Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-25
RALLY FOLLOWING
OPENING SLUMP
Mexican Petroleum Gives An
other Sensational Aero.
batic Stunt

New York. Aug. 20.-TCdnys mar
ket enjoyed at least n temporary respite
from the persistent liQuidating pressure
and after a groggy start developed no
ticcable resistance. Whether this was
solely the outcome of tcchniCs Condi-
tions and influences remains to ne
seen. The buying power nevertheless
remained noticeably impoverished, as
suggested In the fatress of the trading
on the recovery movement.
Before the reversal of the market
trend came about twenty five stocks ~
various descriptions established new low
records. Foremost issues included Cen
ctRl Asphalt common and preferred ;
American Smelling. common and pre-
ferred Utah Copper, Anaconda Cop-
per. Pressed Steel Car, Central Leather,
United States Rubber. United Drug and
American Sumatra Tobacco at recos-
Eions Of TO 2i2 points. Al the samr
time National Enameling. Steel Foundry
preferred. Cast Iron Pipe, preferred,
I.iggett 4 Myers. American Snuff. Corn
Products. Peoples Gas. Consolidated
Gas. American WOolcn and Consolidate
ed Textile lost to ! points, All the
result Of further liQUidation. probably
representing in n large part bclated sell
ing orders or selling because Of inllur"
to respond 70 marginal calls.
In III" ovr' might developments thrr"
was nr.nlug ~ which could be- asrribed
reasons for the continued pressure.
Some disappointment. Of course, was
felt in re failure Of Congress to pass
the Railroad Funding Bill before the
recess This. however. was t"mporiZed
to some extent by the understanding
, that the Administration had taken
measures - provide for the relief ot
81. = e Nn "a II
Of Congress ~ provide the necessary
nlp. This. it was understood. would
be- forthcoming out Of the bonds the
War Finance Corporation was author
/ izpd to issue.
The rank and file. however. apDar-
emily were still more concerned regard
ing the influences behind the liluidatlng
movement Of the last three weeks. There
! in truth very general feeling mat
something Of a disturbing character was
cverhangiug the market. The very
mysterious element of the unseen in
fuence is alone disturbing. and a very
general opinion prevailed this morning
III market circles that much relief would
be obtained if the real cause were made
Iublc property. About thP only mixing
Of the character Of the disturbance Wore
vague hints inttmating several indus
trlNl concerns WOllO pe IOTCtu llllb w.
ceivprSuip. This. however. was mere
gossip. as there was absolutely nothing
tangible TO confirm to allegation.
The lGrgc number of stocks reported
70 b" loanlng ct a premium in RI" loan
crowd Inst night, together with tn" more
liberal Offering of call funds on the out
side anywhere from i2 TO l per cent
under the regular market rate. and the
automatic withdrawal Of IIUidating
pressure after the first half hour Of the
trading caused increasing uncusneSs
among the short interest Inrre was, in
consequence. n broad covering movement
ir the second hour. and under the lead
of the rails. oils and motors a subs;an-
tial rally was established before noon.
The dealings on both swings wer" aC-
cOmDanicd By marked expansion in
the volume dealings. and in rho first
hour were on II seal" Of n million shares
! day. On tlr rally. however, the mar
ket became fiat.
Shortly before l O'Clock the market
was featured by a severe decline in
( Mexican Petroleum. which broke
abruptly to S3l2. compared with N9i9
the early high figure. This established
/ a new low record for the stock. The
previous low IN the last month or rwo
was STa. Unfavorable rumors affect
ing the properties were denied in official
quarters shortly before o'clock the
stock rallied a. rapidly az il had fallen,
selling up 70 81.