Evening star., 1921-04-02
|NDUSTR|ALSARE
UNDERP PRESSURE
Motors and Beet Sugar Are
Severely Raided-Har->
veSter Shares Recover.
BY STUART p. WEST.

NEW YORK, April 2.-helped bv
the usual uncovering of special points
of weakness in various individual
stocks, pressure was renewed in the
market this morning. There was no
important decline, however. in the
general list.
The bull following built up on
preceding days in some of the motor
shares closed out their commitments
hastily when other things began to
sag. This carried aChandler, Stude-
baker and the rest back over the
ground which they had gained yes
terday and the day before. Bethle-
hem Steel 3 proved somewhat vui.
nerable, but. on the other hand. Steel
common stood up well.
Atlantic Gulf, after further break
at the opening. rallied sharply. the
street seeming to take favorable
view of the news that the company
had secured an extension on the ~hn-
paid portion of the $6,000,0e0 loan
which it was carrying at the bank.
Harvester recovered with consid-
cradle violence on the statement by
the president of the company. deny
ing the rumors that were respon-
sible for the. break in the stock, and
declaring that its credit requirements
were smaller than usual. and such
as they were had all been provided
for for the current year.
Beet Sugar Soft.
American Beet Sugar broke very badly
to new low record on the publica-
tion yesterday of the news that the
directors next Tuesday will probably
pass the dividend altogether. Amer
ican Sumatra was again heavily sold.
consideration of what the severe dam
age to the fruit crops by this weeks
frosts might do to the company
earnings.
Pennsylvania made a new low un-
der the same sort of selling that has
been so persistent for the last month,
but other rails held fairly steady, and
The strike crisis in England con-
tinued to affect sterling exchange,
which was down.
Steel Cutting Denied.
Wall street was in receipt Of q re-
port this morning that the Steel Cor
poration within the next ten days OIL
two weeks would announce q cut in
its prices for steel products. and q,
the same time would announce a cut in
wages. The cut in steel prices, it was
said, would be approximately 12h pei
WIN, "AhAS tAS SAl ia !" oSCS "oNAo
amount to 25 per cent This latter. 1,
was explained. would be effected
through q reduction in working hours
to an eight-hour basis This report
was denied in Steel Corporation cir.
cles. The head Of the Steel Corpora
ton will be back in New York next
week. and it was the belief that the
above report was circulated in an
effort to sway him.
Atlantic Gulf.
Action of Atlantic Gulf and West
Indies in the market of the last hour
yesterday bore out the reports which
were circulated after the close and
again today that one Of the biggest
operators on the short side had been
playing" with the stock. This man was
credited with having pot it up to above
40 and then to have knocked it down
in the space Of couple of hours to
around 80. The stock this morning
gave every indication Of short cover
ing.
Laclede Gas.
The squirt in LacIede Gas this week
was brought about by jump in the
selling rate of its product. it was learned
from western sources today. 1t was
said sthat the rate had been Jumped
froA'S5 to Los by order Of the court