Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-08-10
STEADY MELTING
OF STOCK VALUES
Continued Fear Manifested OF
Some Disturbance Overhang-
ing Market Situation

New York, Aug. 10.-Today's stock
market seemingly labored under the
same depressing influence of the feal
of some overhanging trouble. For sew
| eral days there has been vague hints
Of this impending disturbance. but nc
one appears to have been able to dis
cover its nature. The apprehension or
this score was to some extent intensified
perhaps by the temperance of liqW
dating pressure in many quarters, EN-
braCing the investment as well as the
speculative issues.
Effort was made to create the impress
sion that the greater amount of pres :
sure emanated from the professional
bear spectators, but rs the session pro.
gressed 1t was obvious even to the In
experienced layman there was consid-
cradle more besides mere short selling
to cause almost an uninterrupted melt
| ing OF prices. Furthermore, the sharp
| declines in number of instances gave
| convincing testimony of the reaching
and uncovering numerous stop loss
| orders.
While every one was straining their
eyes and ears to catch the first sign or
signal of the mysterious unveiled diff
Guilty, il is an open secret there Is still
| some involved situation growing of
frozen bank loans in connection with
the foreign trade operations, particu
larly in Cuba and South American
countries. that await further adjust
ments. In truth, it was intimatcd in
well Informed circles that foreign
exchange institution recently given as
rstance was again flying the danger
| flag, and II would require approximately
$50, 900, 900 to adjust current pressing
| claims.
In addition to the unsettling effect
Of the above undetermined situation
| other depressing factors were 10 b"
found in the announcement of further
cut in oil prices: the lamentabIy poor
annual statement of the Atlantic Gulf
and West Indies Corporation. and ths
largest indicated shrinkage in the GRO?
yields. On the other hand. the T. s.
Steel Corporations monthly unified
| tonnage statement proved peasant
surprise, disclosing shrnkage Of 2SI. e
544 tons. or l0O. 900 tons less than had
been generally estimated. Whatever
good influence this might have had 10
galvanize new life into the tagging
bullish speculation was entirely lost by
the declaration of prominent steel in &.
terests that the steel industry was in
worse condition thar anv time since
1901. Even then, he said, everybody
was doing a little, while today there Is
nothing being done.
The market started out in the same
spiritless fashion that has distinguished
it of late with a trend lower. Prices
broke with some severity in the later
dealings. Mexican Petroleum and New
York Shipbuilding losing about 4 points
Prices having recently demonstrated
their inability to rise, traders sold the
general list freely, the possibilities of
the bear side being more promising for
tho moment. Equipments, motors,
shippings, steels, sugars and railroad
stocks showed little support. General
Electric dropped points to a new low
level for the year and South Porto Rico
Sugar points. Losses of l to n
points were we'll distributed throughout
the list. In the meantime call money
held at G per cent, with the Govern
ment announcing that $40 9,000, 900
would be withdrawn from local insti- =
tutions tomorrow.