Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-30
ALL POOL ISSUES
GIVEN BIG BOOST
Weeks Events Presented Con-
vincing Testimony Of Prog
ress on Constructive Side

New York, April 30.--The outstand-
Ing feature Of todays brief session in
the stock market was the renewed pool
activities in the motor stocks and motors
accessories, especially the shares Of the
tire companies. Prices in these two
groups were marked up from one to over
FIVE points with the most fagrant ma
nipulation witnessed for considerable
long time.
Movement of the general list was
marked by the same conflicting irregu-
larity manifested in the preceding ses-
sion. Another crack was made at the
oi and steel shares at the opening, but
the overwhelming strength and buoy
ancy of the motor shares and their uc-
cessories quickly turned the tide and be-
fore the end of the first hour the whole
list began to climb. Excepting the
Equipments and some pool specialtle5
the market did not make much headwas.
although there was n striking rebound
in the oils and steels which had been
under pressure at the opening. :.
The overeagerness of the pools dis
played through the rapid upturn in
prices invited free profit taking in the
last half hour Of the trading, which. in
turn. cut down considerable part of
tho earlier Improvement.
The weeks events and Developments
spplied the same curious mixture of
, good and bad. Despite this conflicting
surface influence, it was quite evident,
even to an inexperienced layman, Of the
market having reached Juncture
wherein the line Of least resistance was
encountered in the forward swings.
This would hardly warrant the impli-
cation Of major forward movement
market, fundamentally. is getting In
good shape. The usual preliminary
skrnishes of renewed pool activities
was plainly in evidence not in one
but in many quarters of the list. but
such window dressing Is common OK
perence In the approaching turn or at
the turning point Of the tide Of market
values.
II is still a market under the COM
plcte domination of the professional ele-
Inent in consequence of the continued
low ebb of outside interest. With the
power Of the constructive side appnr-
emily in ascendancy as the weeks de-
veopments quite plainly demonstrated,
the bear party, with its long list of
7ictories, had obviously lost it's grip
on the market. At least such a conten-
ton was suggested in the short lived
reactions on the one hand and the in
creasing recuperative power displayed
by the entire list when. pressure re-
laxcd on the other hand.>
When deeper analysis is made OF
the general situation there is much of
An encouraging nature to be found.
Many of these elements have not suffl-
GENTLY crystalized as to become dis
cernible on the surface. yet indirectly
their influence is already felt market
wise and finds reflection in the current
level of quotations. Confirmation OF
such an argument is presented partly in
the average level of the twenty active
industrial stocks, which at the moment
stands ocer IL points above the low
water mark made in December and
within II points of the peak of last
year. The rails. however, are only
little over points above their bot
tom level Of the year. From this there
would be the natura! inference of the
adverse side of the industrial side OF
the situation having passed. That this
is true. is corruboratcd in the recent
expressions of many Of the acknowl.
edged expert economists and members Of
Presidents cabinet who have been max
ing long distance and close views Of the
Industrial situation. Secretary Hoo
yer in a recent speech said while our
industrial recovery may be slower than
some expect, nothing can prevent the
prosperity of country where people
have enlightenment. wish TO work, wish
10 produce and wish to do right by their
neighbors. IL am convinced he said,
that we have fundamentally turned
the corner"