Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-02
CLOSING MARKET
WEAK IN SPOTS
Long Expected Spring Rise
Proved a Flash in
the Pan

xow York. April "a numbcr OF
,rots cropped out in todayS bri"t
WEI WEI market session, but the dealings
~ Ibc general list were altog"thcr
nmooninrICss after eliminating the IA
,";i;ar week end operations of the pro-
fssornl traders. American Beet sugar
ond American Sumatarn Tobacco were
"mortirnlarly soft. with the hrst named
dropping points to ~. thT lowest pr'.r
.pu' mL;ritv Of thc company to maintain
.ho h rrcscnt dividend presumably was re-
,.mnonr.iblc ,mr for the selling movement.
m,"riror Sumatra Tobacco which was
a"n"m.niruously "" weak in the late dealings:
,ostrrday. suffered further descent Of
ncorIv / points to II k.. Realizing
,rossnrc ot the same time brought re-
rrrssions from "a to 3 points in
CEonJIcr Motors. Cruciblc Stccl and
smJ"bokcr. On the other hand, desul- :
,ory short covering gave Atlantic Gulf
oni Mexican Petroleum moderate re-
covcrics Pennsylvania was the weak
member Of the railroad group. making
now low record at 341s.
To the market community 1t was
,rotbcr week Of multiplying disap-
nointmcnts. The much heraldcd tradi-
tiorol spring rise proved to be another
gash in nan and in following the line Of
least resistance the greater part of
tho list sought n lower level with
oritc number of the active is
srcs recording new bottom figures. Ac-
rordng to the current gossip most ol
fine selling pressure cmanated from the
heor ranks but this has been the ex-
nIonation for almost every set back
since the turn of the year.
A., a., nn linI Sbprt gpllprg had done
only half Of the damage they have been
credited with. there would be in exist =
,ncc short interest of such unwieldly
moportions as to require but the slight =
est effort to touch off a stampede which
would produce spectacular rebound
never before witnessed in the annals OF
Wall street. There has been consider
ably short selling. of course. IN each
md every downward swing, but not TO
thc reckless extent reported. At least.
there has never been in any of the
rallies any evidence of it. which is cor
roboratcd in the frst place by the short
duration of the recovery movements
and agan in the technical weakness OF
thp market whenever the covering of the
short interest ceases.
Besides the drives of the bear element
quite considerable pressure against the
fist is easily traCpable to the forced ad-
ilsimpnts Of speculative accounts, the
heritage Of violent slump in security
values i'm the latter part of last year. In
other words. it has been a distributing
market. rather than the artificial signs
which have suggested quiet accumu
larng by the sO-Called important in
tcrcStS.
The failure Of the New York city
,l,,u, 4 100
lick Of buying power in the security
markets. l'nti this condition changes
Il is almost needless to look for any'cs-
tpntial change in the character of trad :
ing or in market movements. In view
of the increasing uncertainties of the
general situation this reluctance is not
to he wondered at. The closely asso-
catcd influences are so confusing as to
nrccntuatc the waiting policy already
closely adhered to and promote Il
greater degree of discrimination and
caution. The steel trade is waiting for
thc working out Of the plans for set
rcmcnt of the badly muddled railroad
situation and general business is
awaiting the signal from the steel in
duStry which is ever regarded as the
reliable barometer of trade trend. The
Gccatc credit situation is gradually
being restored to more normal cQuilib-
rum. but the perceptible Improvement
j. 50 slight ms to give little encourage
mcnt in that direction. 1t is going tC
take some big favorable development &c
start things and to inspire the whole
country to business life.
Al the moment, the ma jOrity are sat
i>fcd to stand on the sidPlincS and look
On until the real signal is given rather
,lan indulgng in any further guess
work.