Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-16
CLOSING MARKET
MORE TW0-S|DED
week's TaiI-End Developments
Changed Entire Complexion
of the Outlook

Now York, April 16.-While the
.-,dirg was little more two-sidcd. to-
dov's closing market maintained tone
- docided strength. Considerable profit
,.Lirc wos encountered in all parts OF
,Lo Lief which hcId the recovery move
.,ort % 70 some extent in check. Virtually
H., .Lo entire list scored additional sub
stortial gains during the first half hour.
TSn nil steel and motor shares we're
dominant features, rehcctlng turther
covering Of the shorts. Rails made only
..or,inaI gains. The general market
nDI',;, n,;n,,ed to feel the impact of yester-
Jor,s favorable developments supple
wanted hy the further Improvement in
tbe British labor situation.
Gains made in the initial trading
trought in moderate supply of stock.
brt on the recpssions fresh buying was
80, which raised the price level above
.be onening. Mexican Petroleum, Cen
ersl Asphalt. Peoples Gas and New
York Air Brake figured conspicuously
IN the secondary rally. but the upward
swing virtually extended to all parts
~ the list with the raj roads enjoy
INC more active participation. Re.
..nad realizing was again encountered
ot Tho higher prices. bringing partial
Cancellation but the trading became dull
and narrow on the rccPssions.
The weeks tail-end developments SUI
nerfrialy would seem 10 place to-
tellv different aspect on the market sit
notion. Constructive Developments.
bowcvor. have been coming thick and
last. but the response of the market cX-
cont for the demonstration witnessed
on Friday has been quite disappointing.
There can be- no denying tho fact but
that tho outlook Is certainly brighter
and several of the more vcxing problems
are unQucstionably approaching solu
tion. The threatened English industrial
crisis has evidently been nvprtcd. Some
~ ,hc irritating complications of the
railroad situation nt home have been
ronpd out. while the first genuine signs
NJ the casing up of the money situa-
,ion was given in the reduction of the
discount rate by the Boston Federal Re-
servo Bank.
Because Of the low cbb of speculative
interest with a corresponding diminutive
buving power the market has developed
into a very shallow affair. Irtruth. it
is conspicuously thin. as suggested in
the rather wide variations in prices on
the slightest pretcXt. Unless surface
signs are misleading. however, the line
Of the least resistance Is seemingly en-.
countCred on the up tacks. That Is to
say. in tho parlancr of the street the
market moro readily responds to good
news than it is depressed on reversed
Influences.
Considerable emphasis has been made
upon continuous uninterrupted growth
Of tho short interest Measured from the
calculations of II number of wCll-ro-
gardrA experts the bear following would
apparently approach unwicldy proper
tionS. Such deductions. however. arc
not borne out by the market $ behavior
1t is general knowledge that largest |
percentage Of the professional opera
tions represents short selling. There is
considerable question Of doubt. how |
ever whether all the recent reported bear
selling was really an extension Of the
short interest. 1t is n well known fact |
in order I" cover mp liquidation the
moro learned Of the market following |
frequently make deliveries on borrowed |
stock, which oftcntimrs gives an arti-
fetal and misleading atmosphere to tn"
loan crowd. Nevertheless, because of !
the narrOwncSS of the current trading |
area. the market easily becomes over
sold, more particularly among some Of |
tho recognized closer held pool shares. |
The open and fragrant manipuation OF |
number Of these selected issues is fire.
qucnty an insult to the intelligence of |
the market following as II whole, cSpe-
ciaIIy when the more representative
shares experience difficulty in Keeping |
from slipping off their feet
Summed in "A nutshell, the market |
outlook is brighter than it has been at
any time since the opening of the cur
rent year, but it Still has n rough and
hard road to travel.