Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-11
BREAK IN STEELS
UPSET THE MARKET
Bearish Interpretation Made OF
Cermany's Surrender to
Allies UItimatum

New Work. May ll.--rho r"act,ou.
airy tendency was more dchnit" in to-
days stock market than any Of the i'm
mcdiatcly preceding sessions. The trans.
formation from bullish to n hrariSh
affair was also made more pronounced,
Almost from the outset prices started 10
crumblo and continued 20 do SO with
little or no opposition during tho best
part Of tho session. This action OF the
market was made especially disappoint-
ing because of the reported acceptance
by Germany Of tho ultimatum Of the
Allies. This highly constructive bit "f
news a week ago Will" prices were on
tho uptark would unuueStionably have
been signal for II wild upbiddnE all
along the line. Today. when the mar
ket was outwnrdly suffering from the
after effects Of an attack Of acute in
digestion. tho same news was given
b2ariSh Interpretation.
At all events, there was well staged
raid on the steel group directly fol-
lowing tho opening. which not only re-
suited in wide and rather violent breaks
in many issues of that group. but, like
the drive against the motors in Mon
days market produced general unset
Element and declining prices. This rad
was nctuatcd in the argument that III"
actual signing of the separations terms
will at once open MP German compcti'
ton in tho steel trade. In fact. som"
went 50 far as to state that German
rrrduCts were already being offered at
N"v York. freight included. AZ prices
rvor 20 per cent under existing Amer.
..au schedules.
Technically in n weakened condition
tho whole market before the first hour
Of the trading was over proved 70 be
extremely vulnerable to the bear pres
sure. As this and that group gave
ground the selling pressure automati
cally increased by reason of the broad
cnng OF the activities Of the reaction
ary party. coupled with enforced
liquidation Of impaired accounts. The
rcactionary movement in the succeed
ing hour was facilitated by Ia" reach
irg and unrovcrinG oi numerous
stops. which were the outcome Of
tho recent protractrd spring rally
An additional weakening Influence in
the steel group was tn" reiterated
rnmors Of tho reduction or passing "f
dividends by certain Of the independent
StcCl companies The break in IN"
group ranged from ! 70 : points IN /.
=. Steel. Bethlehem Steel. Cruciblr.
Lackawanna Steel and R"puhli" Iron
aud Stocl.
AZ the same time the bear contingent
found the motor group still easy tar
gets. with Studchakcr, Chandler.
Pierce Arrow. Bosch Magnetic. I. $.
Rubber and Kelly Springfield Tire rum
ming off to 81 points. Th" entire
industrial division. however. with th"
exception of a brief opening spurt in the
coppcrs. offered little or no opposition.
Equipments. including Baldwin Loco
motive and Harvester, lost to points.
American Sumatra Tobacco added -
points 10 yesterdays reversal and the
sugar group forfeited > to > points.
The rails. which yesterday showed n
tendency to buck III" rcHctionary tide.
also gave way. especially th" coalerS.
Rcauing. Baltimor" and Ohio and Lack
awonna dr. ,prcd 'o 1 points. ., The
hcnrish drives ,xt"ud"d to the oils by
niddny. forcing leaders of that group
Gown 10 3 points The downward
swing, however. wd, checked in the
midday session, whoH CrurihI" Steel,
SuId5nalirr and Am,e,run Sugar let a
| rally Of | to : uojn',.