Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-28
GROUP
were SOFT SPOTS
Call Loan Rate Of 3Ia Per Cent
the Lowest Touched in
Two Years

New York. July 2S.--The equipment
group was the weak quarter OF today 8
stock market, although a number Of
other new soft spots cropped out in
other Industrial specialties. The slump
in the first named was easily traceablc
to the deferring Of the Pressed Steel Car
common stock dividend. This action
came somewhat as surprise. but
served to emphasize more strongly the
standstill condition Of the steel end re-
lated industries.
With the dividend actually cut. ~
deferred action is equivalent to passing
Of the quarterly distribution, the stock
within few minutes after the opening
dropped Q points Assuming the other
equipment concerns must necessarily be
in about the same position. efforts on
the part Of the reactionists were nntur-
ally concentrated against the group.
They were found more or less vulncr-
rble, or at least were really easy marks
because Of the extreme nnrrowncss OF
the current market. Before the skirmisll
reached resting stage Baldwin Loco
motive had surrendered 1&, American
Car and Foundry 2Ls and Railways
Steel Spring q.
Other vulnerable spots included Fa-
nous Players, United Fruit. United
States Industrial Alcohol. Pierce Arrow
and National Lead, in which recessions
from l to nearly 10 points were reg =
istered. The weakness Of United Fruit
sprung out Of the unfortunate position
Of the master mind Of the United Drug
Co., with the suggestion OF other Bos-
ton interests practically being in the
same uncomfortable position. The wide
break in National Lead was difficult OF
explanation. especially In view Of the
announcement Of the declaration Of the
regular quarterly dividend Of ~ per
cent. The stock, however. is one Of the
inactive stocks and forced selling or
ders undoubtedly found little demand
The break in Pressed Steel Car, with
yesterdays late decline, represented d
loss Of over 16 points in the two days
In the meantime United Drug, yes
terday's spectacular feature, recovered
almost 8 points because Of the state
ments made to the effect that the com
pany was not involved in the personal
difficulties of the president. The rally
was shortliyed because Of the intima
tions that while II might be true the
was HOL lnNtiNtu III Nht
culties of Mr.. Liggett. there might be
others equally hard pushed. In fact
there were open assertions intimatinl
some of the Boston crowd were in any
thing but a comfortable position.
While these individual demonstra
tions were without disturbance on the
general market the whole list showed al
inclination to slip back. Establish
ment of the 41a per cent renewal rate
for call money, the lowest in nearly
! two years, and a subsequent reduction
! TO per cent was without effect, at leas
trading was not in the least degree
! stimulated by this easement in the money
/ conditions. What little news there can't
! to hand was altogether favorable ant
of a character tending to strengthen
the more hopeful feeling entertaineC
toward future industrial and business
situation. From n constructive poin
of view a great deal of satisfaction wa
found in the continued determination
! of the President to have tax revision
foremost TO receive legislative action.
There was continued weakness in th
specialties in the afternoon despite tn
| further reduction in the call loan rate t
31a per cent. Railway Springs EXTENDED
it's loss to II points, but soon mad
| half way recovery. On the other hand
| Pullman reflected increasing presSur
with General Electric and Pierce Arrow
common and preferred.