Evening star., 1921-06-17
BEARS CONTINUE
TO RAID THE LIST
Steel at Years LoW-FeW
Stocks Able to Hold
Own.
BY STUART p. WEST.

NEW YORK, June 17.-The stock
market went through another series
Of speculative attack this morning.
launched in the now familiar man
ner. first against one thing, then
against another. A score of lndus-
trials were involved at one stage or
other in this raiding. which was as
reckless as anything ever seen on
the Stock Exchange.
1t was an entirely different market
from the closing months OF last year:
Then liquidation was general ana
heavy, getting ready for the vast
change coming over the face OF the
business situation.
The present market is dominated
by bear spectators. Where lndiVlo-
ual stocks break, as Baldwin Loco
motive did this morning. some nve
points in a few minutes withoet
causing any commotion to speak o.
outside of a few related shares, IL oe-
tokens an altogether artinclal con-
dition.
In the last phases Of a big specula-
ton for the rise there comes the time
when selective stocks are taken noio
of each day and pushed up oy main
force. Conversely when big down
ward movement is drawing to a ciose
there is the same reckless oHerlhe
down Of specially chosen issues.
To Gather Profits.
The purpose in each case is the
same. namely. to set up powerful
smoke screen behind which paper
profits in the hands of the successful
promoters of the campaign can be
gathered in. It was clear today that
while certain stocks were being
driven down violently. covering pur,
chases were beingsquietly conducted
elsewhere.
The demonstration against the
equipment group was notably success
full in Baldwin Locomotive. but IN the
others, like American Locomotive and
American Car and Foundry. 1t failed
to bring out much real stock.
The balance sheets of these com
panSes have such an accumulation OF
war profits in their treasures that' a
draft upon surplus to cover dlvldends
over the remaining period OF depres-
sion would make very slight impress
sion upon available resources.
SteeIs Down Again.
Steel stocks were among those
reaching new low points for the year.
American Sumatra had another ugly
break, but the other tobaccos were
better supported.
The rails held up we'll until an
nounGement'came that the Chesapeake
and Ohio dividend for the second time
had been deferred. This caused a Sc
we're drop in Chesapeake shares and
led to sympathetic selling in other
railway issues. =
Louisville and Nashville.
Louisville & Nashville went ahead a
little further at the opening on the
announcement that 4 stock dividend
of siZable proportions was in pros
pect, but then sold off sharply. This
is what usually happens in such cases
stocks sold when the good news
comes out. The size Of the stock divi-
dend which could be declared is in
the neighborhood of "a per cent. the
directors having asked permission to
increase the authorized capital sa3.-
100000. The profit and loss surplus
of the company now stands at more
than sS2.000.0 900 or practically ia per
cent on the outstanding issue.
The issuance of the entire $53.000.-
600 proposed authorization would
still leave the company with a surplus
of close to $30.000.000. or "a per cent
on the expanded capital stock. 1t was
figured out today that should the plan
be approved. the present owner of
one share of Louisville and Nashville
would hold after distribution approxi-
mately LA shares II he paid Thurs
days closing price of 10S for his old
share his increased holdings would
represent a cost of a little more than
$62 share.