
When full consideration IL given to
the ultra professionalism of current
speculation little significance is left TO
the weeks operations. The day to day
movement was just as meaningless as
they have been for some time. The
more interesting point. therefore, in the
minds of all concerned is how and
when the market will be liberated from
the circumscribcd narrow trading area
1t has occupied so long. That would
be most vexing question to answer
off hand in view Of the multiplying un-
ccrtaintics creeping into the general
situation.
Domestic and foreign problems seem
to be increasing rather than disappear
ing, making it more difficult to measure
the possibilities of the future. Matters
abroad were made more disturbing by
reason of the growing industrial crisis
in England and the evidence of an un-
settling financial panic in Holland At
home, adjustment Of railway wage diff
terenccs and the serious plight of the
country's transportation industry was
!.
dcnd omissions also made unpleasant
reading matter, although from mar
kct viewpoint apparently were already
discounted
Under these circumstances it was
not surprising the market should faltcr
and wobble. Indeed it was more re-
markable the level of market values
was so well sustained. Here and there,
OF course, new bottom prices were es-
tablishcd as result of individual in
hucnces and circumstances. While the
operations of the bcarish contingent
met no concerted opposition. and, al.
though they were able to depress prices
Mt will, yet underneath the confusing
surface trend it was evident, upon
closer analysis, the line of least re-
SlStancc was encountered on the up
tack. Still the market continued to
exhibit n conspicuous lack of stability
and little buying support other than
that emanating from the covering op-
cratiOns of the Overextcndcd short no
sitiOn.
Such a backing and filing process
witnessed in recent weeks is Oftentmes
the precursor of permanent change in
the tide of market currents. 1t does
not necessarily mean the early incep-
tion of protracted forward movement,
but II can be accepted as reliable and
convincing sign of the market having
grounded on the bottom. Despite the
ever increasing discouraging elements
there are many reasons for supposing
the market, and the country at large,
is entering into highly constructive
period. 1t may take weeks and it may
take months before we'll defined signs
are pcrceptible, but the turning point
Is undoubtedly In sight.