New-York tribune., 1920-03-21
In Wall Street
Running In the Shorts

After General Motors Wild fight
yesterday the Street heard lot OF
talk about certain bear operators who
had been badly punished, as the saying
Is, and who are willing to say quits
and settle privately. Such reports In
yariably follow spectacular up-surges
IN stock prices and a. often as not they
case Of General Motors, however, there
is probably. some truth in the story
that the shorts have been severely
squeezed. It is we'll known that the
bear party has been fighting the rise
in Motors oyer since the stock got
above 800. Yesterdays rampant mar
ket IN the Durant issue was enough to
tat bank rolls. On the February break
Motors fell from around $50 to 2251.
1t sold at $50 yesterday.
Shell Transport
Heaviness in Shell Transport and
Trading at time when the rest Of
the market was booming has been vari-
ously explained: For. instance. yester-
day It was intimated that the reason
to be found in the forced sale on this
side Of large block for London ac-
count. The more plausible explana-
tion, however, would seem to be that
this as we'll as other international
shares are under the influence Of the
developments in Germany which have
caused considerable depression in the
London market. London advices yes
terday said that Shell Transport re-
at 4,223,50 tons, compared with 4,000,-
600 tons in 1918.
Middle States Oil
Since the terrific slump in Middle
States Oil stock from Tx to 22N Of
few weeks ago all sorts Of rumors have
been af1oat regarding the management
Of the company. One rumor, to the
effect that Governor Haskell planned
to resign as head Of the company, has
been quite persistent. In fact, It has
been repeated so often as to bring out
yesterday an emphatic denial from the
connection It was stated "thRt the Sec
retary Of the company has already re-
ceivcd proxies from over 80 per cent Of
the stockholders for tho annual meet
ing next week, which shows their ap-
prevail Of the management" The same
notice said that profits Of the company
for the frst eighteen days Of the cur
rent month are greater than any month
in the history Of the corporation. Last
week Middle States advanced above 81,
but ran into heavy selling that broke it
under 30. Yesterday 1t closed at 31h.
Favor Stop Loss Orders
1--WE expect to see easier money for
some time," said Eastman. Dillon & Co.
provided Wall Street doesn't
try to stage runaway market, in
which case the brakes would probably
be applied by those in control Of money.
The bears have been we'll punished, and
for the moment are without ammunition
to start another campaign. AS long as
the skies are clear the market should
continue to do we'll, but It is already in
a vulnerable position, and we recon-
by stop loss orders. We believe specu-
lators should begin to take profits in
some Of the higher priced industrials
and switch into the high grade railroad
stocks"
Sweden's Gold Legislation
Advices from Sweden Indicated. that
a bill had been introduced in both
houses Of the nationa! legislature re-
to ne pay ai gold 0oA ON sWedsh lis 'pps papsr
currency. The passage Of the bill,
which is considered likely in banking
circles here, would mean the suspen-
sion Of specie payment Bankers re-
called that early in the war Sweden |
had discouraged gold imports, as it
wished to avoid imitation. However,
growing war business made expansion
necessary, and it has gone to such
relatively slim that the present emer-
gency legislation is deemed necessary.
Big Bank Deposits
According to the last official call Of
the Comptroller Of the Currency thir-
tysix national banks showed gross
deposits exceeding s5O,000,O0o. Only
two showed an increase in total de-
posits since the previous call, the Con-
and the Shawmut National, of Boston
The following table shows some OF
the leading banks with gross deposits
Of $50,0OO,000 on February 10, com
pared with December 81 last:
National City. $7oe, les, 900 $7e7, 155 900
Chase, N. y. 371,010,000 430,O21 900
Commerce, N.Y.34s,o14,ooo 4o3,14o,ooo
Chicago @ ~. sss, ,es5,ooo s8s,2o7 900
First, N. Y. ;. 2o7, $4,000 1881 900
An Opinion on Crucible
1t is the opinion Of Wrenn Bros. g.
Co., New York Stock Exchange mem
bcrs, that now that the good news is
put Crucible Steel looks more like a
sale than q purchase. "Even upon
the optimistic assumption that after
the 80 per cent increase in common
stock the shares will still continue
permanently to pay IL per cent divi-
dends it seems difAcvlt" "they say. or
impossible to estimate the value of |
q ch o%
What the company can earn in the |
future is Of course highly problemati-
cal, owing to the rapid changes in the
steel situation; but 1t would seem that
it ought to. be able to earn as much |
as it did before the war, plus a reason
able return Of about 10 per cent on
the earnings reinvested in the business
during the war. This would give the |
an estimated permanent |
earning power Of something like $8,- I
100000 per annum. 1t is difficult to !
see how the stock after this d;s+r;hu