Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-01-28
MARKET IS QUIET,
WITH FEW CHANGES
Interest Centers Largely in
lnteraIIied Conference.
Some Features.
BY STUART r. WEST.

NEW YORK, January % Especially.
in all the markets today the diapo-
sition was to await the outcome of
the interallied conference at Paris
The cable advices made it appear as
II important news would break by the
close Of the day and that it would
then be decided whether the French
would take the chance
Of q defeat in the chamber Of deputies
and come around to the moderate
English view with regard to the
treatment Of the German indemnity
question or whether by refusing to re-
cede they would cause the gathering
to end without results. s.,
It was clear that in financial circles
the feeling was somewhat less conf
dent about the result than it had been
on previous days. This showed espe-
cially in the course Of the exchanges.
A sharp reaction occurred in sterling
and francs dropped again below the
seven-cent level, while German marks
were also weaker Canadian exchange,
moving as usual with sterling, had an
equally sharp reversal, the premium
around 10 to LIZ per cent
The recovery in cotton, which had
depended quite largely upon the i'm
pfovement in the exchanges, was
checked, and. as exchange rates re-
acted, cotton options followed suit.
A Waiting Market.
On the stock exchange it was more
than ever waiting market. Prices
started in higher as a rule and various
apecialtiss were bid UP again with the
course OF the day. But. on the other
hand, there was quite bit Of profit
taking by traders who felt that if the
Paris conference was broken off be-
cause the English and French pre-
miers could not agree. there was apt
70 BE- something Of a recession.
The frs 81, great E railway Investment
Dected. The demand for the 100000
600 Pennsylvania 6lss bonds, the sub
scription books for which opened this
morning, was so keen that the bonds
soon commanded a premium Of / per
cent--an unusual premium to be
established on the first day of the new
quotation. .
Bethlehem Steel.
The annual report of the Bethlehem
Steel Company proved to have been pref
ty well discounted SO far as the immedi-
ate market was concerned. 1t had little
effect upon the Bethlehem stocks one
way or the other. The strong point
about the figures was that earnings
ran 20 we'll up to those of the pre-
vious year, and would have been
equal to the latter had it not been
for q larger depreciation charge.
The less favorable side of the re-
port was the comparison between
the 9231, 100000 orders on hand at the
close Of 1919 and the $145, 000, 900 total
for the same item at the close of
1890. But this falling of was an ex-
The advantage which Bethlehem Steel
has over most Of the other independents
II its diversity Of products. and this was
brought out impressively by the state
ment accompa nying the report. that
while commercial steel output is run
ming only about 25 per cent of capac-
ity. the three large shipyards of the
company have sufficient business on
hand to keep them fully occupied for
z year ahead.
American Linseed.
There was no fresh reason for the
advance In uu6eed stocks today. The
abatement has been made time and
time again that the deal with the
Lever Brothers has absolutely gone
through. and is evidently only await
ing a more propi.ious time for an
nouncemeat. This deal is reported to
call for the creation OF three classes
of stock. and the present inseed COM
mon is to be converted into a second
preferred. carrying g. per cent diyi-
dend. The question is then as to the
proper selling price of u per cent
Industrial, whia1 is Guaranteed by a
first preferred likewise paying I ger
cent. The idea seems to lie that re-
cent prices for L!nseed common have
been too low in view of the terms Of
the conversion. There was qui.e a
jump in American Linseed preferred,
which will be put in q stronger in
vestmsnt position by the provision
that no dividends are to be paid for
two years on the common stock Of the
new compeRy.