Evening star., 1921-03-15
MARKET IS QUIET;
BEARS ARE ACTIVE
Seeking and Uncovering
Many Weak Spots in
InduStriaIS.
BY STUART p. WEST.

NEW YORK. March 15.-The stock
market today was another one of the
type which has now become familiar.
Operators on the short side con-
tinued to search about for vulnerable
stocks and succeeded in uncovering
enough Of these to keep the general
list uncertain without however,
bringing about any weakness. The
unfortunate Atlantic Gulf and West
Indies shares made a new low record
with the same lack of resistance that
the stock has shown all through it's
forty-point decline in the last two
months. United Fruit was another
one that yielded readily to attack, and
Mexican Petroleum and the pam
Americans selling, their quarterly
dividends were definitely weak Gen.
eral Asphalt and Vanadium were
others which melted away under
pressure:
1t was to be noted that all these
weak points were among stocks of
the highly speculative type which are
most susceptible to manipulation
either for higher or for lower prices.
representative issues the tone was
steady in face of the break in the
specialties, and there were moments
when quite a part of the list looked
decidedly strong. The steels gave a
good account of themselves through
ment shares. Low priced oils like
Sinclair. Pacific Oil and Pure Oil
stood up stoutly against the selling
in the Mexican Petroleums. which in
dicated that the latest price cutting
in the oil trade was having no gen.
eral effect on the shares concerned.
Encouraging News.
The most encouraging development
in the overnight news was the ac-
phia between the heads of the four
railway brotherhoods and the repre- :
sentatives of the big trunk lines. at
which the statement was given out
that progress was being made pre-
sumably toward reaching some sort
of an understanding. This strength
ened very materially the view which
was held yesterday in Wall street cir
cles that the present wage dispute
would follow the course of others be-
fore it and be adjusted by a compro-
mise. Railway shares responded to
the better feeling with an all around
advance. extending to a point or more
in some instances. Southern Pacific.
Union Pacific. New York Central and
Atchison did the best among the divi-
dcnd-paying rails. while Kansas City
Southern was the leader of the junior
issues.
Reading Action.
Reading at it's new low established
today was selling at the equivalent
of SO, counting in the value of the
rights to which present purchasers
of the stock are entitled. This means
a return of nearly 8 per cent and
puts the stock nearly on par with
Southern Pacific. which at today's
price returns SA per cent. and rela-
lively cheaper than Atchison, return
ing 7h per cent
AS an investment proposition,
therefore, Reading might appear at
tractive to those who sold out in the
sos, knowing ahead of time the terms
OF the segregation plan. The idea
is that Reading insiders. who un-
loaded 20 points higher. realizing
that the plan would be a disappoint-
ment to the market. are now begin
ming to take back their stock.
In addition to the fact that the
shares are quoted reasonably low on
strictly investment basis. there is
the possibility. constituting an extra
attraction, from a speculative stand
point, that the terms of the segrega-
ton scheme may be upset and a new
project for separating the coal prop
critics worked out which will be
more in favor Of the holders Of Read.
ing common.