The New York herald., 1920-01-30
STOCK MARKET
NEWSANDREqIEW
Movements of Prices on the
Stock Exchange IT.
regular.
MOTORS ADVANCE VIOLENTLY
Higher Rates for Money Caused BY
February 1 Disbursements En-
courage Selling.

Movements OF prices on the Stock Elk.
change yesterday were irregular. In
fluences in the market were conflict
ing. On the one side was high money
with it's natural effect in encouraging
bears to sell. while on the other power
full inside interests in certain special
ties, particularly the motor stocks
moved UP the quotations for those
issues sharply. In the latter operations
the bull element was aided by an over
sold, condition. Industrials generally
were soft. Liquidation induced by the
recent dragging tendency OF that
group was evident for the first time IN
several days. In the last hour, how
ever. that selling subsided largely be-
cause of the phenomenal strength oi
the motor stocks and Of support ac-
corded to United States Steel common.
The dominating factor in the market
was the action of the banks in calling
loans. February l this year falls on q
Sunday. Dividend and interest TO the
amount Of more than $100,000,000 must
be paid on Monday. In addition TO thai
there are subscriptions for s2o,OOO,oo'
Consolidated Gas notes and for severa
issues of preferred stock of other cor
porations TO be paid on that day. To-
day is the last day of the week or
which loans can be called. Banks
therefore were compelled to make the
necessary preparations. They pegar
on Wednesday and continued yester'
day That was the explanation OF tht
advance in the rates for can iunus
The bank statement last week shoWeo
only a small margin of surplus re-
serves.
OILS miscellaneous specialties, rails ano
conner stocks we're weak features, al
though the oils exhibited a rallying tend
ency in the last hour under the lead ol
Mexican Petroleum. American DRUGGISTS
Syndicate was bought by a bull clique anc
showed strength in, the face OF weakness
in the general industrial list prygoods
stocks also were firm, but Associated Dry
goods was an exception on news that dlNl'
dend action had been postponed.
Railway shares were weak, particularly
the one-time "oil rails that is to say, the
shares of those corporations the prices OF
which were advanced extravagantly few
months ago for distrbutive purposes on
rumors of wonderful prospects of petro-
leum along their lines. The direct cause
of the weakness of the group yesterday
however, was rumor that the President
will return the roads TO their owners on
March 1 regardless of whether Congress
does or does not pass remedial legislation
meanwhile.
After the close the Bethlehem Steel Cor
poration announced that the regular divi-
dends had been declared on its shares.
Also the company issued a statement
which showed more than 10 per cent earned
on the common stock last year after de-
probation charges, federal taxes and the
fun preferred dividends. Officials spoke
very enthusiastically of the outlook. Beth
lehcm has advanced the prices of its prod
ucts just enough to cover the higher cost
of production that has developed since the
price conference between the steel makers
and government officials last March es-
tablished what We're regarded then as fair
levels. The company says it will frown
upon any runaway market in steel. believ-
ING that such policy would be harmful
in the end. Bethlehem steel common :
book value is estimated by it's president at
S22J share for the common stock The
company has written off all war invest
ments and has untitled orders on hand OF
So, ii9 600.