Evening star., 1921-07-28
SOME FEW STOCKS
SHOW BAD LOSSES
Very Little Trading in This
Group-Rails Strong.
Money WeakA
BY STUART r. WEST.

NEW YORK, July 2s.-The stock
market today was curious jumbfe
Of violent declines in some OF the In
dustrials. conspicuous steadiness In
the balance OF the Industrial list and
persistent strength with some further
advance in the rails.
The passing Of the Pressed Steel
Car dividend. announced overnight, was
the main influence.
1t drew speculative, attention to the
possibility Of similar action by other
companies and started a series of
selling movements in these resem-
bling the decline in the market q
month ago and In the early part OF
1uly. !.-:
But the effect Of these individual
points Of weakness was very different
from what 1t was on the former occa-
sion. With Pressed Steel Car break
Steel Springs crashing down II points.
and with various others. like Indus
trial Alcohol and California Packing.
dropping badly, the general market
was scarcely shaken at all.
+ In June such collapses in special issues
in other directions and state Of general
The way the great majority Of the list
stood up both yesterday and today was
a measure of the Improvement which
has occurred since then In the Wall
street position.
Following yesterdays decline in call
money. the renewal rate was reduced to
AZ per cent, the lowest since Septem-
Der. 1919.
activity at the lower levels in time
money and in commercial paper. and q
continuance of the upward movement in
bonds. New high prices for the year
were established In numerous instances
and there was no sign: whatever Of a
let-up in the Investment demand.
:. California Packing.
California Packing broke on talk
Of unfavorable dividend action at
had a similar decline shortly before
the last dividend meeting. but the
rumors of a cut at that time were
not borne out. Houses representing
the principal interests in this COM
pany have all along maintained that
the per cent dividend was safe. but
they. of course, are not unpretudiced.
The opinion expressed by brokers
in the crowd this morning was that
the decline in California Packing
was the selling out OF loan.
National Lead.
There has been no transactions in
National Lead for almost a week.
The stock closed last night rs bid.
offered at 76k. 1t started in this
morning at ~, and broke down in the
space of half hour to 6S. The street
after this smash was surprised when
word came that the regular dividend
had been declared. Accompanying this
news was a statement from one of
the directors that the dividend for
the entire year had been earned. This
checked the selling and brought about
a partial recovery. Still. apart from
the dividend question, National Lead
Is regarded in many quarters as hav-
ing been selling too high for a 5 per
cent stock in a market full of such
attractivey yields as the present.
United States Realty.
The squirt in United States Realty
a fresh buying in the
bonds of the company which carried
them into new high ground for the
year. 1t has been pointed out several
times that inside position in Realty Is
improving daily, the company being
able to buy up its bonds in the open
market in anticipation Of their retire.
ment in 1924. 1t was said by a source
in position to know that the COM
pany was buying in these bonds at the
rate of 100000 monthly. There have
been rumors from time to time about
a dividend on Realty, but such q thing
will not come to pass until the bonds
are out Of the way.