The Washington herald., 1921-11-13
MARKET RESUMES
WITH BRISK TRADE
And HIGHER PRICES
Industrial Strength
Marked With Rails Quiet
And Irregular.
OILS ARE LEADERS
Again Shares Days Features
With Equipments; German
Marks Drop.

NEW YORK. Nov. I2-After the
second interruption Of the week the
stock market resumed this morning
with business still on an active
basis and with prices generally
firm. Strength was marked over
the industrial list rails beiaE Quiet
and irregular. Oils and equipment
continued TO be features for
strength. but a number Of indus
trials touched new high prices for
the movement and many showed
advances amounting to substantial
fractions toward the close. wheat
also showed hrmness, May gaining
? as cents at sII2 is. cotton. how
ever. continued to sag. At 1884
cents the January delivery was of
81 points on the day. The foreign
exchanges were fairly active. with
sterling firm at $3.50 German
marks were ! point lower at ca
of a cent
Money Market Active.
Activity and strength that deyeI-
velop in the stock market on
the resumption Of business after
election day. were reflected in heav-
lily increased borrowing Of call
money on the floor of the Stock Ex-
change The turnover on wednes-
day amounted to fully Is OOO. 600
The entire supply that had been on
the board room floor at 6 l-2 per
cent was exhausted, and in the late
afternoon the rate moved up TO
per cent before brokers demands
were hlled. A different condition.
however. prevailed on Thursday
when there was an excessive SUP
ply again causing the call money
rate TO decline tn 5 per cent in the
afternoon. In these movements The
call money market followed its
habit OF inducing out Of town
money in considerable volume L.
come into the city in order to TAX
advantage of the higher rates
There was little business in tim,
money, although the rates wpr,
quoted lower. The loans made gen
orally were at S per cent on Iibertv
bonds, Ia per cent on industrial
stocks and IL per cent on bonds.
Those documents paid the highest
rate because their bulk makes them
inconVenient as collateral where
substantial amounts are placed
PetroIeun Issues
Advances in petroleum stocks
outside OF Mexican Petroleum.
which had been connected closely
in the public mind with the re-
ported excessive short account were
based on the continued advances In
] oil
II was stated. however. by one OF
those who had been active in
Standard Oil OF New Jersy on the
record breaking movement OF thai
stock when il rose 10 Joints ia
two days, that extrsvaCant est
mates must be made OF the profits
| OF the company as a result OF Dur
chases Of crude oil. and extremely
| low prices dating back 10 the be
( ginning OF the year and eNtendin.
10 as late as the beginning of Sep
TENDER. Issues OF new securities
by this company are said TO hat
/ been for the purpose OF PLACING
( proceeds in this accumulation o
/ cheap petroleum.
( Industrial issues demanded mos
attention in the trading in the mas.
few days OF the week, and many OF
those issues that had long been ia
& dormant state developed pro
nounced activity and strength. 4
number Of operators who had bee.
identified with concerted buying o.
| stocks like corn products devoted
their attention TO what they classed
as chain stores. and they expressed
the opinion that many Of these
| stocks will be prominent in com
/ ing market operations. One Of The
most active OF these operators was
an important factor in causing the
sharp advance in Jones Brothers
Tea and he was easily successful iu
inducing a considerable followin-
to trade in that and other Stock
. Of the same character. il was
stated by those who have bee
! identileo with recent operation
this stock that il has en-
from the condition Of field tCr
/ which was created by the r..
! congestion a year ago.