Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-01
TRADING ASSUMED
PRE-HOL|DAy TYPE
Counter Reactionary Movement
in Many Industrials Offset
Strength of Oils

New York, Sept. 1.-Trading in to-
days stock mnrkpt was of Conspicu-
ous pre- holiday type. Continued even =
| ing-up operations of the professional
and semi professional traders produced
! further irregularity in price movement
| which at times was quite conflicting.
/ 1t wnS more n case. however, of mark
ing time, as neither of the Contesting
forces was inclined TO make extensive
ventures in view of the three day sus-
pension OF business following the clos
ing tomorrow night.
With the exception of the foreign oil
group there was noticeable absence of
the support furnished in the preceding
sessions by the vulnerable bear account.
News from Mexico was decidedly favor
able, with every indication of sat
isfaCtory settlement being soon reached
concerning the oil land cases and the
matter of oil taxation. Reports re-
Ceived this morning. If they could be
accepted as reliable. suggested an early
compromise between the Mexican Gov
ernment and the American oil interests.
The decision of the Mexican supreme
Court against the enforcement of the
CarranHI decree was regarded as dis
tinCt constructive development and was
hailed in some quarters as the removal
Of the chief obstruction to recognition
Of the Oregon Administration.
Besides lacking the support of the
short interest the market was con-
fr0ntcd with iirmcr money rates. The
renewal call loan rate was fixed nt
ji2 per cent. the highest initial rate
of the week and ! per cent above the
ruling rntc on Tuesday. While the
tirmcr ton" caused no general surprise.
Yet 1t served to disclose the utter arti-
fetal character Nf the easement earlier
in the week On the other hand. there
was another batch of favorable July
railroad earnings Also the action Of
Judge Mayer in granting the counsel
of the marlborough Rapid Transit an
other week to see If arrangements could
not be made that would ohviato the
necessity of rcccivcrship. Both in the
public's interest and that Of the sccur-
ity- holders. he said. there should be
no rcceivcrShip If it could be prevented
.NS an offset was the news of further
Slashing of prices by the independent
steel companies This information was
distressing when ii was realized that
most of these concerns were losing
money on each ton of steel on n basis of
present operations. even when steel was
selling several dollars a ton higher.
These days. however, it is ever diff
lltUII 10 NpltTIllnp just WHAT Will Dp
the Interpretation of Wall Street TO all
significant developments. This fraility
was strikingly eXemplifed in the COM
placcnt reception Of the announcement
of the finding Of the Federal Trade
Commission against the Famous Play
ers Corporation. 4 few days ago the
suggestion that the Government was
after the concern was used as an excuse
for making the stock one Of the more
prominent bear targets. Today the in
cidcnt was viewed in an entirely diff
ferent light, it being pointed out if
the company was found guilty, as
charged, 1t must surely have a clean
cut monopoly of the moving picture
business. From market viewpoint
that was far from being bear argu
ment.
The opening market was mixed. with
interest running largely to the special
ties. of which the Mexican oils were
the leading attractions. Additions to
early gains were made by Mexican and
Pan American PetroIeums, American
Locomotive, Famous Players, tobaCcos
and express company shares. Counter
movements continued, however, III
equipments. shippings, sugars and
chemicals. those issues making extreme
declines Of ! to points. Rails, cspe-
cialy Northern Pacific and Great
Northern, added to yesterdays reversal.
Oils cancelled part Of their advance be-
fore noon when motors, notably Stude-
baker and Pierce Arrow preferred, be-
came heavy.
Studebaker, Chandler, United States
Rubber. common and first preferred,
and Ajax Rubber figured in the fur
their declines at midday, when Pierce
Arrow preferred fell nearly / points.
Steels. equipments and coppers also
yielded. Irregular rallies. in which
Mexican Petroleum rose 9 points, then
occurred.
Mexican Petroleum. further advance
with concurrent gains in related issues
Overshndowed all other features Of the
trading OF the last hour. Rails continued
to hang back.