Evening star., 1921-10-05
Stocks ARE Slow;
! SOME SOFT SPOTS
BY STUART r. WEST.

points. Lack of outside interest en-
abled short sellers to depress prices
on many specialties Immediately
after the opening and the weakness
was accelerated throughout the morn
ing hours.
But all this happened without pro-
ducing any general selling. and with
out impalring the note Of steadiness
that has been characteristic of the
market throughout the waiting
period of the last fortnight.
A further recovery in the foreign
exchanges. carried sterling up fully
cents in the pound from where it
was quoted weeg ago and drew
along francs and marks as well.
companfed as it was yesterday and
today by similar rebound in French
government securities. points to a
somewhat more hopeful feeling re-
garding the German reparations out
look. 1t may be that the German gov
ernment has received the pledge of
help from private capital which it has
been seeking. or It may be that a way
mas been found to permit at least a
partial settlement Of the next INSTALL
ment In goods instead of cash, with
out detriment to the financial situation
IN France. AT all events. the liquida
tion in French bonds has been sud-
denly checked, as well as the decline
in French and German exchange, and
this must be regarded at the present
time as of much Significance.
Wheat and Cotton Markets.
The wheat market was dragged
down under the great rush Of the
new crop to the receiving centers.
whlle there was further heavy real
izing In cotton.
The position in both these markets
Is more difficult to read than 1t has
been at any time so far. 1t is hard
TO see. now that credit has become
so much easier. how the enormous
wheat movement can be anything
more than an expression of judgmen mt
that the worlds wheat supply for the
next nine months will be more than
adequate to satisfy all demands. AS
for cotton, the question is whether
the market is simply having a nor
mai reaction with the stimulus of the
october crop reports out of the way.
or whether 1t is registering real
feeling of uneasiness toward the atti-
tude OF the spinning trade when the
present stock of low-priced cotton is
used up and manufacturers have to
come into the market at the cur
rent high prices.
New York Central.
Strength in New York Central was
very apparent both yesterday and to-
day. The street had no difficulty in
determining to it's own satisfaction
where the buying was coming from
The announcement several days ago
of the plan for Offering stock to en-
ployes, to be purchased on INSTALL
ment payments. gave the necessary
cue. 1t was said at the time that
the company had none of its own
stock in the treasury and would
have to go into the market to buy
the amount needed.
strength in New York Central. There
was some special buying again in
Chicago and Northwestern on the earn
ings showing. which is relatively bet
ter than that of either Great North
ern or Northern Pacific, and IL con-
tinued would justify resumption of
the full Z per cent dividend.
There was some selling of Midvale
Steel on the statement. attributed to
w. c. Corey. that while the company
was operating at 40 per cent capacity.
1t was losing money on the business.
feet upon other independent steel
stocks. the reasoning being that what
was true of Midvale was likely to be
true of the others as well. The case
Of United States Steel is different. be-
cause it can earn a profit under con-
ditions where its competitors cannot.
There is no doubt that United States
Steel Corporations report sor the
September quarter will be very un-
favorable. taking the result for the
period as a whole. But if the earn
ings month by month. as is likely,
rhow marked Improvement, and es-
pecially If September indicates b big
advance over August. the report will
probably be given a bullish rather
than bearish Interpretation.
The Bond Market.
NEW YORK. October 5.-The
4 0{)n (lfi0 Cuha Talenh0nn COmnanv
bond issue offered this morning went
of with q rush. The books were clos
ed two minutes after they were open
ed at 9 o'clock. These bonds are first
lien and refunding mortgage bearing
Interest at 71e per cent. due in 1871.
and sold at s5 to yield per cent.
The advance continued in liberty
bonds. carrying them to new highs.
The recovery in French government
issues went further. The ~. at 94S.
were up ia points from MorH Us
low and were back over two-thirG. of
the ground lost under the liquida-
tions which set in a week ago. reflect
ing uneasiness over the next German
payment.
Other foreign government bonds
were steady. with slight advances in
City of Bergen Ss, Denmark IS and
United Kingdom 5 1as of 1897.
Industrial bonds showed varying
changes. While Cuba Cane Sugar IS
Cuban American Sugar SIS
were off nearly half point. American
and Refining SIS were off a
trifie. not enough to be regarded as
of any significance in connection
with the report for the first half year.
This report showed deficit of $3.-
100000 after dividends, as against a
surplus of $6s5,000 a year ago. but
the larger part of this loss occurred
in the depreciation and depletion
write-offs, which. with copper and sill
yer rising. will not be such a factor
from now on.
United States Realty IS were car
ried up to new high of SIS under
the same accumulation for company
the last year and a half.
Duquesne Light SIS were another
Industrial to reach q new top.
General Electric 6s were in de-
mand at a half-point rise and new
highs were reached in Diamond
Match '7as, American Telephone and
Telegraph Convertible IS and Adams
Express Is.
The last named sold from 671s to
60. Hudson and Manhattan bonds
were again the object of active buy
ing, particularly the refunding SIS,
which went from 68N to a new high
above 10. The adjustment SIS were
also up over a point and so were
Eelevated IS.
Railway bonds were irregular. Rock
Island refunding As, Missouri Pa
IS. Norfolk and Western convertible
ss and Canadian Northern Is were all
higher, while there were fractional
losses in Baltimore and Ohio con-
vertible An, Northern Pacific As. At
lantic Coast Line first Is and Colo