Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-17
PRICE MOVEMENT
VERY CONFLICTING
Rapid Succession OF Waves of
Strength and Heaviness Pro.
duced Confusing Eddies

New York. May 1T.-ConfctinC cur
rents made price movements IN today's
! stock market ragged and confusing.
! While distinct hCavincss cropped out in
| both the railroad and industrial divisions
! in other quarters quite a good deal OF
strength was exhibited. Yesterdays
/ late rally was resumed at the opening
! rejecting considerable discontinue on
! the part of the over extended short in
! tcrcst in a number of the industrial
! specialties. The recovery was checked
! by appearance of renewed weakness in
the rails. Before midday there was
secondary recovery, which. in turn.
| ran into an aggressive selling movement
in the steets and equipments.
Overnight consideration of the ST.
lcSia question deprived that matter of
n considerable part of its terrors be-
cause 1t was generally recognized the
issue. while producing some tension,
was more or less pictured in an exag-
| serated form. Secretary Melons op-
timiStic statement concerning the finan-
cial outlook was considered much more
important. although the good influence
was somewhat tempered by the con.
tinued tirmnCss of call money with the
renewal rate again fixed at I per cent.
regarded as temporary as a result of tho
arrangements for the heavy financial
operations for the Burlington bond is
sue. and the Government Withdrawals
TO meet the interest payments and the
maturing certificates of indebtedness.
There are reasons for believing n goodly
portion of the Burlington bond money
will find its way back into the open
market for employment
OfsCtting the constructive develop
mentS were reports of further dividend
reductions and omissions. which in
cludod several Of the prominent railroad
companies. and some three or four
prominent industrial concerns Conscrv-
ing of resources appears to be n gem
orally accepted policy on tho part of all
corporate managers. which action is
altogether logical in the almost prohibi-
tive rates still cxactcd for fresh credit
accommodations.
Reason for the rcaCtionary tendency
of a number of the prominent rails was
partly found in the statements made
before the congressional investigating
committee on the transportation situa-
tion. which furnished further light on
tho impoverished condition of the Coun-
try's carriers. Because of the ultra
professionalism of the current trading
this and other elements furnished more
of an excuse and a reason for the mar
ket unsettlcmcnt.
The brisk manner in which the mar
ket started out gave every promise of a
substantial rebound from the depression
Of the preceding eight days. There were
material extensions of yesterdays late
rally in almost every part of tho list.
but interest converged largely in the
lndustrials. Oil. tobacco, leather and
gas shares led the further advance of the
first hour.
The movement came 10 sudden halt
however when selling Of the rails, cs
pecially the Hill issues, became some
what insistont Northern Pacific lost
points and Great Northern lHs.
IIcavincSs also developed in Republic
Iron and New York Air Brake, the
| dividend status of both of those issues
again being brought into question.
| Stccls and equipments were under
/ marked pressure at midday. Bethlehem.
! CIucible. Republic and Pullman showed
extreme losses Of to pa points. Oils
continued TO ease. but motor. rubber
and miscellaneous shares. especially
! Studebakor. Kelly Springfield Tire and
/ Famous Players rose to points.