Evening star., 1921-05-25
BEAR PRESSURE IS
EXERTEO ON LIST
Generally Successful in De-
veIoping Weak Spots,
Good News Not a Factor.

N-N YORK. May 25.-The Spcrula =
tlN" campaign for lower prices con-
'ihusd in the stock market today.
bringing about many new low records
Tor the year. This campaign has not
been founded on any broad view OF
III" trad" AID money outlook. II
Simply rcpr.scn professional Sptcu
iator$ pressing to the utmost tho
temporary advantage afforded 10y the
ri;!f !ti:: and passing "C dividends. and
the prospect Of At poor showing in the
EARNINGS of numerous industrial com
ranlcS for the first half year.
II tH"r" had been any doubt as Ia
The part that the foreign p"litical sit
uation had been playing. il must have
been wholly disp"lIcd. Germany 5
PROMPT acceptance of III" demand tina,
her Sjir>i:.n frontier should be closed
against German volunteer detarh
ment.S rfrcctually removed ali uncfr-
tainty and closed the episode for
SilcSia :hu&cyh"r
Bat ;hr stock market took no notice
of rhls whatever. a further sharp
recover, occurred in the exchanges
bat here. 100. the news was nothing
more than IA minor consideration. The
cIcilang" market. subject - Specula
merely having the actual rebound
after the collapse of Monday and yes
terday morning.
Hitting the List.
The we l>neSs in the induSt rials was
greatest in stocks where dividends
" sr.. presumed to be in danger. and
III Stn"IlS of companies whose trade
;uatinn is not satisfactory. In the
.att-r category were most of The oils
til, S,:-a;s ard IN" independent stcels
Viii" thrr" WAS difference OF
opinion aS to what the Baldwin Loco
motive directors would do at Friday
meeting. Ia" preponderating belief was
that either the dividend would b" cut
or that announcement would be made
Of some new financing. Baldwin stock
wa one of the weakest on the list.
Al the independent Str"lS were
heavily sold. and her" it was not a
r:.Se of anticipating unf"vOrIbie dlri-
drnd artion 50 much as 1t Wa.' the uf-
certainty surrounding the outlook for
TN. next few months i'll the steel trade
I'M Srn,r'h as most of the oil companies
ar. fa"in" a drastic downward revision
- inventories in consequence of the
severe decline since the first Of the
year in oil prices. the wea kneS!S in their
shares is hardly surprising.
As Tor the sugars, the continued alb
seice OF any signs of return to OPP
e:a;inG conditions is naturally intiu-
c,Iring the course of these stocks.
hOtOT StOckS FlFmef.
There We're Indications Of better
support in some Of the motors. This
Vas true of Studebaker especially.
Despite the downward turn in the
is expected that Stu'iehaker will be
able to S,IoW some hing lik" SS a
"Earo earned for tn" first half year.
ThIsi VIII h" played up. when the time
Is right. as insIring the safety OF
the present seven dollar dividend ard
may even be made the basis for talk
nj Il dividend increase
In Chandler thcr,. was reason to be-
Ii. We that REORGANIZATION of impor-
tant holdings was ready to start at
anything under 81. Pierce Arrow pre-
f.r'"': failed I" respond TO IA news
agency settlement claiming tnat the
dividend would b. paid on MAY 81.
even although tbs n.crssitat.d dip
,ih= in o the surplus. The market
cvid" My did not believe this piece of
information. bur Pierce Arrow com
mon owing {" the presence Of AN ex-
tr"Mely heavy short interest. was
merely inclined 10 rally.
Big borrowing Demand.
Erial ne" that much of the selling
"hich taS came into the market with
IN iho last few days is for the accoun,
81 the bear PARTY was afforded by
the h'igr borrowing demand for stock
IN Ia" loan crowd. OF course there
nv No. II som" l%sAcS IN which genuine
li4u!da'IGn has been takinr Ilare
y" o:"' market expert declared this
Morn!ng: "!he prcs"ni selling is not
coming from those who sold stocks on
III" top l"St month around the high
prices, but from recent converts to
III" -h"ar side. who have seen their
profits d.Ssipated by holding off too
long and " no are now finally turning
TO TIE selling side in the hope Of re-
covering what they lost by not taking
adva ntagc of the high prices