Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-09
PRICE MOVEMENT
WAS VERY narrow
coppers Taken Up Again, but
Leadership Was Not
Popular

New York. Sept. 0.--Operations in
todays stock market were generally
meaningless and to large extent con
fined to the familiar week end evening
up of professional traders. Price move
mcut was more orderly than yesterday,
that is to say, variations were restricted
to smaller limits. The halting char
nctrr OF the trading was altogether logi-
cal in view of the spirited fluctuations
in the preceding sessions snd the lack
Of incentive for continued activity on
the constructive side. While still show
ing the effect Of the weight of realizing
sales the most part Of the list gave
ground stubbornly. indicating continued
absence of liQuidating pressure.
Attempt was made to stir up some
fresh enthusiasm by taking up the metal
group, including the long neglected cop
perS. Declaration of the quarterly
dividend of fifty cents by the Utah Cop.
per directors and more favorable stu
ttstics concerning copper industry
opened the way for the moderate dem
onstration in the red metal group. The
because of the belief TINT the strength
of the group was being employed to
fac' tate profit taking elsewhere.
Overnight Developments and the
morning news rather favored the mar
ket. The slight fall i'll the Federal Re
serve ratio and increase in discounts
was altogether in line with the season
able money movement for crop purposes.
From a monetary standpoint it was
easily counter balanced by the reduced
interest rate on the Offering of Treasury
| certificates to como ont next week.
which could be accepted as reliable
| indication of easier money market con-
ditionS. The most important overnight
dCvc,Opmcnt in broad way was tic
monthly Government report on grain
conditions with indication pointing to
the second largest corn crop on record
and reasonably large total outturn
Of wheat. This. in 4 sense, furnished a
practical assurance As to the buying
power Of the Middle West. about which
many have expressed much worrimcnt.
Then also could be coupled Secretary
MELONS, suggestions for certain changes
in the tax program. which upset much
of the recent diStrust manifested over
the outlook for tax legislation. Evi-
dently the market was no in q receptive
/ mood or at least those responsible for
the recent harc-up had not been abe
to get their second wind.
Shorts continued tu press their ad-
vantage at the opening. Standard
rails, as we'll rs food and chemical
shares were singled out for further at
tack. notably Northern Pacific. Ameri-
IAN Sugar and United Drug ut declines
of to IL points. Oils also were
!ower. Mexican Petroleum. slight ini-
rial advance soon being cancelled Ma
tionnl Cloak and Suit preferred was
weakest OF the speciaticS. falling 5a4
POINTS on two transactions. Msccl-
.an"Ous shares Of the varied types rep
resented by Famous Players. Com
tin"ntal COn, Sears RocbuCk. Sumatra
Tobacco. pullman and Cuba Cane pro-
ferred also lost TO = points in the
early selling. Tho market rallied parti-
ally before noon when coppc@s and other
metals wer" takcn in hand. also Nana-
dium. Gulf States steel and Endicott-
Johnson at gains of | to II. points
Canadian Pacific was heavy, but its
subsidiary. 500 preferred, rose !
points. New York. Chicago and st.
Louis gained 9 points on announcement
that cash dividends had been declared
from funds recently received from the
Government.