Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-23
MARKET FEVER|SH
AND CONFUSING
Number Of Industrials, IncIud-
ing Steel, Established New
Low Records

New York, June 23.-Movements Of
today's stock market we're extremely
feverish and confusing. While the
trading was distinctly more twosided,
yet II was evident in the constant CROP
ping out Of fresh weakness in different
quarters Of the list that all the vulner-
able spots had not yet been cleaned up.
There was constant changing of tone
and movement, with waves Of strength
and weakness following In quick sue
cession. This apparently represented n
combination of desnltory short covering
and renewed liquidation.
AS In most Of the preceding sessions.
there was actually nothing in the over
night developments or morning news to
account for the continued nervousness.
As a matter Of fact, what little actual
news there came to hand was of a dis
tinctly constructive nature. including
the further reduction in the Bank of
England minimum rate Of discount from
6Io to 9 per cent. 1t is true this action
was expected in both London and
American banking circles, but as a mar
ket factor 1t was entirely ignored.
The good influence, however, OF this
potent economic development was nulli-
fed to some extent by the unwhole-
some impression concerning the steel
ana iron lnuuhtry prONoheu W wv
weekly review of the leading trade jour
nal Suppementing this was additional
testimony confirming the industrial de-
preston as indicated in the further un-
pleasant dividend changes and the very
poor earnings being reported. What
the market most lacked and which was
strongly exemplifed in yesterdays late
backset and the continued crumbling OF
prices this morning was the conspic-
uous lack of organized buying power.
As the market lacked the cushion 1t had
yesterday in the early substantial rail-
lies. the reactions were naturally more
unsettling.
Contrary to expectations, initial quo
tations again disclosed a majority of
declines, especially among the industrial
stocks. but the market as a whole put
ND little better resistance which encour-
aged some fresh covering and in turn
brought fairly good rallies all along the
line. Confusing rallies and reversals
occurred during the balance of the
morning. with rather snappy rebounds
in n number Of the leading speculative
specialties, including Mexican Petro-
leum, Royal Dutch, Baldwin Loco
motive and American Sugar.
AS the morning progressed, however.
the market kept slipping back and by
ary when the greater pressure was di-
rcctCd against the steel. equipment,
shipping, motors and rubber shares, the
last named being particularly soft. The
more disturbing sentimental effect was
produced in the renewed break in Steel
common to a new low at 70A. At the
same time General Electric, Republic
Iron and Steel. American International.
United States Rubber and Sears Roe
buck and Harvester lost l to almost B
points. Other heavy spots included In.
dustrial Alcohol WHY'S Overland pre-
ferred and Chandler Motors. Some of
these established lowest prices for the
current movement.
The rails we're only moderately lower
at the start, but they, too, proved to be
vulnerable with Pennsylvania Railroad
oqualing its recent low prices st. Paul
issues were distinctly weak but the
low priced as well as the investment
shares proved all to be sensitive.