The Washington herald., 1922-01-29
STOCK EXCHANGE
SUFFERS FROM
MARKED DULL&SS
Market Throws on Re
cent Unsettled Price
Influences.
CHANGES N ARROW
Advancing Industrial Special
ties Gain in Volume Over
Previous Trade.
CHANGES NARROW

NEW YORK, Jan. 2s.-The best
that can be said Of todsy's- market
is that IL was free from the kind OF
selling that unsettled prices earlier
in the week. Trading was extreme
~ dull and in marked contract with
the activity Of last Saturday On
the whole prices were well sus-
tained throughout the list with
narrow fluctuations fracttonally
above the Friday closin glcveis Al
the same time the number Of In
dustrial specialties that showed
tendency TO move forward out OF
pace with the market was larger
than in yesterdays trading. Apathy
was most pronounced in the rail-
road group, many of the custofnariiy
active issues remaining dormant
until late in the session.
In the dull season for general
business reports OF financial Diff
ficulties and political unsettlements
naturally receive more attention
than when trade e. actively under
way. Such a generalization appears
TO cover the present situation Mid
winter Quietness is upon us. In
addition, the embarrassmentE re-
sulting from last years business
are still coming to light. An open
season for political msneuveE. fur
thermore. appears 10 be on all over
the world. Under these cIrcum-
stances the markets naturally back
and MI, and are sensitive 10 this
or that rumor OF the day.
|. Certain real difficulties, Of course,
vi
ton, for example. brought out no
small volume OF Liquidation and
prices suffered accordingly. Behind
this weakness lies the less favor
able situation in the British tex
tile trade. Hopes Of an improve
ment in Europe based on the Genoa
conference have been largely
washed away. while political dis
turbances in India and Egypt. two
Of the best markets for English
cotton cloth. have played their part
in depressing sentiment. As n re-
suit cotton prices have fallen ana
spinners who bought their raw ma
terisl at 81 or % cents on last
falls rally face the likelihood ~
discouraging losses
A somewhat similar condition eN-
lists In our own textile trade Here.
too. certain manufacturers are con-
fronted with stocks Of hich-priced
raw material and a severely com
petitive market for their manu-
featured products The corsition,
not unnaturally. is most pronounced
in the tire fabric branch sf tIt
trade and the situation in New Eng
land where manufacturers have
posted notes Of 20 per cent cut
in wages. The employees hare pro-
tested and trial Of Strenzth.ts in
prospect. Talk is heard. meanwhile
Of the possibility OF the reduction
spreading 70 other neiEhborfuE in
dustries. This possibility in turn
reacts on the price Of raw cotton.
Certain other commodities such
as rubber. which recently declined
approximately IS per ceEt in price.
reflect redundant situations or over
done speculations. other industries
such as coal mining and railroad
transportation furnish possibilities
for additional struggles over
wages. On the other hand, how
ever. commodities. such as sugar
have been enjoying helpful 70
coveries. Instances are not lack
ing. furthermore, Of q more reason
able attitude on the part Of tabor
as witnesses the willingness ~
Scottish railway employees 70 work
/ longer hours. The situation in
other words. is irregular and incon-
elusive. When the impetus ~
spring trade comes. many OF these
I difficulties will disappear.