Evening star., 1921-07-13
MARKET IS AGAIN
DULL, IRREGULAR
Investment Shares Are Neg.
Iected for the More
Speculative Issues.
BY STUART p. WEST.

NEW YORK, July 13.- Today's 9
stock market was pretty much repe-
tition of that Of yesterday. Again the
volume Of business was small, with
professional traders completely in
possession of the field. This element
was inclined to work for lower prices
and continued their experiments at
Offering down stocks which seemed
to be vulnerable to such operations.
Shares of the electric companies were
among those attacked. chiefy be-
cause they had heretofore been COM
paratively exempt.
Steel stocks were sold on the re- re-
port Of the Lackawanna 9a, company p,aS ,'Ie Ior
assumed to be fairly typical of the re-
suits for most of the steel concerns.
The railway list was under pressure
because these are the only STOCKS
which the public has been buying At
all, and In which, therefore. .s sensi- ems
tive speculative account was inol-
The selling movement was not at all
heavy, nor was 1t important. Call
money again renewed at per cent,
but it was we'll understood that TINS
was due to the large government with:
drawals at. the close of the week. and
was consequently only a temporary
hardening.
the higher rates would last. 1t would
have shown in the time loan market'
tracts continued to refuse 6h per cent
offered by lenders and to hold out for
6 per cent.
Exchanges Fall Back.
The principal foreign exchanges lost
mart Of Yesterdays gain, but there
was no renewal Of the violent oecine
Of last Saturday and Monday. busi-
ness was evidently restricted Dy tne
conflicting accounts OF aIeh.hsnR .hS Lece' spd Sn
how far they have gone to proyde
the remainder of the billion goio
marks due by August 81.
The statement that a loan Tor a
"a. 900. 900 marks had been arranefo
in Holland was, Of course. accepted
Lackawanna steel Report.
Iackawanna Steel was the first OF
the steel companies to report lot tne
second quarter, and the results were
ouite in line with expectations. Plants
have been shut down during the
greater part of the period. almost en-
tfrely In the first quarter there was
a bare profit of $8.735. so that the
outcome of the first half year is a
deficit after interest and depreciation
of $s74.S92. This cannot be consider
ed a serious draft on surplus. how
ever, nor would 1t be il continued at
the same rate for another six moa:hs,
for Lackawsnna is merely drawing
now upon a small part or the undas-
tributed profits of the war.
There was no fresh reason for the
weakness in Pierce Arrow shares TO-
day. except that by now the full re-
suits of the first half years opera
tions have had time to be known. and
undoubtedly the showing is a poor
one. Every sinking spell that these
stocks have had during the last few
months, has brought ont unpleasant
rumors. but the statement made a
month ago by one of the directors
refuting these stories ought TO sta nd.
General Electric Too High.
In the view of bear traders. Cen
eral Electric has been selling out of
line: that is. too high by comparison
position. This notion was back of the
decline in the stock yesterday and to-
day. General Electric pays per cent
in cash and per cent in stock. which.
figuring the premium represented at
the present selling price, is a dis
tribution Of nearly 13 per cent. Where
General Electric went today it was
below Car and Foundry and practf-
cally level with American Tobacco.
both of them IL per cent stocks.
Hc Suuucu spur III <AAuCA ASdA ~
bacco yesterday and this morning was
accounted for by the declaration of a
dividend of ~ per cent payable in
the stock Of Menge1 Company. Incor-
porated, one Of the treasury assets of
the tobacco company. This applies to
both classes Of American Tobacco
stock and Is quite outside the regu-
lar cash dividend at the rate of 12
per cent. 1t was given out at the
same time that the company now has
on hand $10,000.000 cash, has paid off
all its bank loans. which amounted to
$40 0OO, 900 at the close of last year,
and will have reduced notes outstand-
ing by August Is to $13.334,000.