The Washington herald., 1920-01-24
Speculative
Comment
Taking the Joy out Of Life.

.s taG IVY O0t OI Alhes
With the announcement of the ad-
vance In the new discount rate to
per cent on commercial paper. the
bears took a new lease on life and
started to sell heavily at the open
ing Of yesterdays market. They
watched the markets action, which,
during the first fifteen or twenty
minutes of trading. caused them to
shout with glee. But just then
something happened. The market
started to harden, and, sell as they
might. all offerings were steadily
absorbed. Stocks generally refused
to sag. And the bear soon lost his
smile. Somebody is always taking
the Joy out of life"
CrucibIe Steel.
Last spring the so-called waldorf
crowd started to sell Crucible short
around 125. At $50 they thought II
was time to pyramid. They did.
Crucible insiders were kind enough
to throw out a hint that they could
possibly find a hole to jump through
at 200. But the shorts laughed.
They sold some more. Crucible
eased of to 140, 1876. and then to 126.
Still the bears sold. The $50 mark
was their target. Crucible. how
ever. failed to get below 126. Back
to $50 II shot. then to $50. The
bears really commenced to feel un-
easy. At ITO they were nervous, and
at $50 handkerchiefs were. working
overtime. Now" said the crucible
insiders. lis your last chance to
jump through that 200 hole" And
the bears jumped. So did Crucible.
1t jumped from $50 to 200, then back
to IFS. Most of the Waldorf boys
covered above 100. 1 merely men
ton this to show what is probably
happening in Crucible at the pres
ent time. The Waldorf firefighters
are again short of Crucible. They
have been short all the way down
from 225. The outcome should be
interesting.
The Motors.
The same crowd that started the
deluge in certain of the oil stocks
a few weeks back are now said
to be back of the drive on the motor
stocks. Most of the motor stocks
have been a stumbling block to the
bears in the past, and IL informa-
ton / am receiving can be relied on,
the bears are in for another shear
ing. Many of Wall Streets short
sellers look back some seven or eight
months ago, when General Motors
was selling around 80, with a
wrinkled brow. These were the fell
lows who sold at that figure. Cen
eral Motors looked good to them in
yesterdays market. However, SELL
ing short is a long road from cover
ing.
Pierce-Arrow.
There is reason to believe that the
Dupont-Durant interests have been
large buyers of Pierce Arrow of
late. 1t is not breaking confidence
to say that these interests want
Pierce Arrow. which will shortly, be
added to the General Motors family.
In fact l might add that PierrG- Arrow
is but one of many companies now
under scrutiny by the Dupont-Du-
rants. II present plans are carried
out many additional ''nonlimited'
producing automobile concerns will
come under control of General
Motors.
Railroads.
While both the bull and bear ele-
ments are waiting to take advantage
of anything that might happen In
the railroad situation. it is pretty
generally known that most of the
substantial rail issues are in strong
hands, which in turn would suggest
that favorable legislative action may
be expected. Our roads are in bad
shape. That goes without saying.
They are in such shape as to SEEM
ingly prohibit anything but favorable
legislation in the matter of financial
protection on their return to private
ownership. Favorable legislation
can only mean a favorable attitude
toward the rail stocks by the general
speculative and investing public.