Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-11
new Low LEVELS
FOR YEAR SCORED
Big Disturbance Overhanging
Market Reported to Be
Cleared Up

New York. Aug. II. 1.-Notwithstand
ing the assurance given Of the clearing
up of one of the disturbing influences
which had been ovcrhanging the situa-
tion during the current week, there were
many weak spots in today's stock mar
ket with additional low records for the
year scored. No section of the list. as
n matter of fact, was exempt from
weakness. There was every indication
Of forced selling of speculative holdings
for long period and on which severe
losses had been sustained. While pres
sure automatically relaxed on the de-
clines. the market. Ms a whole, dis
played feeble rallying power and driftcd
into a narrow. apathetic rut.
Much of the misgivings manifested
earlier in tho week concerning the un-
seen disturbance which IL was generally
recognized was ovcrhanging the market
were to large extent dissipatCd over
night by the clearer understanding of
the operations in force to clear UP the
trouble. 1t was generally understood
in fact no secret was made of it-that
the matter largely concerned a financial
institution engaged in financing the for
eign trade and which institution was in
the same difficulties about six weeks
ago. Etravaagnt figures required to set
tie up the differences were mentioned.
but those supposed to be in position to
know the real facts of the case asserted
the amount. while large, was nothing
near the big figures rumored. The un-
fortunate position Of the concern Is the
outcome of the unhappy situation in
both Cuba and the South American
countries.
While the knowledge that another
crisis had been safely bridged brought
n sense of relief to both the financial
and market community, there was still
an undisguised feeling of uncasinesS
manifested which to some extent could
be chargeable to continued doubts as
to the maintenance Of dividends. and
which feeling was altogether natural in
view of the unpleasant action of the
American Sugar Refining directors yes
terday.
Virtually all of the shares which fca-
tured yesterdays selling movement
were again weak. American Sugar and
General Electric touched new low
SrcCtivey. 1t was the lowest for the
first named stock since 1891, the first
year of its organization.
The selling was most pronounced in
Union Oil, which yielded Is to 15lI
under heavy offerings through impor
t6nt houses. 1t was a matter OF gen
eral understanding that block of over
10000 shares had been carried by
speculative interests and that it had
become necessary to liquidatc these
holdings. The weakness in this stock
had direct effect also on other pc
troleum issues. California Petroleum
yielded 2a4 to 1912, and number of
other stocks in this group yielded around
1 point. The copper shares were also
heavy, the Utah Copper being in heavy
supply and yielding u to 444, and
there were large offerings of lnspira
ton Copper but without enough demand
to permit a large volume of business.
Pullman Company was another weak
feature, yielding III to 01la, and
American Sumatra Tobacco yielded l q
to 44a4. Western Union stood out in
prominent manner because of absence
of offerings and scant supply for de
livery in the loan crowd, where Il pre-
MUM was paid for its use today. Only
a few sales were made during the morn
| ing, on which it rose over 3 points to
above 20. L. S. Steel continued in
persistent demand and yielded only -
to 1855 Baldwin Locomotive was
down ! II to 1234.