Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-23
TRADING BRISK IN
CLOSING MARKET
Switching Of Leadership Gave
the Forward Movement a
Fresh Impetus

New York, April 23.-There was
brisk trading in today's abbreviated
stock market. The forward swing was
well sustained, although punctuated by
periods of hesitancy and irregularity.
The line Of least resistance. however.
was clearly defined on the upward tack.
which provoked another Wild scramble
to cover on the part of the short inter-
est in the last half hour. There was
further advance in the oil shares at
the outset, but the price movement in
the general list was comparatively mar
row. This was partly due to about an
equal division of short covering and
profit taking. Nevertheless. new top
prices for the year wers registered by
n number of the active industrial spc.
cialties.
In the last hour the forward swing
assumed a sounder character by reason
OF switching of the leadership TO such
representative favoritns as Reading and
United States Steel. The spirited ad-
vance in Reading was supplemented by n
vigorous buying movement in Northern
Pacific and Great Northern preferred.
the three advancing more than points
within n short period. The natural as
sumption was that the interests con-
cerned in the. financing of new Bur
lngton bond refundng had devoted their
energies for the purpose of paving the
way for the success of the new Burling
ton bonds.
Although recent leaders were relc-
gated TO secondary position. the whole
market responded and the last prices
were generally the best Of the day
Except to further emphasize the ul-
tn professionalism of the current
speculation. no particular enlightenment
was to be derived from the weeks mar
ket. The bareback witnessed near the
close Of the week was the logical out
come of technical conditions. rather
than rejecting or foreshadowing essen
tial change in the economic position.
The immediate outlook Is still cloudcd
by uncertainties at home and abroad
and until these problems come nearer
solution ii is almost useless to look for
or expect any permanent change in the
market situation. 1t is only fair to
state. however, many competent OBJ
servers are of the confident belief the
corner has been turned. Even il that
be true, on the other hand. influential
banking interests have no hesitancy in
stating that chances for the inaugura-
ton or duration of a major forward
movement in security markets is very
slim.
In the weeks events and develop.
ments. ample testimony was to be found
to indicate the readjustmcnt in the in
dustrial and commercial field had not
vet reached completion. Reduction or
omission of dividend has become almost
daily occurrence. Earning statements
Of leading industrial concerns are far
from being inspiring. Vet the fact
must not be overlooked that much OF
this adverse news now becoming public
property was forcseen months ago, and
at this stage supplies ample reasons
for the drastic depreciation of security
values which not many weeks ago
seemed almost uncxplainable.
Measured by long established and re-
liable precedents the current market
by reason of the narrow circumscribed
trading area is prone to become either
overbought or oversold in quick order,
Fayoring more the latter condition by
reason of the liQuidated state of the
market and the preponderance of bear,
ish sentiment dmOng the professional
traders. Until an equilibrium has been
established in the steel industry and
the railroad troubles are ironcd out
and n permanent improvement has been
established in the money market and q
genuine public interest awakened. 1t
would seem little short of nonsense
of talking of bull market.