Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-12
MARKET DISPLAYED
MORE RESISTANCE
LADDERS Rallied Well After Maxi
ing New Bottoms at
the Opening

A.. York. March 12.--There was "
,i,t sinking spell at the opening IN
,aaov,s u,r stock market and most OF TN,
,O'l. ,.S.rs in the oil, steel, equipment ana
si Dsinoinr groups registered new low
D.o,o,ops for the current movement
TLo selling movement, however spent
~" ,oo hcforc the end of the first
Sa,f hour and under free covering shor.S
% .s, ~ tho ground was rcgainrd, al
,,.nrb oftcr reaching last night clos
". icvo n hatng tendency developed
mo familiar weekend evehihg,up
.,arotions Of the professionals supPlieI
Vbo bulk of dealings after the Delateu
T,rdotiug orders received oVerhisht
uara cared for. The latter were on a
vmolI calibcr and evidently were tic
,," soSnIt Of the marginal calls sent OUT
ioYt night. As most OF these orders
@ 'sro eyidcntly lat market, 1t account
VI for the weakness of the general ilst;
Sow bottoms were mad" py 'niteu
States Steel, Norfolk and western
WSrican Petroleum. Baldwin ana 'ru-
ribip I steel. The rails we're ABOUT thc
orly 10 offer resistance TO the iur,ner
ssIipg pressure except Reading Whlch
sstobiishcd new low for the year
Finding the declines were not loi
,orcd M by fresh selling the shorts
"OySred %%e free is all around the room, but
o,brrwisr the buying power was again
vcgribc. by reason of the scant sup
NV Guick rallies were in orqer ana were
ssneraIy sharp in those stocks which
nod been under the most pressure.
Wall street suffered an attack or acute
huo funk during the week. IL Is true
tbpre we're many diSngrecablc things 10
bannrn to disturb the mental attituue' OF
thr street and it is true things mlSh
hovc been much worse had 1t not Dren
for the markets thoroughly lquldatea
condition. Yet, on the other hand'
there we're many watching the SITUATION
carefully and calmly who already raise
the mCstion whether the pronounced
pe,sirnism pcrvading all quarters OF the
financial community has not been over
done. II is true there was virtually no
bryinr pOwcr. while on the other hand.
there was almost an inceSsant outpour-
Ing of stocks in pretty nearly every
quarter of the list. Still one very I'm
ncrtant tact was entirely overlooked ana
that is there must have been buyer
for every seller to have completed the
transaction There is always some one
around holding the bag when most every
one else does not seem to want them.
That some one this week must surely
have enjoyed unlimited resources ana
that some one will be quite willing to
distribute the same stocks to eager buy
ers when the, market community gets
over its present scare.
When the market does turn this much
is certain, it will start from the bottom
round of the ladder, for in the recent
rocurrcut liquidation and short selling
all the Improvement scored from the
December slump has been forfeited,
with the possibility of the current sell
ing wave carrying prices of the active
stocks under the previously established
low water marks.
Apart from the determined effort Of
the management Of both industrial and
railroad corporations to force Il prompt
adjustment Of operating costs to meet
the changed economical conditions, there
Is virtually nothing to warrant the
widespread misgvingS manifested. Some
Of the things hoped for concerning the
fundamental and basic conditions have
not been realized Chief of these has
been the failur" of business revival
70 set in. This was because many eX-
pNctcd too much. and their failure or
inability to recognize the serious condi-
ton of the patient \ drastic operation
was required 10 correct the mistakes
and OvcrcXt"nSions. The convalcscing
period consequently must be tediously
slow and it may yet be some months
before any actual Improvement can be
dlSrrrncd. 1t should be at least com
iortng and assuring in the knowledge
that the real crisis has been passed and
tNe worst is actually behind us. The
unpleasant day to day and week to week
disclosures now coming to light were
orFS"cn by the specialists months ago.
In brief, it is not the time to become
D"S>tmtst but the time to keep a cool
spad and avoid all unwarranted sacri