Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-06-20
new Low RECORDS
FOR MANY STOCKS
ReneOed Liquidation In Rails
Quickly Spread to Gen.
eral List

New York. June Ca number of
additional new low records, not only for
the current movement. but also for
| number Of years, we're established in
tcday's weak stock market There were
no significant developments over the
week end. but the heavy liquidation. SO
conspicuous in Saturdays market, re-
appeared at the opening. Practically
the entire list was exposed to further
pressure. exccpt Mexican Petroleum.
Crucible Steel and a few others highly
speculative spccinlties. in which there
was evidently liberal covering Of somc
uf the bigger shorts behind the screen Of
tho weakness in the general list.
The continued weakness Of the rails,
especially the prominent investment is
sues. was disconccrting and seemingly
confirmed recent suggestions that the
! current liquidation was prompted by n
| much deeper seated trouble than gencr-
I ally appreciated. The wide open breaks
! IN such accepted leaders as Canadian
! Pacific, Union Pacific. Southern Pacific
and Reading, in oil Oi which there were
heavy offerings. naturally had n very
unsrttling influence. which woc intcn-
,itcd greatly by the fresh dip in Steel
to T2jg,- the minimum price tor five
years. Canadian Pacific touched IT'S
lowest since 1901.
All the rails gave ground. with declines
Of ! TO > points In Reading. Illinois
central. r and o.. 81. Paul and Pitts
5urgh and West Virginia. New Haven.
however. which was the weakest feature
Of the group on Saturday, rallied to 10
on the strength of the official statement
that all interest charges would be met
next month.
The industrial division was better
Imported than the rolls and before the
end Of the first hour fairly substantial
recovery movement set in. Once more
+ tho markets consnruors lack Of sta =
blity and sustaining power WIS dis
closed. as on these rallies. which were
mad" "uiirVty on short covering. it was
evident stocks were being literally dis
tributcd. BY midday general weakness
had again set In with persistent selling
in all parts of the industrial division.
virtually embracing all the various
groups. The steel. equipment and al
! lied shares became especially soft. Sup
porting orders helped both Mexican Pc.
! trolcum and Pan American TO buck
| the strong running reactionary current.
| but the domestic and European oils
were heavy. New low was registered
| by Sinclair. and General Asphalt was
noticeably soft. The selling movement
. quickly extended 10 the tobacco, rub
| her. leather. textile and food special
ties. which showed losses of l 10 49,
points.
A call loan renewal rate Of 5la per
cent and the liberal supply Of funds at
that rate with plenty money on the out
side being offered at per cent and
under failed to stem the falling prices.
and the early afternoon found all the
leading stocks of both the railroad and
industrial divisions not only at the low
est prices of the day, but the lowest
Of the year. The average level of the
twenty active industrials was carried
under the low level of last December,
and the twenty rails were nearly l per
cent under the low level of last April.