The Washington herald., 1920-02-03
STOCK VALUES
J DROP SHARPLY
New Low Record for De-
mand Sterling Causes
Heavy Selling.
SPECIALTIES HARD HIT
Show Decline of Two to
Eight Points as Support
Is Withdrawn.

New York, Feb. 2.-Although the
optimists worked hard today to keep
the Street in good spirits profess
sionals could not resist the tempta-
tions to hammer the market when
Sterling went to another new low
record. this time at 1854. Money
went to Is per cent in the late after
noon and renewals were at II. The
market opened strong. with the more
speculative stocks in leadership. Gen.
eral Motors. Baldwin and Crucible
showed good gains. Sterling broke
quickly to al and that caused heavy
selling that resulted in heavy declines
from a point to as much as s. From
this there was some recovery as ex-
: change steadied itself. Finally the
Pound Sterling took another dip, for
what proved to be the lowest price
of the day and the market went with
IT. closing heavy and with material
net losses.
The Supreme Court once more dis
oPPCAANCu NAAC ENANCI bg AltSlCClluk "
hand down a decision in the stock
dividend tax cases. Wall Street
wants that decision. but breads to re-
ceive il. Postponement is almost
cheerful. compared with feelings in
the Street every Monday when the
court is rendering decisions.
Endicott-JOhnson was one of the
heaviest stocks on the list, but it's
reaction was looked upon as natural
in view Of its recent sharp advance.
Middle States Oil broke again, but
not quite to a new low record. One
of the most disconcerting declines
was that in American International.
1t has been the leader of the mar
ket for several months, first leading
il down and then leading the recov-
cry. Now that it is turning weak
again professionals are worried.
9 Wall Streets advice from Wash
fngton today was to expect no rail-
road legislation at all this spring.
The politicians seemed to be afraid
that they would make d mistake
no matter what they do and want
to put the whole question over until
after election The Democratic
nnanciers in Congress say that by
SO doing they will put the whole
w u lDt lNtpuDllCdnS ana
they sincerely hope that it will ruin
the party and let the Democrats
back in for four years more.
- Corporation managers in Wall Street
yesterday received a proposition from
Russien engineers Offering to con-
struct freight aeroplancs carrying 10
900 pounds at the rate of l l. cents
dor each 4O0 miles flown Consider
Ing the quick delivery Il is believed
this would be good business for high
class freight Each of these planes
could carry fifty passengers
- Wall Street was surprised today to
md one important man willing to adj
init that he was an optimist. The re-
markable personase was George J.
.Whelan. president of the United Re-
tail Stores Corporation. who said his
organization would go right ahead
expanding in a conservative way re-
gardless Of money conditions
= Il do not look for any slowing I'D
of the manufacturing busiress," he
said. "re"ardlcSs OF exchange for
some time as manufacturers carnot
more than half supply TIE needs of
the country. A. any rate retail bust
ress changes whe'he~ GOOD or had.
do not follow manufacturing changes
in the same year"