Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-16
MARKET NERVOUS;
|. PRICES UNSETTLED
Technical Rather Than Out.
side Conditions Continued
the Governing Influence

New York. May 1G.--Thc two sided
character Of the market was more
clearly defined in today's irregular
movement of prices. While the ten
dency continued strongly reactionary
en- increasing degree of resistance was
met on all recossions. The market to
all appearances has virtually drifted
back into precisely the same trading
area II occupied just prior to the re-
cent spring forward movement. After
surrendering from | TO over points
under continued pressure for both
accounts during the early trading Of
fcrinss were perceptibly reduced. The
dullncsS which developed on the declines
influenced some covering, which in turn
brought irregular recoveries, but the
market remained nervous and unsettled.
No other excuse being handy, the
new complication in Europe over the
SileSian question was employed as the
motive for the further lowering of mar
ket values during the morning sinking
spells. As in the previous sessions,
however. il was the technical position
and local developments Of individual
concerns rather than outside conditions
which carried the greater influence. In
a number of scattering instances wide
l'tice variations were TO be explained in
prospective dividend changes. The en-
ire industrial divisions, however, lack
ng the support of the pools and other
speculative combinations, were naturally
highly sensitive to selling pressure,
which was not always for the short aC-
count. although here and there signs
we're present indicating the approaching
It nm oversold condition.
IL was largely an industrial market
lrnt h.Nt Il IL L. 49,. A.. H..
IA the railroad list and the movement Of
10" group as whole was sluggish and
conflicting, Chesapeake and Ohid and
Western Pacific preferred falling back
@odrrntely, While Texas and Pacific and
delaware, IaCkawanna and Western
arrC hrm TO strong
Least support was shown by oils,
motors independent stcels and food and
leather shares. Mexican Petroleum.
ran American and Pacific Oil lost ! to
: points. Studebaker, Pierce Arrow
Stromberg Carburetor, Bosch Magnetic
and Stewart Warner fell | to 8 points
and Cruciblc, Baldwin Locomotive and
Gulf States Steel to 21a Corn Prod
ucts and Endicott Johnson were among
tho heavy spccialtics.
Bear efforts were most pronounced in
spccialties in which various reasons
NtlS elN'u as incentives 1Or attacks.
An instance was Famous Players,
which yielded over 2ls points, the sell &.
ing being about equally attributed TO
German competition in the industry, the
signing of the censorship bill by Gov
ernor Miller, Of New York, and pool
| liquidations.
The market acted better in the first
part of the afternoon. with indication
of further covering by some of the larger
traders. Mexican Petroleum led the
rally. but the real features Of strength
were found in less distinctive leaders as
International Paper and few of the
utilities. notably the gas shares. The
relative Indifference OF the market ia
outside conditions was indicated in the
practical ignoring of the interesting Su-
preme Court decisions, notwithstanding
their intimate relationship with the
financial and tax situation.