Evening star., 1922-02-01
Stocks INACTIVE;
TRADING IS DULL
Leaders Almost Entirely
Ignored for SpeciaIties.
Rails Are Neglected.

NEW YORK, February 1.-Stocks
recently responsive to concentrated
buying were again bid up materially
at the opening of todays market to
create bullish sentiment. The well
known issues varied only a trifie
from yesterdays closing and a few
leaders, such as Crucible Steel, Beth
lehem Steel, studebaker and New
York Central. were off slightly.
Kresge advanced points, Gulf
States Steel. 2A; Manhattan Ele-
waited. 2: l.orillard Tobacco. 1A: Ma
tional Lead and Texas Pacific, / point,
and Union Pacific. Mexican Petro-
leum, Central Leather, American Ice
and American Can, u to y.
Former favOriteS were almost en-
tirely ignored in the further advance
of specialties during the morning.
American Ice, Gulf States Steel, But
terick. kresge. kayser, Remington
Typewriter and Electric Storage Batl
terry We're the outstanding features
at gains of to 3k points. Dawson
Chemical. Texas Gulf, sulphur and
Industrial Alcohol averaged l point
gains.
Union Pacific and Texas Pacific rose
l and points. respectively, but
Canadian Pacific was reactionary.
Mail order and Chain Store shares
were heavy, Sears Roebuck losing 2
points.
Selling of Studebaker and Chandler
was associated with further cuts in
automobile prices
Call money opened at per cent.
FACTORS ARE DEPRESSING.
Immediate news developments under
which the stock market moved today
were undeniably depressing. The
main point Of interest was the ques-
| q. H.
test The Steel Corporations earnings
for the fourth quarter of 1921 were
bad in the sense that they showed
/ such a rapid progressive monthly de-
crease. with the December total not
only the lowest of the year. but the
i lowest of any month in many years.
! The inference was that January.
1929. report would certainly be no
better, because, as compared with the
previous month. the volume of busi-
| ness has been no greater, while prices
have remained the same.
Speciality Leaders Strong.
Three high-prced leaders appear
ed in the specially group-kresge.
United Fruit and Electric Storage
Battery. One reason which makes
this class of stocks attractive in such
a market is that they are not held
to any large extent by the public
Consequently operations for the rise
are not llEely 10 run INTO Dig OHef-
ing on the way up.
Besides the poor showing in the
steel figures there We're other in
Cidents calculated to try the temper
of the financial community. One
was the receivership for the Loco
mobile company, and another the
price cutting announced this morning
by the Dodge Brothers concern These
We're quite in present occurances.
having no significance whatever for
the situation in the automobile trade
generally. But in the speculative
market, which occupies a sensitive
position, happenings like these would
ordinarily have temporary effect
upon sentiment that would produce
important price changes.
The per cent call money market
being regarded as nothing more than
temporary. had little effect on the
days bond dealings. While prices
were irregular. there were more ad-
vances than declines. A new high
record for the United Kingdom loan
of 1929 was a natural accompaniment
of the continued advance in the value
of the British pound.