Evening star., 1921-09-14
LARGE OFFERINGS
CHECK ADVANCES
Evidences of Hesitation Seen
in Stocks and Cotton.
Some Declines.
BY STUART r. WEST.

NEW YORK, September 14-In all
the leading markets today's price
movements revealed a good deal of
uncertainty. Prices had had such a
large and continuous advance during
this period that it was a question
whether this had not been ample to
measure for the time being the recov-
cry in business which has taken place
along with the generally more help
ful feeling over the outlook.
The greater part Of the share list
started in under a rush Of fresh buy
Ing orders and made further prog
ress upward during the first hour or
SO.
Then heavy profit-taking was en-
countered and the market began TO
waver.
It was still a very narrow. profess
sional speculation. and Just as at
temps to buy stocks in any quantity
had put up prices sharply, SO attempts
to sell resulted in equally abrupt de-
clines.
There weref evidences cf tardy
short covering in some Of the recent
favorites in last months falling mar
ket, stocks like United Fruit, Inter-
national Paper and Harvester.
The market later in the day plainly
felt the lack of a sustaining short
interest, for there was no public buy
ing to speak Of and everything de-
pended upon the support and initia-
tive Of a few large operators and
speculative pools.
Bull Movement Hesitates.
The fuctuation in cotton showed an
equal amount of indecision, not. how
ever, regarding the position in the
cotton trade. about which there was
n S-t
the condition In the speculative mar
ket resulting from the sensational
fluctuations of the last fortnight
But the news of the day helped sus-
tain prices against further specula-
tive selling. The weekly review of
the weather bureau stated cotton had
shown little or no Improvement and
continued in a very poor condition.
1t also stressed the great damage
done by the excessive rains in Texas.
Both German marks and French
francs We're very weak again on sell.
ing, which originated in London. and
had its main effect before the OPEN
ing Of business here. Yesterday the
decline in continental rates had oc-
Cured without much unsettling the
market for sterling. But today ster-
ling fell with the rest. The drop in
French government securities did not
continue; nevertheless. French bonds
did not recover any of the ground
lost SO quickly yesterday.
The selling movement in the French
public loans has been quite as sig
nificant as this weeks severe break
in French exchange by the fear-wen
grounded in the tremendous shrink
age in German marks and the panicky
condition in Germany generally-that
the next reparations payment cannot
possibly be made in cash.
Meet Selling.
The main power on the buying side
today was again. supplied by specula-
tive syndicates or by large individual
operators working for these syndi-
Gates. 1t was reported that the move
ment in Baldwin Locomotive was run
ming into rather more stock than had
been counted on. Studebaker and En-
dicott Johnson, two other favorites,
were well taken care of. but the same
large offerings, as there had been yes
terday made their appearance in Con-
solidated Textile. and had the effect
of stopping the rise. despite ths-wide-
spread bullish comment on the stock.