Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-29
ANOTHER REVERSAL
IN MARKET TREND
Yesterdays Losses Quickly Re-
covered When Bear Crowd
Turned Tail

New York, March 29.-Further en-
phasiEing the ultra professional caliber
of the current dealings today's stock
took just the opposite course IL assumed
yesterday. The result was in most
cases a complete recovery Of the losses
sustained in the preceding session. and
among some of the more highly manipu-
lative issues comfortable net gains were
recorded.
The about face turn in the trend VAS
certainly not the outcome of any spe.
cihc charge in fundamental conditions
and in so far as developments were CON
cerned there was just as much reason
TO push down prices as existed yestcr.
day.
One Of the unpleasant events of the
day was the announcement Of the shut
ting down of porpyry copper properties.
This. II Is true, had been generally
/ expected and in its changed humor the
! street. Of course. was disposed to look
upon the step as a favorable rather than
an adverse factor in that II would serve
TO overcome the growing overproduction
/ and give these companies chance to get
rid of the large amount of the unsold
red metal.
The reversal in the market trend as
matter of fact did not really develop
until near midday, when the sudden
Switching revealed a conspicuous over
sold condition which Is likely to occur
quickly by reason Of the extreme mar.
r0wness of the current speculation and
the limitations of trading area. The
rebound was swift when II came and.
in measure, was facilitated By semi
official reports of compromise agree
mcnt having been reached between the
railroad managers and the representatives.
# the brotherhoods.
To which could be coupled the more
Icassuring overnight advices as 10 in.
dustriai conditions and also the con-
tnucd liberal supply Of call money at
- per cent, at which figure the re-
ncwal rate was again fixed. But the
real bull fireworks was exploded in the
unexpected announcement made by the
American Telephone and Telegraph di.
rcctors authorizing the president to es.
tahliSh q per cent as the regular annual
dividend rate. or an increase of l per
mt. The decision 10 raise the rate
vas given more air OF importance in
the supplementing statement that there
las been on time within the past ten
wears. when the company's earnings
ave not been sufficient TO pay q higher
rate If dividend
This exceptionally good piee Of news
fell like a bolt from the clear blue in
rhr bear camp. and undoubtedly upset
nicely fixed program for the day for a
further smashing of values. At least
this vas suggested in the earlier stages
when all the leading shares were under
pronounced pressure.
The early reaction ranged from l TO
points. Stocks most affected wert
Houston Oil. Harvester. Tranue &
Williams. Central Leather preferred
Famous Players and Endicott. Johnson
Before noon there vas a spirited rally
in which many losses we're cancelled
Lenders in the recovery included At
lantic Gulf. Crucible. Mexican Pctro-
leum, American Woolen. General AS.
phalt and May Department Stores, al
rising to . points over yesterday &
final prices Rails we're the only issues
to hold back, being only occasionally
quoted.