Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-11
MARKET DIVIDED
AND IRREGULAR
More Weakness Uncovered in
Speciaities, but List Came
Back Strong

New York. July 11.--Today's stock
market gave every sign and symptom of
getting what II has long needed--a pro =
longed period Of rest. While the move
ment was on much the same crazy :
| quilt order as witnessed in several of
the preceding sessions, there was n dis
tinct sobering noticeable in all quar-
ters Of the list. a number of the for
mcr prominent pool issues Topped about
| in the usual erratic fashion, but the
greater part of the more representative
shares moved mechanically. The trad- =
Ing, as heretofore, was Of distinctly
professional character, and virtually
carried no significance, other than con-
slant shifting of position on the part
| OF that element.
1t was a toss-up whether the over
the week end developments favored
more the constructionists or reaction
lists. The U. 3. Steel tonnage published
after tho closing on Saturday was less
than expected. 1t should not surprise
any one in view of the knowledge of
the steel industry working only 20 per
cent of productive capacity. Tho
Clearing House statement revealed. sub
stantial increase in reserves, but the
marked contraction in demand deposits
and loans reflected the growth of the
business stagnation. Foreign exchange
continued to weaken notwithstanding
the favorable intercnces drawn from
international developments over the
week lend. The British rate opened
2k cents under Saturdays closing
quotation, and the decline was further
extended during the morning with the
increasing weakness of the entire ex-
change market.
The biggest piece of constructive
news came with the announcement that
President Harding had invited the lead
ing nations of the world to discuss the
much talked about Initiative arma-
ment. Wall Street and the financial
community, however, would prefer to
see better teamwork at Washington.
1t is generally recognized the Admin =
istration is striving to cut down expen-
ditures, wherever and whenever pos,
sible. but it Is felt il Congress would
join hands and work to cut down taxes
renewal of business activity would
quickly come to pass. Call money rates
remained relatively easy, as there was
reported to be liberal supply of funds
at Ji2 per cent. which was made the
renewal rate.
During the morning the market was
virtually divided into two sections. The
mass of leading issues were firm to
strong but large number of industrial
spccialties were pressed on the market
at times in large blocks and some of
these issues were forced to new low
records, indicating liquidation was still
incompleted in numerous spots on the
! list. Sears Roebuck was conspicuous
weak spot and was reported to have been
sold heavily by houses with Western
connections. International Harvester
was also sold freely by the same quarter.
At the same time Famous Players con-
tinued under pressure. losing over
points. Other soft spots Included Su-
matra Tobacco, L. s. Rubber. Pullman,
! Cuban Cane Sugar, Industrial AL
cohol and International Paper. On
the other hand. Baldwin Locomo-
tive. Studebaker. Crucible Steel and At
luntic Gulf featured moderate rally
with American Sugar in the second
hour. Just before midday the recovery
became more general. and there was
spirited rebounds In number of specu :
lativc specialties like Mexican Petro-
leum and General Asphalt on what ap
peared to be hurried covering of the
short interest.