Evening star., 1921-07-14
CONTRASTS MARK
TRADING IN STOCKS
Oils and Chemicals Strong,
With Motors and Equip
ments Heavy.
BY STUART p. WEST.

WALL STREET. NEW YORK, July
14.-Today was another dull and un-
eventful one in all the markets. The
only exception possibly to be made
was in favor Of the bond trading,
| which started at the outset Of the
tinuance of the buying movement
which started at the outset TO the
month. Originally this movement
represented the adjustment of inter-
the midyear. But now 1t has come to
have more Significance.
1t reflects the judgment of the In
vestment community that further cut
ting of official discount rates cannot
long be delayed; that this VIII react
upon the money parket generally and
bring .h"ut small interest, and that
in consequence owners % "S.estment
capital will not be able to secure the
same high returns that they have
been getting for the last year and a
half.
Closer to Dead Level.
Taking the greater part or the
share list, the market gave evidence
of being closer to dead level OF
prices than it. has been at any time
yet. Traders on the short side were
more wary after their experience in
Mexican Petroleum, Pan-American
and one or two other similar stocks
yesterday. Still they did not en-
tirely abandon their activities. Chan
dler Motor was driven down to a new
low for the year, although 1t was
only recently that the president OF
no reason to look for any change
| in the dividend policy.
Western Union was attacked be-
cause of the decrease OF s254.00o IN
operating income for May. but this
was somewhat illogical, inasmuch as
even at the present rate the company
| is more than earning it's dividends
and has a surplus of more than $40
| 100000 of accumulated profits be-
hind it.
There were one or two other weak
spots besides these, bu. when the
trading element thought TO extenc
the scope Of the selling movement
they found this did not work. The
market merely became dull, and there
was no real liquidation TO speak OF.
Interest in Warrington.
Much interest was :aken in the
meeting today at washington be-
tween representatives of the govern
ment, the War Finance Corporation
and the railroads. 1t was expected
that this conference would put the
finishing touches to the plan. wkicn
has the support of the President ana
government officials. to provide an
| Immediate fund of $500, 100000 to en-
| able the roads to pay off their bills
and to have something left for the
purchase of new equipment.
The only question seems 70 De
| whether the administration VIII use
| the 5000. 1000. 900 at present available IN
| the Treasury and ask Congress for n
appropriation of the remaining $780,
| 600. 900. or whether the entire sum
| will be raised through new issue of
securities handled by the War FL
nance Corporation.
Rails Do Little.
Railway shares did very little. how
| ever, on the day.
| Crucible bore the brunt of the at
tack on the Independent steel shares
| and sold down close to its low for the
year 1t is learned from a source in
close touch with the affairs of the
company that Crucible has been oper-
ating in red figures since February.
There was further selling today in
Famous Players on the strength of
additional "details given out regarding
the slump in the moving picture busi-
ness. The story this morning was
that a hundred moving picture the
aters in Greater New York might close
! indefinitely August l because of the
inability to meet the present wage
| scales and other items of increased
| expense.
! Local Market Slow.
T. Activities in bond trading slowed
up somewhat today over the trading
| that has featured the local Stock EX
| change for the past four days. After
! call two Metropolitan railroad $1,000
I SIS sold at 81, while three of the Wash
ington Gas Light Company's $1,000 IA
per cent notes charged hands at 104.
Two ten-share lots of Capital Trac-
! ton stock sold at 81, and three shares
| Of the District National Bank brought
ITO.
| Local Market.
! E. ]. Ste1lwagen. president of the
Union Trust Company, left this morn
| ing for poland Springs.
| w. T. Galliher. president of the
American National Bank, will be in
New York until Monday.
r. Golden Donaldson, chairman of
the board Of directors of the CONNER
cial National Bank, is in New York on
business.
George B. Chapman. manager of the
local office Of Hartman & Co.. leaves
today for Bar Harbor. Me.
lITNllInnll