Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-01
POOLS MARKED Up
THEIR SPEC|ALT|ES
General List Continued to Drift
With Same Monotonous
lndecision

New York. Feb. There was no
essential change in character Of the
trading in today's stock market from
that Of yesterday or Monday. Matters
generally ran upon about the same lines
with a similar meaningless drift which
was broken at different intervals by thu
confident marking up Of few special
teS by the pool managers. The dealings
were of the same dull and sluggish type
and almost exclusively confined to the
professional traders.
One or two favorable items Of news
came TO hand which just about offset
sone OF the unfavorablc conditions.
This included the prompt passage Of the
foreign debt refunding bill and the re-
lection OF II rider carrying the soldier
bonus provisions. The satisfactory set.
tlcment Of the affairs Of Il large Chicago
bond house, which had been cause Of
considerable uneasiness. was another
helpful influence. On the other side Of
the fence was the announcement of
further drastic price cuts by the auto
mobile makers and the United States
Steel Corporation statement for the
fourth quarter Of last year This showed
II perpendicular fall Of nearly 80 per
cent in earnings from October to De.
ccmbcr, and were equal to about II
cents share on the common stock, as
against 81 .JS in the third quarter and
Si.9O in the last quarter of 1920. The
earnings for the full twelve months were
equal TO about 1924 on the common.
as compared with S16.62 in 1920. The
sharp falling off of earnings in Decem.
ber naturally leads to the conclusion
That January and February will be as
bad. probably worse. Judging from the
advices from the steel industry.
With the declaration Of the regular
quarterly dividend by tho United States
steel directors. coupled with tho usual
distributions by Studebakcr and Con.
solidated Gas. the unpleasant conditions
in both the steel and motor industries
were overlooked. In all events, that
seemed TO he the attitude of the pools
and other speculative cliques. and as
they are running things just at the mo.
mont pretty we'll TO suit themselves,
the market WAS judged accordingly.
The foreign exchange market attracted
attention because of the continued ad-
vance in sterling, francs and lire. Stcr.
ling cables on London advanced during
the day TO the highest level reached
since 1919. and n gain of over 7Jc TO
the pound sterling since the movement
~ 81 w ii~t pI'iADfl. II WAS COM
mcnted on that the movements Of st"r.
Ling since the beginning of the week
have been directed by New York and
not by London. Call money. which has
been in condition of comparative
stringency for some time, was tight
again, advancing from > per cent to 9
per cent, with the urgent demand at.
tr!buted to the calling n Of loans to
meet requirements connected with the
subscription for the $40O, 900 900 United
States Treasury notes.
Stocks recently responsive to con.
centrated buying were again bid up
materially at the outset. apparently for
the purpose to create bullish sentiment.
The well-known issues varied only
trife from yesterdays closing. and a
bethlehem Steel. Studebal;cr and New
York Central. were off slightly. On the
other hand. krcSse advanced . points
Gulf States Steel 81: Manhattan Elc.
vated. =; Lorillard Tobacco. -, M
'i"nal Lead and Texas and Pacific. |
point. and Union Pacific, Mexican Pc
troleum. Central Leather. American Ice
and American Can, T.! 70 q.
Former favoritcs We're almost entirely
nOrcd in the further advance of spe-
lalties during the morning. American
Ice. 'ut states Stcti, Butcrick
irr'ge. Kayser, Remington Type
writer and Electric Storage Battery
Ncre III" outstanding features at gains
q = TO 3la points. Dawson Chemical
Texas Gulf sulphur and Industrial
Alcohol averaged one point gains
nion Pacific and Texas Pacific r0s,
and = points respectively. but Cam
aIian Pacific was rcactionary. MAJ
order and Chain store shares were
heavy, Sears Roebuck losing points.
Marking up of the call money rate to
q !rr cent caused some selling of the
usual leaders in the early uart Of the
afternoon. Gulf States Steel reacted
! points and Pierce Arrow preferred
dropped ~. Selected pool shares
however, moved steadily upward, the
feathers, Coca Cola ard General
Asphalt rising ! to 3 points.
There was not much change in ,hc
later dealings. although advances in such
sp"ciaIti"S AZ American Ice. American
WOODEN. tn" copper shares and fractions
contributing {" th" better tone Of the
Ia, u, hn t,n