Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-26
SAME LANCU|D,
DR|F TING MARKET
Interest centered In U. S. Steel
Statement Published
After Closing

New York, July 28.-Todny's stock
market continued to drift along In the
same languid manner as noted in the
recent sessions. The movement Of the
forenoon was almost an exact reverse
of that of the first half of yesterdays
session, in that prices showed an in
dolent dropping tendency. The halting
character of the market was explain
able in the logical disposition of the
, trading element to, await the publica-
| ton OF the quarterly earning statement
Of United States Steel Corporation I;
also that Of the Central Leather Co.
| Then there was the message to be de-
hvered this afternoon by President
Harding on the railroad situation.
Most everybody was prepared for
miserable showing by the United States
| Steel Corporation. A number of est-
mates were made as to the probable
figures for the second quarter, which
| ran anywhere from one to two millions
under the requirements for the pay
! ment Of the common and preferred divi-
| dends. The majority of the estimates
put the net at from $10,00O,0 600 to
| $12, 900, 900. The statements published
recently by the Lackawanna and Re.
| public Iron and Steel Companies were
| generally accepted as Il forecast of what
| the big Steel Corporation will show.
! Each of these companies reported de-
| ficits.
| 1t was intimated by some, however.
| that in skimping depreciation and other
charges there was a possibility Of the
quarterly earnings showing up much
better than figured from the standpoint
of operations. 1t requires something
! like eleven millions for dividends and
interest charges and many were con-
vinced this would he about the amount
shown. 1t was evident, in all events.
that the bear crowd was quite reluctant
to take any chances, and the stock, in
consequence, ruled relatively steady.
As to the Central Leather report
gossip had it that the quarterly state
ment would not only be unfavorable,
but the statistics would also fail to con-
| firm some of the recent more optimistic
statements concerning the coming
back" Of the industry. At the same
time there were additional reports ema :
mating from Washington sources to the
effect that President Harding in his
message on the transportation problem
would incorporate the suggestion of a
reduction in rates as an additional lever
for breaking the deadlock In trade. This
Of course, put a different Coloring on
the proposed constructive program for
rehablitating the country's transporta :
ton industry, in that 1t was pointed
out that because of the famished con
dition Of the roads none OF them could
stand any reduction in the present lean
income.
Regardless of either of these infiu-
ences, n moderate backsct in the mar :
ket was entirely natural in view OF
the slow advance which has been under
way for nearly month. punCtuated
by extreme dullness. The fact that
prices slipped back so easily and with =
out precipitatng fresh selling move
ment gave all indications of con =
siderable improvement in the inherent
position of the general list. There was
some degree of increasing inaction as
prices gave ground, as followed the
gradual forward swing of yesterday,
Saturday and other preceding days.
As might be expected under the cir
cumstances, trading was altogether list
less and represented virtually little else
than the familiar jockcyins for position
Slight changes were made Mt the out
set, but with the majority of the more
active shares showing advances. These
gains, however, were effaced within tho
first hour, mainly as result of the
heaviness shown by leading oil and
motor shares and some of the more con
spicuous pool stocks. Mexican Pc
troleum, Studebaker, Be.hlehem and
Crucible Steel, Westinghouse ant
American Tobacco were among tn
peared to be considerable realizing ais,
in the sugar and rubber shares which
featured the recovery in the preceding
| sessions