The Washington herald., 1921-05-22
SELLING PRESSURE
CAUSES LOWERING 4
OF MART FIGURES
Maximum Trade at Close
Is Supplied by Profes. z
sional Operators.
RAILS HAMMERED
c. & o. and others Involved M =
Unfavorable Dividend Ru-
mors Bear Brunt.
RAILS HAMMERED

NEW York. May 2I.-setfinr
pressure for which professional
operators were chiefly responsible
continued TO reduce stock prices IN
the closing session today. notably
Chesapeake and Ohio and certain
others about which unfsvorfbIef
dividend rumors had been spread
earlier In the week. Losses of one
ana two points in this section OF
the market were numerous New
low prices for the year were made
In several Of the so-cslled indus
trial specialties. but the market
for standard stocks EaS. on the
whole. stesdy.
In the grain market a different
picture was presented. On rumors
Of crop damage and the need OF rain
In certain sections. May wheat ao- =
Ie2H. The July option sold as
high as I2s%. Cotton. on the other
hand was dull and about 10 points
lower. Steadiness fn sterling, a
moderate gain In French bills and
a strong demand for German marks
were the features of the for
eisn exchange market. " -
Ciearines.
Inc ClcArluk nOutt Dauhr tuON
a decrease in surplus from last
ficit Of ft24.sso. Loans Increased
sl.e50.ooo and time deposits te5.-
$4,000. while demand deposits de-
clined sss.sss.ooo. The reserves
federal reserve member banks De-
creased tIo,sss,ooO
Industrial NewH
Industrial news continues 70 be
such as to accentuste the lack OF
confidence prevalent in the finan-
cial markets. a Circumstance which
is readily understandable at this
season Of the year and this stage
cf the business cycle. Amer last
years severe liquidation the mar
kets emerged from winter duliness
into a mild stirring of trade in the
spring. which hardly could. be dig
nified with the title Of revival. Tn
seasonably mild weather advanced
the spring demand somewhat. par
ticulsrly in the case Of me sUtOmo-
bile Industry. The Easter seAon
stimulated retail trade and brought
an increase In orders TO the tea
tile mills. Bank reserves contin-
ued to rise and money tended 20
cheaper. Taking these events to-
gether considerable volume. Of
optimism was worked up. and a
fairly vigorous little bull movement
in stocks was managed.
Now however the extra sprfn-
business has been cleaned un ana
the encouraging signs OF better
trade are disappearing A slack
eninc OF orders and increasing CON-
petion are APPARENT in the motor
industry. textile factories are con-
sumine less material. the sntici-
pated build 'nE boom T. Of exCe-d-
ingly modest proportions end ths
steel industry is far"d with q SttIt
Indefinite number Of lean months.
Prices meanwhile continre 70 re-
cede and every one realizes that
the coming readjustmNnt in .ae ran
road Industry and a further revision
or wages in general are factors
making for still lnw"r- ievels Ta-
der the circumstances huvfnc nat
urally is limited - actual nUces~f-
ties while the speculative element
~ securities &c plunged to d~ep--
N with each DIVIDEND
passed. s-s.s
is happening. ~ COURSE ~
that the phase Of liquidation which
began over a year ago. is conIipn-,
ing and il being sccentuated by tNS~s
approach OF summer dullness ra~
clear understanding OF the situ-
alton the distinction between these
two aspects Of IL is well worth pre-
serving