Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-15
BEAR CROWD GETS
HARD TRIMMING
Big Bunch Of Constructive News
Overnight Sends Whole
List Up

New Work. \pril ~. Tue ighUurng
struck the bear camp from four unrN
pc"trd quarters In tudal~ market. pro.
dnring little shout " stampede
among that element ana Iuoduriug a
spirited uphdding "f prices all along
the line from ono tu over tour points.
/ Th" first was the action Of the raii-
road labor board iu ahr"gHting lur
agreements made between the employee.
and tho United States raiiroad admin
i~trntiou. Second was the rabl" ad.
vices announcing the cancellation Of In"
>ttibr By the Triple Alliance. Third.
tho reduction Of the discount rate from
: to Il per cent BY the lio>tou Fcdoral
Re crv" Bank. and lastly the report
that the Ford Motor Go. has Paid uT
It's bank loan> without doing any tudn.
ciug
Any one "f the four big bear ioi'cr>
could BE- counted upon influencing
uH>tl covering of short contracts. Dut
.'rmlug aItugCthrr like II bolt from tn"
rloar blue II was more surprising there
a. not a COmIlCt, rUut Of the bear
contingent. mUlC especially il only hulf
Ut the reports arc true concerning the
uuwip'dy proportions Of the short IN
l,,,~t. Th" marEct. hOW"vcr. Still con-
pi"uou~ly lacked stability and sustain
my power bCrausC "f the continued lin.
Uri buying demand. When the more
urg"ut requirements ul the shorts were
HI"d the same familiar hating tendency
uuickll developed. but il Is only fair tu
. h. .nI ltst h.,tt
tanned than observed in any Of the re.
e, mt sessions. lr~Idr.. it disclosed u
much improved ab,orptivc capacity with
an increasing degree Ot rUSihCnCN.
Ia Il quarters il was admitted the
overnight developments supplied tie
biggest piece Uf constructive news III"
market world has read tor som" time
/ hc action ot IT," Railroad Labor Board
was generally u"ccutrd a. Il big step
forward toward removing the unCallcd-
for wage burdens which have made
railroad operations unprOhtah!c an
should help to strengthen the market
posrion Of the rails materially. TIE
reduction Uf tn" Boston discount rat"
shows which way the wind is blowing
IN the money market. Will" the loral
marIrt will NOT b, Immediately affected.
yet this action ~ the lOstumauS blaze
, the way toward lowering Of interest
rates generally before long. 'Ih" news
from tue English strike put an entirety
dillCrcnt comp rNiou ON lh" british in
,lu>triul crisis and removed black
lowering cloud from tn" general stua-
tiOn.
Naturally the railroad shares came in
for foremost attention. but the violent
/, bound extended to tine oils and indus
trials in general. thr tlar"buck being
particularly pronounced among those
>hurcs of the industrial division which
in the preceding sessions were subjected
to marked selling pressure. Within tn"
first half hour gains of one to four
points were made by all classes OF
tranSpOrtatiunS. especially the more
p"puar l'uclticS. grangcrS and coolers.
Fla" eastern lines also had II good come
back. especially Pennsylvania Railroad.
Regardless of considerable profit tax
ing the market held tn" greater part of
its broad advance during III" very lively
forenoon. Following n moderate rrac-
tiun. in which CruCiOlc Steel and West
rrn luion foil points Zach, the list
rallied easily. being Su>t>.nrd by reports
which indicated a br><N in the ranks Of
British labor. S>tl>. equipments, mo-
tors. oils ~ food >pcciHIticS were add
cd 10 rho many strong rails. in which
renewed short covering was especially
extensive.