Evening star., 1922-01-26
STOCK MARKET
WEAK AT CLOSE

kISe IN money hale C0n.
tributes to UnsettIement in
Late Dealings.
NEW YORK. January 26.-Bull
pools resumed their operations in
special issues at the opening Of to-
days stock market. Crucible Steel,
American Agricultural Chemical and
Famous Players made one-point
gains. Sugars and other food spe-
cialties were fractionally higher with
oils and motors.
Gulf States Steel. yesterdays most
unstable feature. rallied moderately.
but Electric Storage Battery eased
with Anaconda Copper and American
Writing Paper preferred.
The market improved within the
first half hour on buying of stud
baker and Dawson Chemical and
Texas and Pacific.
Market Falls to Hold.
The market failed to hold, prices
breaking very generally in the first
hour. although call money was offered
at Az per cent. fraction under yes
terday's opening rate. Studebaker
21a and Independent Steels 1 to
points.
Bethlehem was an exception, its
firmness being associated with the
forthcoming publication of the COM
pany's final report for 1921.
Coppers. motors and oils became
heavy. Standard Oil of New Jersey
falling points.
Rails reacted. Reading declining /
point under steady pressure, the re-
versal extending to other coalers
Textile and chain store issues were
firm to strong on merger rumors.
Victory 4s.s were bought on All
enormous scale, several blocks of
$500,006 changing hands at lo0.2s.
Called for Setback.
The stock market today bore out
the indication observed at the close
last night that the position, for the
moment. had been weakened by recent
heavy short covering. For the first
time in a week a reaction worthy of
the name occurred. For the most part
it was simply the adjustment of a
speculative situation which called for
a<setback. because there were attrac-
tive profits accumulated in traders
hands. But the decline. was helped
along by outside considerations as
well.
More SenSitivenesS was shown TO
earnings reports for 1921. which were
coming out in quantity. Most Of these
were very bad. notably the statement
for the first three quarters of last
year put out by Anaconda Copper. The
deficit Of sS.7l5.Oe0 shown by this
company brought heavy selling into
the copper group.
. Oils rs Wenk ms Coppers.
The oils were quite as weak as the
Coppers. but here the reason lay, not
in actual developments. but in tn"
expectation. now very general, that
there will be further and more wide
spread cutting of crude oil prices in
the near future. The fact that the
December railway statements TINS far
published have not been showing UP
AS well as those OF November and
not nearly as we'll as those Of October
told against tfle railway list. Both
the dividend paying and the low
priced non-dividend issues were per-
sistently heavy.
As the day went on these weak
spots became numerous enough To
/. Equipments, sugars and steel broke
with the rest.
Studebaker ran up sharply sooH
after the opening. but came down
later still more speedily, as did the
other motors.
Call Money Drops.
The renewal rate on call money was
reduced 70. Az per cent. thus further
confirming the end Of the little furry
in the market which began ten days
ago on the withdra wal OF interior
Lank balances.
German marks. after yesterdays
brief respite. again turned downward.
1t was rather surprising in this con-
nection that SO little attention should
have been paid 10 the project. sane
toned by the German premier. for
force loan of a billion marks in gold
If this method of raising funds TO
meet the future reparations install
ment, is approved by the German
reichstag SO that l. will be prec-
edent for further transactions OF tn"
same sort. ii will undoubtedly mean
the end of the imitation of paper mote
Issues.
The most significant feature in the
English anu French bank statements
was the further progress in both IN
! stances in the deflationary movement,
CHICAGO, January S6.-Whe ha"
a downward tendency in price tods!
during the early transactions. Chief
attention being given to a decline in
Liverpool quotations, and to reports
that the movement of the Argentine
crop of new wheat was becomine
larger; 4 stl REDUCTION of Of 10000 se,Goo,eev
failed to have any effect. Opening
prices varied from the same as yes
terday's finish to - lower. with May
i1.1is. to f:14Gs. and July l.0ls4 to
1.02, were followed by slight rally,
and then by a eeneral sag.
Corn and oatsN eased down little
with wheat After opening unchanged
to shade lower. May 53isa5s to
5Sss. the corn market declined slightly
all around.
Oats started unchanged to Is cent
down. May 3S5s to 80. - and then
dropped bit more.
demand for provisions appeared 10 be
lacking despite an upturn in the value
Of hogs.
Potatoes-Dull: receipts. az cars,
total U. S. shipments. AZ: Wisconsin.
sacked. round whites, 1.90a2.00 cwt:
Wisconsin. frozen. 1.75a1.s5 cwt;
Wisconsin. bulk, round whites. 2.00a
J 2.10: Michigan. sacked, round whites
mostly 200 cwt; Minnesota, sacked
Red Rivers, some slightly frozen. 1.loa
100 cwt.
Rate Suddenly Rises.
In the afternoon the rate on tho
new money was suddenly raised. first
to s and then to 5k per cent. and
this advance was SO simultaneous
with the increase of the selling move
ment of the stock exchange that II
was hard to avoid the notion that the
two incidents were related.
sides the rise In money contributed
to the unsettlerlent in the late deal
! ings One of these was further weak
ness in the rrude rubber market In
London, which resulted in drop of
some cents a pound in rubber prices