Evening star., 1921-08-27
MARKET POSITION
NOT AS FAVORABLE
Yesterdays Covering Alters
Sentiment Somewhat.
Sumatra Soft.
BY STUART p. WEST.

NEW YORK. August 27.-The stock
market today, as was to be expected
after such a~jump as yesterday. ran
Into a lot of realizing sales.
This selling produced a good deal OF
but was well enough TAX
en- not to disturb the more confident
tone which had appeared on the two
previous days.
The familiar weakness cropped out
in various specialties, and had some
effect for a time. In the Hast half
hour bidding for stocks was resumed
and several of the speculative lead,
ers, among them Famous Players ana
General Electric. closed well UP on
the day. In the main, however, prices
left on with slight losses, and 1t was
evident that the market position had
been somewhat impaired by yesteT-
days short covering.
There was little in the outside news
to count one way or the other: ine
advance in cotton options was checked
for a time by the cooler weather ano
was resumed. IN the wheat market
the heavy movement from the Cana
dian border Offset whatever stimulus
might have been given by the large
export sales of the last few days.
Exchange rates were Irregular, out
the variations were of slight conse-
Quence.
Helpful Feeling I'm Business.
The only development calculated to
have any effect upon Wall street SEN
timent was the statement in the trade
reviews of the week end that the feel
ing in business circles is becoming
somewhat more confident. and that
while the Improvement in the textile
and other trades. which were first to
recover, is being maintained. moder-
ate revival is also appearing on other
lines which have been behind.
Although the figures for the first
half year on United States Rubber
earnings did not appear until after
the Gloss, the stocks continued to dis
count a poor showing.
American Sumatra broke to a new
low. likewise getting ready for an un-
favorable annual report.
There was heavy selling of New
Haven stocks on belated appreciation
of the fact that the New Haven bonds,
especially the 6 per cents, have been
going down steady and quite marked
ly for some time. TIE 6 per cent con-
vertibles are the one conspicuous ex-
ception of new low prices in a bond
market which generally is buoyant.
Rubber stocks.
Nobody except very select few
knows why the United States Rubber
statement for the first half Of the
year is being withheld SO long from
publication. The figures have been
in hand for at least two weeks, and
their appearance has been mOmenta-
rily expected since then. Yesterday
. a .
lease would come late in the after
noon When it did come it showed a
deficit of $4.7S5.0 which was even
better than expected.
In contrast to the weakness in
United States Rubber was the strength
in Kelly-Springfield. II every other
department Of the former company
ings would be all right. The tire
business is very good. and recent buy
ing of Springfield has come
from people who know what the July
returns were.
Mercantile Marine.
The statement by the president of
the Mercantile Marine Company that
the full 6 per cent divident would be
earned this year on the preferred
stock. aftr providing for fixed charges.
taxes and depreciation. did not come
out until after the close of yesterdays
market. Inasmuch as the decline to
36 was based mainly upon the fear
that earnings would slump badly
enough to endanger the regular dis
tribution. it would have seemed that
the assurance from the head of the
feet than 1t did. Marine preferred did
not open for alf an hour. Then it
sold at 80, as against 38h at the close
last night.