Evening star., 1921-02-21
SELLING PRESSURE
IS MORE MARKED
General Weakness and De-
cline in the Industrial List.
Bears Raiding.
BY STUART p. WEST.

WALL STREET. n. Y, February
u tSpeciaD.-Acute weakness in "a
number of industrial stocks was
again the feature of the market to-
day. There were more of these weak
spots uncovered than there had been
on previous days. and for this rea-
son the general list had the appear
ance of being pointed rather ON
phatically downward. AS matter
of fact. however. there were no fresh
causes of general character at
work against the market What hap
pened was simply succession of
drives against individual shares rem
dered vulnerable by unfavorable an
nual reports and by dividend reduc-
tions, either actual or expected.
These operations in some cases were
successful in bringing out liquida-
ton and in other caSese they We're
not. But at all events they were
emboldened to keep on because of
the absence of any effective buying
power. and the general market, de-
velopinS no important weakness, was
naturally good deal unsettled.
Had the uncertainty of the iInpend-
ing London conference on German
reparations been factor in the days
calculations, it would naturally have
showed in the foreign exchanges even
more than in the securities. The fact
that both sterling and continental
rates rallied, especially the former.
was an indication that in banking cir
cles the possibilities of a rupture. as
suggested by some of the newspaper
correspondents. were not causing any
great amount of concern.
Defation Progressing.
While money rates did not ease any
further, the showing in the week end
oank statements was all that could
have been desired.
further reduction of SAL 900, 900 in
discounts and another decrease of
nearly $1S,000,000 in note circulation,
along with the raising of the reserve
ratio from 1876 to sos per cent, were
striking proofs Of the steady and rapid
progress OF credit defiation
On the stock exchange the day be-
gan with another violent smash in
Atlantic Gulf and with heavy selling
of the Mexican oils and American
wool. The Mexican oils were attack
ed on the amplification of the reports
current at the close of last week
about the petering out of oil wells in
the Tampico district and the difficult
" which American companies were
facing in bringing in new producing
territory by reasons of the adverse
attitude which the new Mexican gov
ernment has taken in relation to the
CarranZa DEGREES.
Hit Wooden Hard.
In the case of American Wool there
was good deal of haSty inference
about the showing to be made in the
annual report due next month and
the bearing this might have upon
dividends
The situation in the wooden COM
pany is nothing like as bad as bear
spectators made it out to be today.
Encouraged by the extreme weakness
in these stocks, the attack spread to
other issues, affecting one after an
other-International Paper. the Mer-
camille Marines. the chemical shares,
some of the tobaccos and Utah Cop
per. The weakness in the Iast-named
stock was fully accounted for by the
figures published this morning for the
December quarter and for the twelve
months ended December 81. The years
dehcit amounted to nearly S5O0OO00
and under these circumstances re-
ductlon in the dividend at the next
meeting is quite to be expected.