Evening star., 1922-01-05
INTEREST CENTERS
|NSTOCK GROUPS

NEW YORK, January 5.-Further
divergence of speculative sentiment
was shown by the conflicting move
ment of leading issues at the opening
of today's stock market. Passing of
the General Motors common dividend
caused that stock to react fraction
ally to SIS. new low record Other
motor shares and subsidiaries were
lower.
Sugars forfeited part of yesterdays
gains.e and equipments and foreign
oils eased. Baldwin and Mexican Pc
troleum reacting point United
Fruit. Union Bag. California Petro-
leum preferred and National Cloak
and Suit preferred represented the
constructive side of the market at
gains of ] to 2l2 points.
Preliminary quotations for the more
important foreign exchanges were
lower German marks showing special
heavineSs
Rallies and Reactions.
Alternate rallies and reactions oc-
Cured during the morning. Shorts
were prompted to cover on the con-
tinued ease of money. call loans open
Immediately to Az. Reports that
progress was being made in the pro-
posed merger of independent COM
panies were accompanied by gains of
] to 21a points in the steel group.
notably Lackawanna. Vanadium, Re
public and Gulf States.
Equipments. metals, tobacco and
utilities also rose / to points
Oils were disposed to strengthen. but
lost ground before noon, Mexican
Petroleum being subjected to pro-
nounced pressure.
Rails followed their recent apathetic
course, although coalers and grangers
developed firm tone.
Tame and Unimportnnt.
After the interesting happenings of
the two previous days, the various
price movements today were quite
tame and unimportant. The main in
cident was rather sharp decline in
sterling exchange, which, following a
week or more of narrow fluctuations,
attracted a good deal of attention.
There is always the suggestion that
something may be going on under the
surface of international politics
which the public does not know. Bat
there is no disposition to connect TO-
days decline in the exchanges with
any hidden. unfavOrable development
affecting the German reparations or
i
eral. Rather the explanation seemed
to lie in the falling off of gold inn
ports during the last month.
In November these imports reached
total Of $51, ,392. 900, which was an
increase of $12,000.000 over those of
October. But the December figures
are expected to show a considerable
recession again. and inasmuch as the
transfer of gold to this country has
been one of the principal factors in
stabilizing exchange rates it is not
surprising that even a partial with
drawal of this support should be re-
fected in the exchange movement.
Interest in the stock market CEN
tered upon the diverging operations in
various individual groups of stocks.
For time the sugars were very
strong and reached higher prices than
they have at all in the market Of the
last six months.
To what extent this rise is depend
ent upon the retreat of a short inter-
est is a question, but that it means a
definite turn In the sugar trade OUT
look cannot be doubted. The inde-
pendent steel shares were likewise
bid up on reports that the negotia-
tions looking to a merger are rapidly
nearing completion.
Sugars and Steels.
For while the strength in the
sugars and steels held the entire mar
ket up, but after the first hour or SO
prices began to slip. The more SEN
sitiye speculative issues, like Mexican
Petroleum, Baldwin Locomotive and