New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-02-20
New Pressure
Causes Uneven
Price Range
Atlantic Gulf'Araong Stocks
Subjected to Selling on
Emphasis of the Unfavor.
able Position of Industry

Developments outside the stock mar
ket yesterday tended to emphasize the
unfavorable position Of industry in
general and certain lines in particular.
giving the professional trading ele-
! ment an argument for a renewal of
selling in various parts of the list.
ne result was an uneven range Of
prices with certain special issues ex-
hlbiting pronounced weakness.
In the foreign exchange market
sterling rates after an early break re-
covered most of their loss, but closed
GA cents to the pound under the high
OF the week. The cotton market was
again unsettled and new low prices
were esblished, with the March op-
tons breaking for the first time under
is cents pound on the current liqui-
dating movement
Selling converged in tho early deal
lngs at the exchange upon Atlantic,
Gulf and West Indies issues, which
were under pressure on Friday. Tho
common stock broke below 30 for the
FIRST time and at it's low of yesterday
showed decline of 126& points from
the high record price of last year.
The preferred stock after breaking to
S7h rallied to 40 at the close, where
it showed a net gain. The continued
pressure against these issues has given
rise to reports of possible change in
which is in need IT cash and has been
negotiating lately for loan of Sl2,-
100000 to S15,000,000 through the sale
Of securities.
The Central Leather Company's an
1ual report, published early in the day
was actually worse than had been ex-
| pected. 1t showed huge loss in 1920
largely as the result of the effect of
railing prices upon inventories, making
necessary heavy write-off. The COM
pany's surplus stood at $3O,5o9,O0O at
the end of 1919, whereas the report
| yesterday showed this had been re.
duced to $4,757.6os during 1920. The
| company's loss after all charges and
dividend deductions last year amounted
to SIS, ISL 900. The effect of the pub
llcation of the report was to induce
selling of both the common and pre-.
| TERED stocks, the former breaking ia
| points to SO and the preferred SIX
| points to SIN.
Copper shares were adversely affect
| ed by reports of the sale of small
amounts of metal at less than 13 cents
a pound and rumors that some of the
| leading producers may be forced tt
take further adverse action on divi-
dends in the near future because OF
failing income. Utah Copper shares
were especially hard hit, yielding 2%
points to 52k. Shares of the Kenne
colt Copper Corporation, which own.
over 80 per cent of the capital stock Of
Utah, yielded to 1871.
Mexican Petroleum shares were sub
jected to heavy selling on news thai
the Oregon government in Mexico ha:
determined to enforce the DEGREES Of
the Carranza regime with regard to de-
velopment work on oil properties hello
by foreign companies. The American
oil interests have held that these de
crees are in ectSconiscatory. The
4 latest move of the Mexican govern
ment is said to mean that no new drill.
ing permits will be issued pending
definite action by the Mexican Congress
The New York Clearing House banks
reported contraction of $20,216,o00 in
loans and discounts during the week
| just ended while surplus reserves de.
creased $7,625,180