The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-02-18
PROFIT TAKING In
STOCKS PRODUCES
HRATIC TRADING
Effect Accentuated by
Short Selling by Pro
fessionals.
ACTIVITY PREVAILS
Rails, Equipments, and Low
Priced Sugars Show Most
Observation-Disclosures Rule.

NEW YORK. Feb. I7.-Proft-tak-
ing brought considerable irreGu-
lsrity to stock prices today. and it,
effect was accentuated by short
selling on the part OF the profess
sionsl element Trading. which
was fairly active. was made up. in
fact, largely by the operation %
professionals. Rails. equipments
and low-priced sugars showed the
most resistance. Toward the close
fractional declines predominsted.
Bonds. however. were firm. with the
LIbertys and foreign issues the foa-
lures for strength. call money con-
tinued 10 rule at per cent and
there were slight signs Of easing In
the time money and acCcptancs
markets.
shipping subsidy.
Under more favorable trading
conditions the stock market might
have done more with the admins
tration's reiteration OF its purpose
TO pay a subsidy to American ship
ping. As il was. with the market
as a whole pointing downward. the
only reflection of the mornings
news from Washington was a
l-point rise in International Mer-
camille Marine preferred and
fractional advance in American In
ternationsl. In quarters where a
bullish attitude toward the ship
ping shares has been maintained
for many months despite the de-
cline in ocean traffic. some inter
esting estimates OF what the pro-
posed subsidy would mean TO the
shipping companies were made. one
house inquired that ono % the bigI
fast ships Of the mercantile marine
feet would receive a bonus ~ Si2.-
900 on a round trip.
L. =. Rubber Earnings.
The action OF United States Rub
Der common stock today. in view
Of the statement showing an OPP
Grating proit Of only SiT6lSD9 last
wear, offered proof Of the statement
that in discounting an unfav"rable|
income report in advance IL - not|
necessary that a stock react. United
States Rubber common discounted
this poor earnings report by Tho
moderate pace Of its advance FROM
the low price Of 1891. Tho stock
advanced rractionally this morning.
The 1921 report. showing a cchciq
OF $780,. 900 after dividend pay
ments and a total deficit Of 81.
2s3. 900 after an inventory write-ot
Of SlO.53s.OO0 did not forestal 4
prediction by one prominent com
mission house that the company
will resume its common dividend Il
before the end Of the year and tina
the stock may easily advance
points before 1879. II was not
question Of the Street being lndt
ferent to poor statement bu
rather Of qualification with M
manner in which the company &C
cepted its losses.
The financial community was &C
minded OF the Illinois Central Rail
road Company's credit rating t"daNI
when the announcement came tina
the directors have planned Il
. finance their clectrification nro
I gram and the reconstruction ~ M
! Chicago terminal through tho issu
ance Of preferred stock. This 4
+ the method Of financing that cor
tain Legislators in Washington
would like to compel all railroad
to adopt. hut there are not mani
[ systems that could try with mucl
hone Of success. Tho lll.uu!s cen
trail has no preferred stock. bU; IN
+ directors are going 1" ask IN
4 stockholders On April 10 q" an
thorize an issue 81 $4,000 q"
which would be sold To- Cumm"
I stockholders from time to time a
! funds are needed for construction
| Illinois Central stock dropped
points to 9S following t"day.s new