Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-13
MARKET CRUMBLED
ON HEAVY SELLING
Downward Move ment En-
braced Largest Variety Of Is
sues Since Reaction Began

New York, June 13.--There was
further crumbllng away of values and
lowering of price records in today's
stock market The entire list was
swept by successive selling waves dur
ing the morning and the iquidnting
movement embraced tho largest variety
Of issues for any similar period since
the reaction began. There was n con-
spicuous lack of support and about
the only rally power derived was from
desultory short covering.
The opening market disclosed con.
siderable accumulation of selling orders
over Sunday, which together with con
tinued enforced liquidation as the result
Of refusal or inability to meet marginal
calls caused extreme weakness Mt the
| outset. The market for time seemed
TO be virtually honeycombed with
stops which In turn encouraged the
redoubling Of efforts on the part of the
powerful bear party to offer prices down
as low as possible In order TO cover com
mitments put out last week.
! Nothing in the over the week end do q.
| volopments could be held responsible for
the fresh flood Of liquidation. II any
| thing. most Of the news directly af-
10 tho constructive side. This included
the onsier money conditions with the
call renewal rate again fixed at 8 per
| cent. the same as on Friday. The
excellent showing made by the Clearing
House institutions was another favor
able factor. Then there was London
cable advices foreshadowing the col
lapse Of the prolonged miners strike
The week end advicps Of most Of the
leading houses likewise. while cautious,
cndeavored to dissipate some of the
more alarming reports of last week.
II was quite apparent as the morning
progressed that the readiustment was
not yet completed and must necessarily
run its course before any turn in the
tide of market could be expected. The
unea siness already created by unfa =
vorable industrial situation was further
intensified by the announcement of divi :
dond omissions by a sugar company and
also by a more or less prominent man
ufacturing concern. At the same time
recent predictions Of an abandonment
Of the per cent dividend rates by
I Northern Pacific and Great Northern
werc strengthened by the conspicuous
weakness Of those two heretofore prom
incnt investment issues.
The market. however. was Conspic-
I uously soft wherever the eye turned.
What made the crumbling of prices the
more disappearing was the lnmcntable
! inability of entire list to maintain the
smallest recovery Almost each tenn
porary rally was signal for a fresh
outburst Of selling, and mid day found
the greater part of the market practi
cally at the lowest level of the day, al
though at the time the selling move
mcnt gave signs of having spent its
force.
Liquidation broadened tmmediately
following the weak start. Equipments
motors, utilities, shipping, chemical anc
tobacco shares shared in the sweepin!
reversals. After another bad smash il
the oils and sugar issues. American Ca
and Foundry, General Electric, Pull
man and Pacific Mail, usually stabl
issues, lost 134 to 35s. Pacific Mai
fell four points. The moro unsettlini
influence came with the drop in Unite
States Steel which sold under thc loy
level of 1920. In the meantime, tn
sugar. oil and food shares made furthe
concessions to unfavorable trade con
ditions. The selling of sugar grouI
gained fresh momentum on the an
nouncement of another slashing fl
prices. The weakness of the Hill
shares undermined the railroads. but tn
heaviest losses were ,Contined to tn
junior issues