The Washington herald., 1921-12-21
SPECIALTIE And &
PROFESSIONALS
RULESTOCK MART.
Eject of Approaching
Holidays Robs Trade
OF Features.
UNBIASED FUTURE
Sentiment in Trading Circles
Undecided - Broad Move
ments in Remaining Days.

NEW YORK. Dec 2o.-with trad
ing dull the stock market was given
over to professional operations ana
specially movements. The effect OF
the approaching holidays was plain
ly discernible. Price changes were
for the most part .unimportant ami
were irregularly distributed Gas
stocks were strong. Bonds in gen
ersl were firm but Liberties lost
varying amounts up to nearly 81
on misgivings regarding the posi-
bility of bonus legislation Call
money opened at 81 per cent and
was raised TO 6 per cent during the
fourth hour.
PerplexfnE Future
= Sentiment in stock trading circles
does not lean In any decided manner
toward a broad movement in either
direction during the remaining nine
trading days OF 1921. Commission
houses which began to look for a
reaction well back into Novem-
Der and other houses which
remained optimistic in the face OF
besrish predictions now seem TO
agree that nothing better than a
dull trading market can be looked
for until after the first Of the new
year. II was just about this time
year ago that stocks started a
forward movement that was not
checked until the middle OF Feb
rusry. That market was generally
styled REIMBURSEMENT market"
Observers do not believe that
similar movement will get under
way before the end OF this year
because the present situstion and
the one which existed just prior To-
Christmas last year have so few
common features. In 1920 a drastic
reaction OF about two months dura-
ton preceded and made way for the
sharp recoil. In the present in
stance the holiday week ha, been
preceded by a rise without serious
interruption covering a period OF
nearly four month";
New Rail Issues.
The two additional railroad
finance applications which came 70
the attention OF the financial com
munity today supported the opinion
expressed in wall Street that the
larger railroads believe that they
can do fully as well by going al
rectly into the open market with
their bond offerings as they could
under the system provided for in
the railroad funding bill That bill
has been gathering cobwebs in a
Congressional committee room and
II is remarked that the railroads DO
not seem to be agitated over the
delay. The Burlington has asked
/ permission to issue $50. DOR. 600 OF first
and refunding IS and 10 issue and
hold in its treasury t73.ooo.O0O Of
the same class OF bonds. The Lou
isviile and Nashville has been
granted authority 20 issue $4,000
600 Of first and refundlng SIS. Ap-
plications by other roads are said
to he under consideration.
There is an old Wall Street adare
I to the effect that when long expect
I ed good news is out "a is time tc
sell the stocks directly affected. IT
was given a fair test in the case OF
| Associated Dry Goods stocks today
on receipt OF an announcement that
l the Lord and Taylor directors had
declared an extra dividend OF IL per
cent covering an arrearsEe Of pre-
I ferred dividends for the period June.
1914. to June. 1916. The Associated
! Dry Goods Corporation owns ma
jority OF each OF the three classes
Of Lord and Taylor stock; the extra
dividend would bring to the parent
company's treasury sleS.76s, or a
sum equivalent to s1.1s a share on
the Associated Dry Goods common
stock. This extra disbursement had
been talked OF for several weeks
and in discounting u.