Evening star., 1921-08-24
BEARS HO[DLEAD.
IN STOCK MARKET
Raid IndustriaIs for Numer
GUS Price DecIines-Com-
ment on the Situation.
BY STUART p. WEST

NEW YORK. August 24.-The mar
ket today was largely a repetition OF
that of previous days.
A number of stocks were extremely
weak. New low records were COM
mon. sentiment in speculative circles
was very blue. In a large part OF
the list the losses were comparatively
small. 1t looked plainly enough as
If. while prices were being driven
down in some directions, short COW
ering was going on quietly in others.
This is the familiar procedure in
market in such a stage. Still. the
outstanding fact was that the buying
power. taking the majority Of stocks.
was pretty feeble. and that there was
to hold prices up against the COM
b:nation of professional attacks and
scattered liquidation which the mar
ket had to face.
AS usual. there was very little in the
news of the day to influence the move
ment of prices. The stock market, in
fact. was much more interested in
rumors than in news and the talk
about this and that individual and this
and that corporation being in trouble
was more prolific than on any day so
far. Most of this gossip obviously took
its cue from the stock pace; still it
Vas very real factor in the move
| ment of the day.
Rails Also Soft.
Railway shares went down with the
lnduStrials, despite the expectation
that traffic statements now coming
along for the month of July will
show. like the roads that have already
renOrfe6 a h iv,n q N
IN net income. as the result Of the
lower wage scales:
The opposition to the railway re-
funding bill on the part Of the for
| mer director general of the railroads
might nave been inferred from the
anxiety of the Senate obstructionists
70 get him as witness before the
Interstate Commerce committee.
Exchange Steady.
None of the other markets ap-
| preached in interest the proceedings
! on the stock exchange. Bonds felt to
somewhat larger extent the killing in
huence of the depression in specula-
tive quarters. but there was no i'm
portant decline in investment prices.
Money rates were unchanged. sterling
francs and marks all quite "a bit
higher. The cessation, at least tempo
rariiy. of the liquidation in German
! marks may be taken as further proof
that preparations for the August 81
indemnity payment are complete.
Crucible at New Low.
Going through it's previous low of
OIL Ston orders came into plav in Cru
chile Steel and the stock broke rapid
~. There was no news beyond The
tsre. which is well known. that Cru
chile Steel has been running behind
its dividend requirements since the
first OF the year. and would have to
draw upon surplus in order to pay
even the reduced dividend which was
declared in June.
| around the middle of September and
the idea back of today's decline in
| the stock was that the rate would
be passed altogether.
Sensational Trading.
The trading in General Motors was
sensational because of the size of the
blocks changing hands. One house
alone sold single lot Of 10000 shares
at 9la. and followed it up by the sale
o fanother 10000 in several lots.
Professionals working on tho short
side in order to make any money out
Of General Motors would have to con-
duct their operations in a big way,
The company has only recently is
sued its semi-annual report. which il
will be remembered was very favor
| able, showing dividends covered even
during the worst time. on the three
classes OF preferred stock, with q
slight balance left over for the com
F., mon. The price-cutting announce
| ments by the Duryea-Stevens' and the
Peerless this morning had some senti-
mental influence.
Buying Power Weak.
Along with all the discussion of
bad earnings. further dividend cut
ting. and uncertain trade outlook,
| there is lot of talk about wealthy
individuals SO tied up that they have
all they can do to protect themselves
without coming to the rescue of the
stock market
In word the street gossip pictures
! number of other cases where in
siders are SO committed already that
| they cannot support their particular
stocks. This Is reason quite as com
monty given for the violent break
| these days in the industrial list, as
! anything in the trade and earnings
situation.