Evening star., 1921-09-21
WALL STREET LIST
IRREGULAR IN TONE
Some Raiding in Oils s-Spe
ciaIities Stronger-Com-
ment on the Situation.
BY STUART p. WEST.

NEW YORK. September 21.-The
stock market today developed so many
cross currents in the movements OF
individual stocks that it was hard to
determine most Of the time what the
main inclination really was.
Prices were bid up early in the day
on the idea that the reaction. having
extended over three business days
had gone about far enough.
There was a good deal Of scattered
short covering, and here and there
some fresh buying. which carried
prices up point or SO.
when attention was attracted to the
outbreak of heavy and persistent SELL
ing in Mexican Petroleum.
While there was no news to account
for this selling, it had a rather un-
settling effect upon the rest of the
sag, rejecting uncertainty regarding
the trade outlook and the anticipation
OF some very poor earnings state
ments lying ahead.
Some Firm Stocks.
On the other hand Baldwin Loco
motive, American Woolen, the SHeels
and others. which has been pressed
down in the market Of the preceding
days, rallied easily, one or two spe.
|
Ajax Rubber. ran up sharply, and the
rails had fair recovery. In the last
named the prospect of still further
improvement in the August traffic
statements was the chief incentive.
These expectations will certainly be
borne out if other roads do anywhere
near as well as the Union Pacific
which made public it's figures today
The August gross was $1S,444, 900
against $14,049,000 in July, while the
net operating income was $4,617.0 900
against $2,102,000. The striking com.
parison was. of course, in the gross
returns, which showed the effects oi
the heavier movement Of grain tc
market.
German Marks Lower.
The other points of interest in the
German marks, an abrupt rally in cot.
ton and the weekly steel reviews, giving
their testimony as to the significance OF
recent developments in the trade.
Mark exchange got down almost to the
| lowest yet reached and more than ter
points below the high touched on las,
Saturdays rebound. 1t now is cleai
that this rally was only one of the
turns in speculative market and was
not due. as some suggested, to reported
negotiations between the German gov.
ernment and German bankers and bust.
men. looking toward checking the de.
cline.
Steel Situation.
The principal contribution to the dis.
cussion OF the steel situation was the
statement by the Iron Age that, while
demand for the heavier products hat
not increased, the larger business ir
wire and sheets had raised the volume
OF mill operations as a whole. A further
gradual gain is anticipated through the
autumn. but no broad buying for for.
ward delivery until next spring.
Oil Shares Weak.
The break IN Mexican Petroleum
after it's early advance might hav,
been due, so the street thought. tt
further liquidation by the bull crowd
which tried to run the market III
last week and failed dismally. Mexi
can Petroleum was one Of the stock.
with which this crowd was expert
menting.
At the same time the feeling is tha
the oil trade Is further away than al
most any other industry, with the ex
ception Of sugar, from complete re
adjustment. Previous to this month
the decrease in home production wa,
disappointingly small.
The September figures of OUTPUT
will, it is said, be more ENCOURAGING
The fact is that Mexican shipments
suspended since the 1st of July, hav,
now been resumed, and oil import.
promise to make up, and perhap.
the reserve supply due to domesti,
curtailment.
Not only the Mexican oils. which
were selling ex-dividend. but nearl,
all the American oils were depressed
today.