The Washington herald., 1922-01-31
STERLING PRICES.
ATTRACT STOCK
MARKET TRADERS
Professionals Operate
Dull and Meaning
less Session.
CHANGES ARE SMALL
Huge Lots of u. S. Food Prod
ucts Stocks Offered, Signi-
flying New Developments.

NEW YORK. Jan. 5O.-TradinS IN
stocks was dun. professional snd
meaningless today. interest in the
financial market centering in higher
prices for sterling and weakness in
cotton. Changes in stock prices were
for the most part small and were
irregularly distributed. Only a few
Issues moved a point or two in either
direction. Bonds also were quiet.
with a tendency toward heaviness.
The features here were sharp bid
ding for the new s30. 900. 900 issue
OF Burlington 5 per cents and a
good demand for the two series OF
British 5hs. Strength in the latter
naturally reflects the corresponding
condition in the exchange market.
since they may De converted into
British National War Loan SIS at the
fixed rate Of $3.50. the 1925 beng
convertible at par and the 1925 az
lo5. Call money held at 5 per cent
until the middle Of the latt hour.
when IL was raised 10 5k per cent
Recent strength in International
Mercantile Marine preferred. includ-
ing a gain OF almost points today.
10 pN SUiIf HldThEI On-
servers into a long-distance bull ar
Gument. The bear element never
loses an opportunity 70 stress the
falling of IN foreign trade. but they
point backward rather than into the
future. Observers OF an optimistic
turn OF mind. on the other hand iE-
more the past dwindling Of export
trade and look into the future for
the stock markets logical operat-
ing motive. They consider the rice
in Marine preferred as foreshadow-
ing better foreign business later in
the wear. The notion that the risc
in this stock can be traced only tb
expectations OF anot%er payment OF
accumulated dividends is secuted. for.
il is pointed out. the directors would
not be expected to dip into their
surplus at this time unless there
were prospects Of replenishing IT,
Great volumes of United States
Food Products stock, including some
large blocks. were thrown on the
market today in a way 20 suggest
that some interests were extremely
anxious TO unloal before the new,
Of some development should get out.
At least. that is how the selling ap-
pealed 10 the trading mind. The
stock closed at 6% last Saturday
after having made a new record low
OF Ga. Over the holiday a big list
OF selling orders came into the
Street and there was so little sup
port that the price Dropped quickly
to 81. Thereafter some recovery was
noted. the stock getting close to 6.
but reacting several times 10 the So
level. which seemed 20 be a definite
resistance point. Around noon. how
ever, the pressure became too great
and the price lent below for n
new low record. There was no nev-
TO account for the decline. The onl-
pressing obligation is the semi-an-
nual interest due on the DistillcrieS
Securities Corporation per cent
bonds on April ]. But the sum O.
only sl3S.s5O is required 10 neec
this obligation and lately there have
been some semi-official assurance
that the company would be able ID
meet the payment.
The market presented further ~
idence that Atlantic Gulf and weSc
Indies is rapidly losing its identity
as a shipping concern. as far as thn
stock market community is con-
cerned. While Marine preferred VAS
making its gain OF almost /. paint.
Gulf MAS being sold down rapidly.
Opening with net loss OF = at sS's.
L sold down rapidly TO ci-s.