Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-08
|NDUSTR|ALS ON
TOBOGGAN AGAIN
Apparent Heavy institutional
Liquidation Of Stocks
Of HeIp-outs"

New York. July S.-Today's stock
market was distinctly soft and reflected
considerable impairment of the techni-
cal position ns result Of the round up
of the short interest on Wednesday and
during the earlier trading yesterday.
Practically the entire industrial division
was found to be vulnerable. with pro-
nounced weakness cropping out in n
number of the speclalties. Trading in
the rails was desultory, without mate
rial change except in a few scattering
instances.
If the stories told this morning could
be believed the banks and other loaning
institutions got in some fine work in
the last two sessions in their house,
cleaning of "help outs" There we're
good reasons for assuming that consid-
cradle part of the selling on yesterdays
bulges, and which continued on liberal
scale throughout the forenoon today,
was for account Of institutions who had
as collateral for loans held by some of
the bigger operators who were compelled
to unload in the preceding slump.
Many of these institutions unQues
tionably have been waiting patiently
for just such an opportunity as pre-
Sented in the sharp rally on Wednesday
and yesterday morning, which partly
accounted in all events for the increas-
ing supply of stocks encountered in the
bareback There was evidently quite
good deal more Of this same kind Of stock
to be dumped this morning, as all the
leading speculative favorites were freely
on tap despite the fact the market had
definitely turned downward. In addi-
ton there was n veritable food of lat
market" orders, meaning executions
were filled without regard to price.
\ great deal of the latter kind of
selling appeared in the sugar shares.
This is not altogether surprising as
the sugar trade is openly admitted as
being very bad. In truth It was as
serted today by usually well informed
people that unless there Is some i'm
mediate change for the better in con-
ditinos. there is possibility of con-
siderable number of embarassments.
American Sugar Refining was the weak
est spot of the group recording new
low record for many years at 64A, and
a net loss of NOR than from last
nights level.
The over night announcement of the
passing of the United States Rubber
common dividend had a chilling effect
on. the entire industrial division. This
| is not the first time, however, the div
! luCnu nus Deeu puSseu. II uupptheu
before, just as suddenly, in 1915. Many
on the Street felt the last dividend
| should not have been paid and it was
| poor balm to the injured feelings of
the confiding shareholders the manage
ment offered in the announcement that
1.-THE outlook for the balance of the
| year is encouraging.
Rubber common started the ball roll
ing in tho reversal of the market swing
in the opening decline of 4Ss points.
| There were numerous soft spots, how
ever, and as the session progressed in
creased heaviness was shown by most
all the active speculative favorites. On
comparatively moderate offerings prom
inent industrials during the morning
lost to almost . points. Besides the
| two stocks named, United Fruit, Har-
vester, Mexican Petroleum and several
! of the motors, steel and equipment
shares were under marked pressure.
! Famous Players featured the specialties
in violent break of nearly 9 points.
Free offering of call money and loans
renewing into next week at So per cent
failed to make the slightest impression.
! Nor did the more optimistic deductions
of Secretary Melons liberal attitude
toward the railroads. 1t was just ques-
tion of the recurrcnt liQuidating move
ment spending its force.