The Washington herald., 1920-04-16
BANKS CHECK
UPWARDSWING
High Money and Heavy
Calling of Loans Bring
temporary Halt.
new RECORDS SCORED
vanadium and Rcploele
Steel Advance TO 2esord-
Breaking Figures.
NEW RECORDS SCORED

New York. April I6.-soms acs.en
was taken By the isank:ng element
to check the continued Initiation Of
'sfsck values when call money was
tcuposnrflS advanced TO l5 per cent
during trosys stock snarks, ,.s-
stvu-
Calling o: loans during the MORN
jog was larger Than for noue TINA
rAse. and this II another indies. lion
hat tse hanks havp faa;ly cun,o ,o
the cooc,usIvn tAai something must
be done tC put a step to the inme-
dta1s issl wfld speculative aouvI-
tea
However. Irrespective OF tigat
raen.y. many Issues were ruin into
ne~ high i:roun6. and go. Cd with
envyinous net rains over yesterday.
The Rsoiog;s stocsA s3-Called. were
the ;sadcsa both Nssadium ana
RepfcRfe steel soarfEg to new high
record IisLfea
yanadiutn.
In the case Of Vanadium, Il caz
be said with some degrees Of accT.-
rac- tSSt the value bedial ii,s Is
sue. together With <cturs develop
mea:A. warrant present, it not high
er. market quotations. Estimates
place praSert earnings running 1T a
-ass some 800 per cent ahead CO last
years income. and the fact that the
company IL just getting into ;ts
normal Productive stride can only
raea: that :anadiun's future is tx
sre:nS;y Srlghi. Buying or .he stoci;
today wa3 OF the bes,, although
coRiinrcl heavy prci operations
/ ~ 60
III .dvanCe.
The Sugars.
Wall Street IS 0v.r;ioving with
tips on the Sugar stocks. The
fact that raw. AZ well IS refined.
Suyar qTo:atious are expected 10
shortly iISe = flight TO the clouds,
Is giysn az = .sood reason TO anCici-
pate iucreSssd "a'Scs in the stock
market.
However, IL the action of -AIlCr-
Scan Sugar Refining stoci today car
be taken as n criterion of what the
sugars viii do. it might he we'll To
hold off commitments for the time
being a. least. This issue dropped
|eisht points without the sl:shtes.
|eHort
Time to Play Safe.
Conservative financial interests
|hav. been advising caution IN
|spesuiativs commitments for some
days past. However, the stock
market continued its upward swing.
|The time has evidently come, how
ever. when the proper play would
seem 70 be the safe Play. The
money situation is extremely un-
favorable and thore Is reason to
hak eli
list for some little time. The banks
|are not overfiowing with ready
leash and record-breaSing new
financing by the railroads and in
|dustrial corporations can only mean
Ia further strain on these institu-
|tions.
Heavy short Selling.
Although the market has not dis
played any sembisEce OF heavy
selling Of securities. it can be said
|that those interests who generally
|take the short side ot the market
tsere heavy sellers yesterday aud
tocsS. One large trader Is under
x.aod TO have already committed
Issmself to slose TO 100000 shares
bud will continSe to sell every time
he market shows strength.
American Tobacco Securities.
So far American Tobacco securl-
HES have been a keen disappoint-
tnens TO the crowd which has been
foliowing this issue. II was felt
fhat a sharp advance would nat
urzliy come after the stock divi-
bend declaration by the American
Tobacco Company. The fact that
american Tobacco Securities is to
be dissolved, however, did not have
b favorable effect, and traders took
hdvartase Of the situation with
rcpseoasnt result that distinct
weakness baS becn shown.