The Washington herald., 1920-03-18
SHORTS MAKE
HEAVYDRIVES
Market Acts Well, How
ever, and Optimism
Prevails.
LIvERMoRE ACTIVE
Brokers Throw Large
Blocks on Market-Prac-
iically All Short Selling.
LIVERMORE ACTIVE

New York. March 17.-other than
periodical drives by the shorts. the
stock market was somewhat listless
today. News. both foreign and
domestic. was favorably received.
and although the larger short
sellers continued their attacks on
certain industrials, the feeling gen.
orally was still optimistically in
clined.
Gold movements and proposed new
taxation on corporation profits were
the main topics of discussion. How
ever, substantial interests seem of
4. the opinion that nothing of a detri-
mental character can possibly
emanate from Washington in the
matter of taxations for many months
at least. Pool interests, 1t is said.
are paying little or no attention to
the subject, but are mainly con-
cerned in the money situation.
AS has been predicted for several
days. money! displayed a decidedly
easier tone today, and substantial
funds were offered on call at per
cent. This is naturally cheering to
those controlling the many pools
now in operation, and Is taken as
an indication that the Federal Re-
serve Board has for the time being
checked its drastic methods of defia-
tion. Then again. Ii is pretty GER
tain that some gold has actually
been shipped from England. and this
cannot but be taken as a construc-
tive element.
Bank of England.
In banking circles there was dis
cussion of a possible increase in the
Bank Of England's minimum dis
count rate today which has been
steadily held at per cent for the
past several months. Last Thurs
day II displayed a proportion of re-
serves to liabilities of 21.60 per cent.
the highest for some time. II the
rate is not raised today ii should
have a favorable influence on the
stock market in that the large sup
ply of funds which has been re-
disposited should work toward an
easier money market.
Livermore Sells Heavily.
Brokers generally known to work
Tor Jesse Livermore were conspicu-
Gus on the selling side of the mar
ket today. They were heavy sellers
of Crucible. Baldwin and many
other Industrial issues. The Street
took this as an Indication that
+. Livermore had again taken the
short side. Reports were current to
the effect that the "Fair-haired
Boy" had disposed of his last block
of long stocks in yesterdays mar
ket and was following his system
by selling heavily for a turn.
Baldwin n Fayorite.
notwithstanding the heavy SELL
ing of Baldwin Locomotive today,
sdiscussion Of the stock ran along
sextremel " favorable lines. There
Sare those who believe that Baldwin
directors have plans under way
which will shortly mean much to
Baldwin's common shareholders.
. Talk Of "melon-cutting" was rife.
and reports of this character seem
to emanate from reliable sources.
Predictions are that Baldwin will
enjoy a much higher market value.
Vanadium's Initial Dividend.
Vanadium is another favorite
with those optimistically inclined.
The Street felt sure that the stock
would get it's initial dividend at
today's meeting, and as a result the
issue was one of the most active
on the list. When the official an
nouncement was made after the
close of the market that an initial
quarterly dividend of $3.50 per
share had been authorized, little
discussion resulted. Wall Stree:
taking it as something of a delayed
certainty.
Middle States Oil.
The same interests which picked
out Middle States Oil as their tar
get some weeks back were again
heavy sellers of the issue yesterday
and today. A close investigation of
the selling disclosed the fact that
practically the entire volume was
for short account. The Waldorf
crowd. so called, is credited with
being the main factor in both cam
paigns. Just what the outcome
will be is problematical, although
it can be said that Middle States
position is far from being weak.
1t is an interesting situation, and
one that should bear close scrutiny.