Evening star., 1921-08-17
STOCKS ARE QUIET,
WITH PRICES EASY
No Support to Market,
Bears Raid IndustriaIS
for Pr0fitS-NeWS.
BY STUART r. WEST.

NEW YORK, August 11.-Today's
movement OR the stock exchange was
for the most part a repetition of the
previous session. Prices continued to
sag. without any large volume Of busi-
ness such as to indicate important
liquidation. but more because of either
unwillingneSS or inability of sub
stantial interests to offer support.
New low levels were reached in a
rumber of industrial stocks, and the
success attending speculative efforts
on the short side kept the market in
a state of detection.
AS usual there was very little in the
shape of outside happenings 10 in
f1uence the movement Word that the
Senate committee had reported out the
ia ilway refunding bill and that Senate
leaders would do all they could to
secure its passage before the recess,
occasioned no surprise.
Such action had been well fore
shadowed by yesterdays dispatches.
Might Help Matters.
Doubtless if the financial community
were as sure that the measure putting
$500, ,000, 900 into the railway treasures
and allowing them TO go ahead with the
purchase Of equipment, and with main
tenance and construction programs,
would go through before adjournment,
it would have a stimulating effect
The stock market after its prolonged
decline is in a position technically 10
give decided response to any piece OF
good news, but so long as the early
passage of the railway bill is doubtful
because of the shortness of the time TO
work in, il does not enter into the i'm
mediate calculations of professional
spectators who now have monopoly
of the field.
Interest in the foreign exchanges and
in the foreign financial markets gener-
ally centered again upon the eXtraor-
dinary activity at Berlin.
Local banking houses were inform
ed that the Berlin bourse had been
closed for forty-eight hours in order
to permit catching up with the enor-
nous business which had recently
been going on.
securities resulting from the wild
fluctuations in marks, and from the
operations Of the German govern
ment seeking to raise all possible
cash for the indemnities. has evil
IDENTIFY overtaNed the ordinary stock
exchange facilities.
Today, however. il was reported
that The whole of the billion mark
payment due August 81. had been
provided for and following this there
was quite d violent rebound in the
prices of mark exchange.
Mexican Oils Lack Support.
The outstanding fact about the con-
tinued slump in the Mexican oils was
the entire absence of any effective
support Pan American slid into new
low ground with no resistance what
ever. Mexican Petroleum did scarcely
any better. There was a violent de-
cline in Shell Trading. which carried
it to a new low. and Royal Dutch,
was very weak. There was, of course,
no news to account for the weakness
in any OF these issues.
1t has been seemingly the policy to
attempt to support the Mexican Pc.
troleum group more by press agency
methods constantly assuring the pub
lie that there is nothing wrong with
the oil wells and the outlook for
settled production-rather than by
putting in buying orders.
Unfortunate outside holders of these
stocks would rather see the proEra II
reversed. and buying orders take the
place of publicity boosts.
At all events. however, the impress
sion through the street is that i'm
portant buying power which ordinari-
ly might be counted upon has been
seriously weakened by the tremen-
dous shrinkage in these stocks.
The bear drive against United Fruit,
which began yesterday afternoon and
continued this morning. had been very
widely advertised. For week or
more the tip had been general that
the bears were about to get after
fruit. These attacks on former oc-
casions this year have not been at all
successful, and it remains to be seen
whether the present demonstration
will have any more profitable results.