Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-30
QUIET TRADING IN
CLOSING MARKET
Encouraging Signs of Better.
ment In Both Financial and
Industrial Situation

New York, July 3O,-There was little
change In prices of today's closing stock
market excepting the Virginia Carolina
Chemical shares, which broke abruptly
In the second hour. The common dropped
nearly points and the preferred over
IL. Otherwise il was n case of frac-
honal juggling. Trading was on 4 very
diminutive scale, but what the list
lacked in breadth and volume of bust
ness it more than made up ia strength
Some irrcgularity was exhibited at tho
outset. for, in spite of the continued
strength of the railroads. certain spc-
cialties displayed n declining tendency.
There were no wide recessions, and bc-
fore the end of the first hour most of
the ground lost wns retrieved. The
subsequent slump Of the Virginia Caro-.
lima Chemical shares was without effect
except to influence further curtailmcnt
Of operations, but prices wer" held rel
atively steady up TO the closing.
In so far as the surface movement
was concerned. the weeks market offers
little essential change in speculative
conditions. Price fluctuations continued
both irregular and conflicting. That
is to say, while there was n percepti-
BILE strengthening in some quarters. in
others unmistakabe weakness cropped
out. The market seems to still
have many vulnerable spots in the
Industrial division, which. after
all, is entirely a natural outcome
of the boisterous and reckless spec
ulation during the war period and
Immediately following. On the other
hand, most of the representative
railroad shares appear to have
found a stable basis. Or at least sug
gest the worst side Of the transportation
question has not only been discounted.
but is also now in measure a thing
Of the past.
Efforts to diagnose tho market situa-
tion from the day to day price vnria
tons, happenings and circumstances is
certain to lead 10 endless mental CON
fusion and befogging of the perspcc
tive. When, however. the pulse and
temperature of the situation are taken
BY a long distance viewpoint much bet
ter results are certain to be obtained.
During the week there werc numerous
developments from which considerable
satisfaction was Cbtainable and which.
In long run. foreshadow a much bet
ter state of things. Because their i'm
portance is apparently lessened by the
seemingly unresponsiveness of the mar
ket should not in the least rob them Of
their significance as future factors.
Considerable diversity prevails in the
opinion of recognized experts az 70
whether the criss cross currents re-
fleet accumulation or distribution of
stocks. Individual analysis of the
weeks conflicting movements would
seemingly corroborate either argument.
That is TO say, there was unInistakable
accumulation of the better grade of
the representative stocks, while among
many o. the recognized speculative spe-
cialties there was conspicuous and un-
deniable testimony of distribution. In
the latter case this represented further
enforced liquidation of interests who
either overstepped the market or did /
not possess the resources TOR maintain |
ing the untenable position. voluntarily !
or involuntarily, was assumed. Much of |
this wreckage now being brought |
to the surface, however, deals more
with the past than forecasting fu-
ture conditions. One of the shrewd-
est, yet most conservative of market
critics some weeks ago called attention |
to what he asserted was the unliuul. |
dated pool position. In his deduction he |
pointed out there could be no per. |
manent change in the market position |
until this weaker element was eimi- |
mated. The collapse Of several of in
duStrial speCialtiCS within tho Inst fOrt
night fully Corroborates his statement
and likewise wildly demonstrated the
utter senselcssness OF these spoculativc
combinations buCkinG an almost ire /
sistible tide.
While there is still much to be de.
sired in the way Of Improvement in the
business, financial and industrial situ-
alton, there are to be found many graft
Tying signs of encuuragpInrnt. All nj /
which combined Indicate a rapidly an.
preaching turn in tlI trpnI ~