Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-16
.|NDUSTR|ALS AGAIN
FOUND VULNERABLE
Whole Market Practically With.
out Support Except In
Rail Group

New York, Aug. 18.-The railroad
shares we're again about the only stocks
able to hold ground in today's stock
market. Almost every other branch Of
tho list during the forenoon especially,
suffered further impairment Of prices
The continued dribbling liquidation and
professional selling was again without
definite explanation in so far as direct
news or developments were concerned.
A lot of interesting stories were atloat
and many unique theories were ad-
vanced for the unchecked melting OF
security values. The two outstanding
features. however, were, first, the con-
spiCuously anemic condition Of the mar
ket and, secondly, the lack of buying
! power.
In some quarters the slipping condi-
ton Of the market was charged to en-
forced liquidation of the holdings Of
those responsible for the orgy In 1910.
BY others it was traced to growing un-
/ ccrtainties concerning the dividends Of
! several prominent industrial concerns.
In fact, the same doubt prevails as to
the entire industrial division. The d.
( rrctors Of one industrial corporation
which piled up fabulous profits during
the war period are expected to pass the
common dividend on Thursday.
Then there was some disappointment
In the taX-revision program. In its
weakened technical position. the entire
list was more or less susceptible to
selling pressure. About the only en-
Couraging development was the over
whelming bearish sentiment and the un-
mistakable overcrowding of the bear
ranks. 1t probably would be no exag.
geration to state that more than 60 per
cent of the traders operating, profess
siOnal and semi professional are ar
rayed on the short side. Experience
has shown what happens when either
side Of the following gets top heavy
and this appears to be the sole salvation
Of the current market. In other words
unless surface signs are misleading, an
OvcrSod condition is being rapidly ap
preached
While there was nothing particularly
discOncerting in the news or develop
ments to account for the heaviness Of
the market. on the other hand there
was the same dearth Of influential ele-
ments to inspire adhercnts to the con-
structive side.
The general characteristics Of the mar
krt very strongly suggested the awaiting
of the settlement Of some unsolved prob
EN-. Just what this was every one re-
manned in the dark. There were in
timations, however, OF a very important
conference being held ut which the fu.
ture destinies of a prominent financial
institution would be decided upon. 1t
is only fair to state there were no actual
facts to substantiate this statement, but
certain conditions and facts which have
long been the knowledge Of some of the
better Informed placed it in the category
of possibility
Selling Of all the active speculative
issues was resumed at the opening and
prices continued to yield all during the
morning session. Little support was
seen except in the high grade rails and
industrials. Bethlehem and Crucible
Stees were heavy, and losses of to
points resulted from moderate offerings
Of American Steel Foundries, Railway
Steel Springs. Pressed Steel Car. West
inghouse Electric, General Electric and
New York Air Brake. Pan American
Petroleum "B" was weakest of the oils,
iOsing almost 3 points. Chandler.
Studebaker, Industrial Alcohol Inter
national Paper, American Wooden,
American Sugar. American Interna-
tional and National Lead forfeited l to
points.