Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-24
Stocks CONTINUED
TO LOSE GROUND
Many New Lows Are Made
Throughout the Industrial
List Under Pressure

New York, Aug. 24.-operations and
movement Of today's stock market were
virtually a repetition Of the preceding
sessions. There was some desultory
covering Of shorts; some further neces-
sitious liquidation in the industrial spe-
ciaties some fresh short selling, but
very little, if any, outside buying. Price
movement, in consequence. presented a
curious mixture and impaired very
uncertain appearance to the market
Conditions affecting market sentiment
failed to show any material change.
Money market exhibited somewhat
easier tone. Union Paciic's July state
ment of earnings was regarded favor
ably and served TO confirm recent opu-
mistic statements concerning the I'm =
provement in the rail situation. 10
some extent, however, the good inhu :
ence was offset by the slim chances OF
the railway funding bill being passed
by the Senate before the recss.
1t is a question, however, II any OF
the individual forces of constructive
character cxcrted any real influence.
This thought at least was suggested In
the complete indifference manifested re-
gardng the adviCes attending the peace
treaty between this country and Ger
many. The cleaning up process neces-
STATED by the closing out of the affairs
of extended accounts of all descriptions
occupied the greater part of the atten-
ton of the professional traders who
maintain a complete domination of the
market movement.
Concrete evidence Of the continuation
of such operations were to be found in
Z e
cialties. More notably perhaps in Cru
chile Steel, United Drug. Steel Foun-
dries, American Smelling and also in
General Motors. Two blocks Of 10000
shares each of the latter were turned
over Mt 0la, equally the previous low
record.
Following listlcss opening moder-
ate rally took place. suggesting a con-
certed drive against the shorts with the
flank of the movement resting. as was
the case yesterday in the Mexican oils.
The completion of the plans for the de-
parture of the cream of the brains Of
the oil industry to Mexico and the re-
ported conciliatory attitude Of the OBJ
rcgon Government naturally made the
bear account a little more limit than
usual. The movement, however.
proved Of the usual short duration and
not only was the Improvement quickly
cancelled but stocks started TO lose
ground in all directions.
During the fresh selling movement Of
the morning many low priced and OBJ
sCure stocks broke into new low ground.
These included Pierce Arrow common
and preferred. Columbia Graphophonc
common and preferred and General
Motors At the same time new low
records for the year were made by some
Of the prominent issues. notably Mer-
camille Marine preferred. American In
ternational. Pullman, Anaconda and
international Paper. Other noticeable
weak spots were found In American
Smelling. Crucible Steel, Manti Sugar,
United Drug preferred and Virginia
Carolina Chemical.
Seven point break in 900" Cana
dian Pacific subsidiary. on a single sale.
proved to be a signal for subsequent
smash in the railroad group, which
division broke violently afted mid
day on the announcement of the op-
position of former Director General Of
Railroads McAdoo to the Administra-
ton Funding Bill.