Evening star., 1921-07-15
FAV0R|TE SHARES
REFLECT PRESSURE
Dealings Are on Smallest
Scale for Many Weeks.
Sterling Falls.
BY STUART p. WEST.

Nc" lOnh, July 1o.-l lie uidi-
kets continued today to feel the ef-
fects of the preparations for the
third installment of the German
indemnity, along with the efforts of
Germany to set up a credit in this
country for the purchase Of food
stuffs. copper and cotton. This in
volved further calling in Of German
q consequent decline in Spanish
pesetas and other neutral exchanges,
and their investment In dollar ex-
change. with a resulting depreciation
in sterling. francs and lire.
s'ens ;S got aown sht to daafis new beow low
$3.62. On the other hand. German
marks. on the realization that these
operations were strengthening Ger
man credit abroad. held up we'll. as
they had yesterday.
As of Previous Days.
The stock market was much the
same sort as that Of previous days.
Business was not large; in fact. most
Of the time things were very dull.
Outside of a few issues no attempt
was made to oppose the activities or
professionals working on the short
side.
United States Steel common. Re-
public Iron and Steel and Bethlehem
Steel b were offered down persist
entity. taking advantage OF the evil
sese asss ssoeks Until the baS S d
the shape Of the second quarters
earnings statements are out. and
until there Is more assurance than
now. that the price cutting Of last
tho demand for steel products.
Some Special Weakness.
There was special weakness in
Royal Dutch. Shell Transport, Gen.
eral Electric. Famous Players, Amer
loan Wool and American Sumatra.
The last named sold ex-dividend this
morning, and this was evidently what
the traders had been waiting for to
renew their attacks.
Inasmuch as the stock dividend of
General Electric for the half year was
paid only month ago, it is pretty
part Of the distribution being omitted
next time. The argument. neverthe-
less. used against the stock today was
that the 8 per cent cash dividend was
all that copld be safely counted upon.
and that as an per cent stock Cen
eral Electric was too high.
New High for Bank Gains.
Call money renewed at 6 per cent.
There was scarcely time for the mar
ket to reflect the completion of the
heavy government draft which was
| made upon the banks today. But the
immediate call money rate is of slight
consequence beside the latest reserve
figures. showing the ratio in the New
York district up from 66.S to 6S.7 per
cent. and the ratio for the entire coun-
try having a new high for the year
of 6l.6.
A noteworthy fact about these gains
during the week was that they were
brought about mainly by further de-
f1ation of bank loans and currency.
Federal reserve discounts of all classes
were reduced 100000 O00-one of the
heaviest decreases of any week so far,
while federal reserve notes were
| brought down $6S,000.oo
Rails Very Variable.
Early stocks again today were very
variable in their individual move
ments. There was suggestion that
the same large order. as was noticed
week ago. supposedly for London
side. But 1T was limited to a COM
paratively few stocks. All offerings
| of Southern Pacific. Northern tactic
| and Atchison were evidently being
disposition to raise bids. In con-
nection with selling of Canadian Pa
ciic. II is recalled that this is one
Of the few stocks in the American
llst "hich Germany 0ld not get pretty
! well baled out of at the time of the
war.
; Although scarcely reflected at all
, In the sugar stocks. the days reports
| from the sugar trade were the best
! that have been received in a long
| while. On Tuesday. the commission
handling the new Cuban crop made
the first sale It had arranged in a
month and a half. But Wednesday
and Thursday refners were able to
! supply nearly all Of their require
ments from the offerings of Porto
Rico raws. Today. however. the Gu
| ban commission again became active
| and put through some really large
! transactions.
Subjects Of Bear Rumors.
| Royal Dutch and Shell Transport
| We're the subjects of bear rumors.
The Royal Dutch Company. it is said.
! is largely overcapitalized and with
| earnings dropping off the dividend
cannot be considered safe. The stock
| is one of the international group on
the stock exchange. but lately Eu-
| rope has been doing nothing at all in
it. The case, as presented by those
wi no have made a study Of the situa-
| ton. is that Royal Dutch from time
| to time has added to its holdings of
oil territory. and that this land has
- Co. t.,