The Washington herald., 1921-06-22

, cry. This line 81 reasoning seems
to apply to the. present case. Yes
terday the street was so eXces-
sively pessimisuc that the talk OF
forthcoming support seemed more
like a plea than a prediction. The
market made q turn for the better
right after the opening. Apropos OF
the support. stories one prominent
house said before the opening to-
day that no one but successful
bears had any plan, Of campaign.
The speculating bulIish public was
reported as bewildered. and selling
stocks rather than buying them.
At times, when there is nor a ray
of light on the horizon. the puyrng
power comes from none but the
powerful interests who buy the
millions OF shares OF stocks offered
in liquidation and in furtherance
Of the bear account The presump-
tion is that these interests know
what they are doing. While the
part played by professional selling
In yesterdays market was eener-
ally recognized to be large, trading
circles were discussing today the
real liquidation that came from
many sources. In one quarter a
wealthy stockholder was reported
to have been forced TO sell a GER
tain stock. In another quarter ~
was still another name that was
mentioned. The names were all
well known in the field of nnance
and industry. There were reports
also OF banks selling stocks for tn.
account Of depositors and borrow
ers. The most remarkable feature
of trading during the past rev
days was the small number of mar
gin calls that went out yesterday
afternoon The conclusion might
De that weak marginal accounts
had been fairly well cleared out.
Today the oil stocks recovered in
the face of a reduction Of az cents
in the price of gasoline by the
Standard Oil Company of Ohio, and
II cent by the Standard of New
York Wall Street believes that
something which will make history
In the oil Industry is taking place
at the present time There is much
talk OF an oil war which may elimi-
nate some of the weaker units
through their absorption by the
leading companies. The war an
plies to producing. refining and
marketing companies. The smaller
Try in the producing business are
seriously affected by the heavy de-
cline in the price OF crude Refiners
snd distributors of petroleum pro-
ducts benefit by the lower prices at
which they can procure crude oil.
reductions in the price Of products
such as gasoline and kerosene have
not kept pace with the cut IN crude
prices, so that the margin of proht
may be said to have increased tn.
war In refined products. Il is be-
lleved. will not AFFECT the weaker
companies In this branch OF the in
oustry as quickly as competition IN
the crude oil field will affect the
small producers.
The rails, which yesterday broke
l to points or more, today re-
hected the general markets frmer
tone 1t had been predicted by
some that the declaration Of the
regular dividend on Great North.
ern preferred would have the eject
OF STRENGTHENING the entire list Of
rams IL was also pointed out
however, that yesterdays declines
toiowed the declaration last week
OF Northern Pacific per cent diyi-
oend' and the consensus of opinjop
was rather that technical signs
pointed TO general rally. Follow
ing yesterdays action by Great
nortnern; it is possible to state tha
tne Northern Pachc-Great Nort,-
ern- burlington financing last ApriI
ds oone without impairin- the i'm
ate dividend position of tho
Stocks OF the three Interests i,,
vowed Great Northern TODAY re-
sponded Immediately to the div.
eend announcement. selling nm %
% WITHIN the last half hour rsin
closing. roaEs