Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-12
HEAVY REALIZING
IN |NDUSTR|ALS
Strength Of Rails Supplied
Strong Buffer for Reac-
tionary Current

New York.. Sept. 12. - A heavy
realizing movement was encountered in
todny's stock market, especially in the
| industrial division, and more partcu-
larly among the recognized pool spec
ulative specialties. Under the weight Of
these profit making sales recessons
| from 1 to over 4 points were registered
during the forenoon. The reversal was
| ignored by the rails, but the strength
of this group had suspicious earmarks
of the familiar maneuver to cover up
distribution elsewhere.
The setback was not influenced by
any adverse development over the week.
end. but was entirely natural sequence
of the form cable upturn in the indus
trial division during the last fifteen
DAYS. Tho reactonary trend never
theless was quite disappointing to
great many because of the expectation
OF the continuation of the buoyGnt for
ward swing of last week. Evidently too
many were of the same frame of mind
in their plan to take advantage of any
opening splurgc and cash in some of
the accrued paper profits. In all events,
the whole industrial division directly
after the initial dealings ran into a
vcritablc food Of profit taking sales.
While prices. Of course. melted rapidI%
there was apparently no pressure other
than that emanating from the realizing
movement. -
At least this was suggested in COM
parativcly stcadiness Of the list on the
morning rcccssions. Indicating the de-
Clnes were not being followed up either
fresh selling or liQuidating pressure. The
consistent strength of the railroads also
served TO hold tho bear contingent more
or less in restraint because of the fear
of playing into n fresh trap.
Apart from the further unSettlemCnt
in the foreign exchange as indicated by
a new low record for marks, the over
the week end developments were alto
gether Of the optimistic type. Every
body was talking that way. at any, rate.
and there seemed to bo general dis
position to pick out the bright spots
of the situation and giving Indifferent
attention to the less Favorable side.
which was compete rcvoutOn from the
recent attitude. No on seemed to have
any satisfactory cvpanatiOn for the fur
ther depreciation of the German marks.
1t was q mighty poor bear argument
at any rate. Notwithstanding the un-
settling effect on the entire exchange
market. But this complex situation has.
for a long time. been beyond the COM
prehcnsion of the average trader.
Quotations were mainly higher at the
opening. but hcavinCSs soon developed
among oils. euipments, steels and other |
strong features of last week. Mexican |
first sale showed n decline |
Of ~ points. and this almost immcdi- |
ntcly was doubled. General Asphalt |
Cruclble and United Steels, Baldwin |
locomotive. Studebaker. Kelly !
Springfield, Harvester, American In
Cuba Cane Sugar. Corn
Products and Sumatra Tobacco re-
ncted l to 2ia points. Reading. ut a
2-point ldvanCc. was the only import
ant issue to show pronounced strength.
Reactions among oils, steels, equip
mcnts and motors were extended in the
Gctiva first hour. Mexican Petroleum
lost ~ points. Crucible 2l2 and Bald
win and Studcbaker -, Westinghouse,
Pullman. American Locomotive. Cham
der. United States Rubber and Pierce
Arrow preferred declined | TO > points.
Sumatra Tobacco continued to weaken.
and textiles and chemicals embraced
the other heavy Succialtics. The re-
lcr~al was ignored by rails and metals.
Reading. Norfolk and Western. Bulti-
more and Ohio. Canadian Pacific,
Western Pacific. Chicago and North
western and Atlantic Coast Line werr
firm. with National Lead. American
Smelling and American Zinc preferred.