The Washington herald., 1921-10-12
NARROW EXCHANGED
LIMITS ACTIVITY
TOOL SECURITIES
Practically Every Issue :
Is Traded i'm at Ad-
vancing Figure.
STEEL IN BODY MovEn
Report of Lackawanna's Huge
Deficit for September Quar-.
ter Responsible.

NEW YORK. Oct II.-Tradine
in the stock market today was mar
rover and less interesting. II sDch
condition is conceivable. II was
narrower because what little speeu-
lative activity there was seemed
TO be confined to the oil stocks.
From Standard Oil of New Jersey.
common. down to the shares which
could be bought at a smaller priea :
than a baseball ticket the oils
were bought at rising figures The
advance in gasoline and kerosene
by the New Jersey company late
yesterday was responsible for sus-
taining the forward movement in
this group OF stocks. The only
other group which moved in mass
formation was that represented by
the steels They were Influenced
py the sl.2Oo,0o0 deficit reported by
Ihe Lackawanna Company for the
september quarter. Elsewhere
throughout the list stocks moved
irregularIy and without Important
change.
Sab&h Snue E1nnnCiUR.
The Street is more than commonly
interested in the Cuba Cane Sugar
nnancing plan, following closely
every bulletin on the portion OF
the debenture bonds that have been
deposited in conformity with tha
company's wishes. It was reported
today that sS.5O2.OoO of the bond,
had BEEN deposited up TO the close
/ of business yesterday. The plan
VIII become operative when a "sat-
isfactory amount of the bonds have
been deposited" Apparently IL win
De left to the bankers 70 decide
what constitutes a "satisfactorN.'-
amount. The Street believes that
owing to the latitude given the
directors Of the plan, Il win hs-
come operative in time to have The
slO,00o,o0o of new money perform
the service for which IL in In-
tended. Bond men believe that N.
STATUS OF these debenture holders
VINO do not agree to the plan will
open a fine question. Cuba Cane
preferred stock gained IL poinrs
in the early trading today. but Iost
all Of il in heavy selling in the sec
ond hour.
The reactionary tendency was NOT
l peculiar TO Cuban Cane preferred
alone. American Sugar common.
was heavily sold. apparently by
traders who bought at the low
prices OF last week and benefited
| by the rise which terminated yester-
day. This stock sold down 10 52ss
this morning. a net loss Of almost
points, but recovered more than
half this loss before midday. The
only new factor in the sugar Situa.
tion was the estimate Of 3.Ss5-RSa
tons as the probable European beef
sugar crop this year. The actual
crop last year amounted TO $685.. .Oor
I tons
The stock market community fol-
lowed its usual custom Of antici-
pating a holiday not molly by making
| commitments shock proof. butbymakz
ing an early start TO the scenes OF
| tomorrow's holiday diversions.
great number of floor traders failed
TO put in an appearance today and
in brokerage house board rooms
many familiar faces were missing
In the afternoon a large contingent
of those who had kept the tape
moving during the early trading
left for the polo grounds.
Lackawanna.
The size Of the deficit reported
by the Lackawanna steel Corpora
ton for the September quarter. pub
lished around midday, conformed
quite closely to estimates originat-
ing from private sources earlier in
the day. All the steels were heavy
prior to publication OF the state
ment because it was figured that as
Lackawanna went, so would 60 all
the other important companies. This
was the case three months ago. The
Lackawanna sustained a deficit or
Sl,2OS.OOO after taxes, interest and
depreciation, making a total deficit
for the first nine months OF S2.lS3.-
600. The September quarter Of 1890
produced a net profit OF s3.2s2. 600
and the first nine months OF that
year a net Of sI.7l4,O OO0. o. the equi-