The Washington herald., 1921-10-02
LISTLESS STOCKSH
FAIL TO NDICA#
DEFINITE TREND
Market Influenced by
Customary Efforts of
Both Sides.
LEHIGH FEATURES
Supplies Outstanding Feature
In Otherwise Dull and
Narrow Market. r

NEW 1Ohh. Oct. IL ne weak
ness which developed in the stock
market yesterday afternoon was
not carried over into today's short
session. Stocks moved listIessly and
without definite direction until mid
ee ssion. apparently Influenced by
the customary efforts of profes-
sionals on beth sides TO even up
their commitments in preparation
for the trading holiday Around
the end OF the first hour. however.
4 strong demand for copper and oil
shares caused material increase IN
the volume Of business transacted
Gains Of ] and points were made
in these two groups, with special
interest centered in the low priceu~
issues. The main body OF stock
acquired only a slight degree OF tho
strength displayed in these depart
ments. Another sharp advance in
Lehigh Valley was the outstand-
ing feature in an otherwise dull ans
narrow market for railroads stocks
Exchange.
Foreign exchange rates on mos,.
Of the important European cenErrs
were a trife lower. with the e.
ception OF checks on Holland wbr'',
recovered somewhat from yest,r-
days loss. French bills went down
from 7.l2 to 7.O6 cents. Gernla=,
marks declined from 81 to so of a,
cent and sterling was easier. Thee.
changes were made in an extremely
quiet market December cotton ap-
preached TO within two points ..
2l cents before finding a supply
sufficient to reduce the price to
2O.6S. Toward the close this option
recovered partially. Liquidation ian
the grain market carried Decembsr
wheat down to liz 3-i as compared
with l.20 l-2 at the close yester-
day. This price was bcttered In
the late dealings.
A closer study Of the terms under
which the Northern PaCihc-Great
Northern 6 l-2 per cent bonds were
issued and the provision Tor con-
version into separate issues OF the
two companies. answers the que
tiOn which a leading brokeraEc
which aroused IN curiosity O.
others. The question Of what viii
be done with the Chicago. Burl4ng-
ton and Quincy stock pledged be-
hind the joint l-2s in view Of the
conversion of more than half these
bonds into Northern Pacific 6s and
Great Northern IS L. answere,
plainly in the loan Agreements. The
stock may be withdrawn from be
hind the joint l-2s as rapidly as
they are retired through COnNer-
sion, but il must be pledged a. Sc
curity for the bonds issued in rN-
change for the LIS. When all the
l-2s have been converted, SS.-
93S,70O Of Burlington stock Will
have been deposited as security for
the Northern Pacific Gs and d I.k-
amount for the Great Northern IS.
LehiEh Valley.
LehiCh Valley was the center o~
attraction in the stock market
again today. Having closed yeSteI-
day with a net gain OF IS point.
at 81. it started forward imm.-
distsly after the opening thI-
morning and touched SO IA beforr
/ the end Of the first hour This
price was the highest OF the yea.
and compared with 81 - on Tue
day Of last week. The steady buy
ing Of the past ten days has ben
based on the expectation that a..
segregation plan. which Wall Sire,
expects to see published next wrel-
will be highly favorable to tho
stockholders Of the railroad stoCN.
Advances in the price Of cIus.
oil in several districts were r.
garded as OF the highest SiEnIu
canoe by some OF those who havn
recently devoted a good deal o.
attention to the petroleum sirua-
tion. In the last week OF JauulrE.
the first reduction in the price D
midcontinent petroleum was made
That product was then Sellinc =
/ $3.50 per barrel and has stcAdff,-
| declined until during the past
month IL was as low as Sl.O0 4 bar
/ rel and oil IN the Arkansas ami
, Wyoming fields sold at even lower
Z figures. Reports come from valiots
active producing companies thsr
| the demand is ROW urgent enough
/ to be reflected in the payment OF
| substantial premium for deliveries
( OF oil and the advances that wcr-
I made in some instances are eN-
/ pected to be followed during the
coming week in the Ill trade gen
orally.