Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-10
RAILROADS we're
WEAK FEATURES
Entire Group Yielded Under
Pressure Emanating From Fa-
miIiar Professional Quarters

New York, March 1O.-Heaviness Of
the rails was the outstanding feature
of today'S stock market. In general
way the market movement differed but
slightly from that of tho preceding ses-
sions except that pressure was shifted
from the industrial division to the rails.
II was altogether the same listless and
colorless affair continuing under the
complete domination of the professional
contingent. While the attention Of the
| market community was diverted from
| the foreign situation to domesrr con-
ditions, there was. on the oher hand,
spirited rebound in allied exchanges
and which was Interpreted as rejecting
much improved outlook for a salts
factory settlement Of the German repn
ration question.
The fact that the morning newspa
pers featured prominently the indica
tionS of a country wide revision of
wages and salaries to meet prevailing
transportation industry, the railroad
shares were naturally unsettled from
the outset. No pronounced losses were
registered, but the whole group, in
Guiding the low priced and dividend
paying issues. suffered declines. Penn
Sylvania Railroad and Reading estab.
lshed new low records at 81 and TOa
respectively. That of Pennsylvania be.
ing the lowest since the Pittsburgh
riots
At the same time Great Northern.
Canadian Pacific. Union Pacific, New
York Central Delaware and Hudson.
Norfolk and Western. st. Paul. pre-.
fcrrrd. fell to 2la points with losses
ranging from substantial fractions to Il
point in others of the group. cmbrac-
ingthe lower priced shares. which re-
Gently were given considerable atten-
tion on the constructive side. The same
speculative element. according to the
board reports, that recently were so
aggressive on the bear side of the in
dustrials. sold the rails quite freely. but
it was observed not with the same rcck-
lesSness that marked their operations
in the industrial specialties.
The selling movement, however, was
not confined strictly to the railroads
as among the industrials and special
| ties considerable inronds we're made.
| The market in this quarter was featured
BY declines of to . points in Republic
| Iron and Steel Anaconda, General As
phalt and Sears Roebuck, the latter
yielding to 75H. new loce price for
| the year. United States Steel was in
cludcd TO the list after the publication
oft he untitled tonnage statement, show :
Ing a decrease of 639, ,297 tons in un-
! filled orders on the corporations books
last month.
Although appearing on the surface to
be more unsettled and conspicu0usly
lacking stability the general list could
not be regarded as being any weaker
than it was in the preceding sessions
Of the current week. The trend, it is
true. was unmistakably downward, but
despite all the advantage the reaction
airy party had they did not apparently
succeed in dslodging any considerable
volume of long stock. Underneath
there was evidently a strong current OF
resistance. and in most all parts of the
list prices were rallied much more easily
than they we're depressed. which indi
Gated the short interest was approach
ing unwicldy proportions.