Evening star., 1921-10-03
|A|HgULAR ACTION
}X3|n STOCK TRADE
HRisM'HoIiday Checks Busi.
ness-Features of the
Market-Cotton Report.
By STUART p. WEST.

" ALL SIhEcI, NE" foRh,- OC-
tober 3.ATrading quieted down on
the stock exchange today. probably
because the Jewish holiday cut down
the attendance and partly because
there was a disposition to await the
response to the advance in certain
groups of stocks at the close of last
week. The professional element were
looking for a reaction and shaping
their ventures accordingly. AS it
turned out. the market was a good
deal stronger than these operators
were reckoning upon. Realizing sales
stopped the rise in the coppers. but
oil shares readily absorbed their part
Of the proflt-taking offerings and
most of them pushed ahead.
1t was in the cotton market. how
ever, that interest chiefly centered.
this because of the publication of the
crop conditions covering the period
up to September 25. The trade was
inclined to interpret unfavorably the
fact that so far this season the
amount of cotton ginned was 2.9O7,-
$50 bales, as against 2,249 ,606 bales a
year ago. Nevertheless. it was out
weighed by the expectation of SEN
Sational shortage in the estimates of
the new harvest. Prices during the
hour preceding: the publication of
the departments report shot for
the figures appeared it became at
once apparent that outside calcula-
tions of damage done last month have
been rather wide of the mark.
The government places the per-
centage at 42.2. whereas private In
vestigators have been predicting less
than 40.
Market Quiets Down.
Some further realizing sales. trace
able to the Jewish abSentees, were
noted, but aside from a few stocks
which hsd had considerable OF a
bulge last week, this selling had lit
tie effect.
The upward movement in the cop
pers had set rather too rapid pace.
considering that improvement in
trade conditions is still almost wholly
prospective, and very little of it ac-
tual. Anaconda. Utah and Inspira-
tion all were checked in their ad-
vance and Kennecott came down as
easily as it had gone up.
Considerable interest is being taken
In Seneca Copper, in view of the fact
that the company is pretty near
through with its development stage
next year if not before. The prox-
unity of Seneca to the rich lake cop
per mines is a source of attraction
from speculative standpoint.
Lehfgh Valley.
Wall street has begun to refer to
the coming Lehigh Valley sesrega-
tion plan as melon without seeds" +"
1t means by this that unlike the Read
ing case, stockholders will not have
to pay for the privilege of sharing in
the melon. This is why no repetition
of the Reading debacle is looked for
in Lehigh Valley. There are all sorts
of estimates as to what Lehigh's two
coal subsidiaries, which under the
of, will be worth in the shape of
rights to Lehigh shareholders.
Lehigh Valley Coal has a funded
debt of $11, ,63S, 900, with s9.465. 900 COM
mon stock. while Coke Brothers e. Co.
has no bonds and a capitalization of
S2,910,1o0. Some time ago it was fig
ured out that taking the coal company
earnings, after interest. for an average
of years. and capitalizing it at Is per
cent. the combined stocks of the coal
companies would be worth S19.600, 900.
Valley railroad stock, would be equiva-
lent to SIG a share on the latter.
American Sugar.
Another outburst of selling came into
American Sugar stock today causing
considerable weakness. For the last
week or so there has been persistent
announce some new financing. The
story became more specific this morning.
placing the amount of this financing at
S25, ,0OO, 900. in the form of notes, and
saying that the news would be out this
week.