Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-26

bears out our contention that the cotton
for sale above twenty cents is still in
process of absorption. On advances
above twenty cents the South becomes a
free seller against last years surplus,
but on declines the selling is withdrawn.
On the other hand. the trade shows a
disposition to absorb cotton freely on
declines between 1880 and 10 cents but
withdraws from the market on extreme
advances. Private crop reports now
being published bear out our ideas of
around 40 for the next Government re-
port, indicating n crop of little more
than 5000 900 bales, but so far the
public, as well as the trade, shows little
disposition to follow the advance. Con-
seQuently It would see to be the safest
policy 10 buy only on good declines. We
have no doubt, however, that cotton
Will sell much higher eventually"
Hecker & Co.-"After long period
OF depression and steady shrinknge in
price levels il is not to be expected, nor
is It to be desired. that securities should
turn in their tracks and ascend again
10 the ridiculous levels of two years
back. The waves of developing improve
mont have slowly grown in strength
ing in the way of bull market except
the fixed purpose of those with the mar
kCt's best interests in mind not to fos-
ter another dangerous situation of In
fntiOn values. Vastly better for all
concerned l. the sort of recovery we
are having both in securities and in in
dustry-Slow, sure and permanent.
With this outlook and knowledge in
mind, traders may profit during the
months to come by restraining their i'm =
pulse to buy on the bulgc5 and to be
ready with their buying orders when
ever things look uncertain and reaction
AIRY. We think that the rails are par
tiCularly the best purchases.
Newburger. Henderson & Loeb say :
ANY remaining lingering doubt as
70 genuine caliber of the constructive
movement in the security market
should easily have been dissiDotcd by
the host e peculiarly interesting finun-
cial incidents Of the last week. Either
mclsurcd by technical or fundamental!
bHsir conditions it is conclusivcly GER
tain. not only has tie tide Of security
values swung around from an cbb to
strong running food. but in every
division of the list it is convinCingly
demonstrated the line of least resist
Gncc is upward. This is made tho
moro significant because Of tho organ
led opposition on tho part Of n large
proportion of the professional trading
contingent. who for so long enjoyed
unorrosCd domination of the entire
market. FainC signals f"reShadUwing
bett rmcnt in the Industrial. CONNER
Cial and financial conditions have dcvcl-
Oned into lC sitivC. convincing testimony
Of the real corner having been turned.
The further reduction of the rcGiScount
rate Jy the Federal Reserve Bank to the
lowest rate prevailing since 1914; the
remarkable gains in net operating in E
come reported by the leading railroad
systems; the Quickoning of the iron and
Stpe, industry and the rising price bN-
romcter of the commodity markets are
I'll significant factors that cannot bc
undrr2Stimatrd. The forward swing is
likely to be frequently punCtuatcd by
ucriolS of extreme i"rpgularity, but
these temporary haltS. Hs shown last
week. tend to strengthen rather than
weaken the technical pOSitiOn.'
+. Il. Smith & CO.-"ThrouGhout
the nation. great interest is being shown
| in the unmiStakab.o. f not pronounced.
signs # improvement III business. Wide
ly divergent opinions hnvc been eX-
pressed aS to whether this condition Is
merely SeasOna, or something Of greater
significance. Possibly the press of the
country has taken too optimistic n view
Of Developments. yet survey 0f tho
| situation reveals constructive factors
working for permanent change for
I IL, -, L.. NJ