Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-01-09
HEAV|NESS MARKS
TRADING IN STOCKS

W
opening of today's session. senti-
mental factor probably being the
further pronounced recovery of Brit
ish and other allied foreign exchange.
Coppers. sugars and tobacco gained
1 to points. Within the first half
hour. however. selling of oils and rails
was actively resumed.
Chicago and Northwestern. one Of
last weeks heaviest features. de-
clined 1N points to Il new low record
for the current movement. and Della
ware and Hudson and Mexican and
Pan American Petroleum became re-
dictionary.
Union Pacific. American Can and
Cast Iron Pipe preferred also were
under pressure.
Liquidation in Oils.
ignoring the per cent opening
rate for call money, stocks developed
a heavier tone in the first half of the
session Another cut in Pennsylvania
oil prices provoked further liquida-
ton throughout that group.
Associated Oil. California Petroleum,
Standard Oil of New Jersey and Hous-
ton Middle States and General AS
phalt common and preferred lost l
to pa points. Representative indus
trials also were lower.
Crucible, Harvester. American ana
Baldwin Locomotive and Railway Steel
spring falling l to u. Chicago and
Northwestern continued to weaken,
and Erie common and first preferred
were heavily sold. Mercantile Marine
preferred was the one strong feature
rising 1%.
Shipping and inactive specialtlcs
added to their gains a. midday. as
did also several of the junior rails
such as St. Louis and San Francisco.
Toledo, st. Louis and Western pre-
ferred and Lake Erie and western
preferred Weakness was shown by
Virginia Iron. Coal and Coke. Mon
tana Power and the cheaper oils.
Little Interest Manifested.
Whatever interest there was in to-
days happenings certainly did not
lie in the movement on the stock
exchange. Outside of a half dozen or
SO stocks, some of which were weak
and others strong, the market, during
the greater part of the time. was
virtually dead. with little drift one
way or the other.
The only reflection of the big world
events of the last few days was found
ling, francs and marks all went up
sharply and got very close to their
top levels of month ago. Probably
this was response to the ratlnca
ton of the Irish peace treaty, partly
to the summoning of the economic
conference at Genoa. but more largely
to the latest developments at cannes
which seemed to point more 10
modification of German reparations.
International money markets were
undoubtedly impressed by the view
taken in the over-Sunday press dis
patches that England is not only
bending her energies to the restora-
ton of the German market, but tfat
England and Germany Will work to-
eether at Genoa to bring back the
great Russian ma"kez
New High for Libertys.
Apart from the simultaneous rise
in sterling and continental rates,
which. by some observers. was taken
to mean the start of another forward
movement. there was very little of
consequence in the incidents of the
day.
Call money renewed at per cent,
but the bulk of the new business was
done at 81 per cent. This had its
effect on the bond market, where
there was a further gain in Thirty
bonds. with the 3ks at new high
for the season. Foreign government
bonds were scarcely affected by the
causes which were putting up ex-
change rates. In the market for cor
porate bonds the industrials were
The narrow and listless stock trad
ing indicated the prevailing uncer-
tainty regarding the immediate posi-
ton. both inside and outside of the
market. A like difference of opinion
was set forth in the equally incon-
elusive movement, both in cotton and
in grain. Pennsylvania crude oil
prices we're cut again for the second
time in less than a week. The 75-cent
reduction wipes out nearly a half
Of last autumn's entire advance.
Still there was no undue weakness
in the oil shares
Weakness in Fries. =
Heavy selling in all three classes of
Erie stocks carried them down to new
low record figures. 1t cannot be sup
posed that this was any bear cam
paign. The decline has been going
on steadily for some time, and it has
been perfectly obvious that the I'M
usually large volume of trading at
tending the movement has repre-
sented real liquidation. What could
be the motive for throwing over Erie
stocks at this very low level? The
trouble does not lie with current
earnings. For the year ending De-
cember 81, 1t is true, only IS per
cent of fixed charges were covered.
But at the present rate all interest
and other charges will have been
earned during the twelve months end
ing June 80, 1922.
The critical problem is the $15.000,-
900 issue of three-year notes which
mature the LIST of next April. ma the