The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-23
MIXED ELEMENTS
GIVES N. Y. STOCKS
ERRATIC SESSION
Short Covering, Bullish
Tones, Profit Taking and
Short SalesFactors.
NEW HIGH FOR YEAR
Missouri Pacific Reaches 45la.
NJ, X. G. t. Securities Make
Small Gains.

NEW YORK. Nov. 22-An odd
mixture OF mild short covering in
some specialties. continued bulliEh
activity in other quarters, profit
taking and short selling in stiil
others gave the stock market a
highly irregular appearance today.
In the main body OF the market
the pressure OF selling was slightly
in excess of the demand with the
usual result. The air n uncer-
tainty was thickened rather than
cleared by advances OF ! TO points
in a dozen favored issues. and de-
clines equally marked in a CORE
spending number Of other stocks.
The notable weak spots were Bald
win, United Retail Stores Crucible
and Mexican Petroleum.
M. P.- Makes Years High.
One OF the few stocks which made
new high records for the year IN
today's trading was Missouri Pacinr
preferred. The motive underlying
the buying in this stock is not "A
new one. In midsummer the stock
first began TO attract favorable at
tention on a rumoT TO the effect
that there was chance Of the
company putting the preferred on a
per cent basis and eventually
paying up the dividends accrufrg
since the middle Of 1915. when IN.
rate became cumulative. No official
word has been spoken on this sub
/ ject. but those who have bought IN.
stock have been encouraged ty N.
Improvement in the roads earnings
during the past four or FIVE months.
The stock sold Up 70 45lz today.
I n 4
Of last week, and with 5Sfe last
spring.
VI. X. and T. stock.
The Missouri. Kansas and Texas
Railway reorganization plan. as an
nounced officially this morning.
conformed 70 the expectations
aroused by yesterdays forecasts.
Yet il WAS cons dered TO have
/ enough additional favorable f,a-
lures 10 Justify a slightly higlrr
level for the stock. The common
sold W . point To "a and tho
preferred up J. point to 5. The
: ''reor- auizstiou stock" was tradtI
on the curb exchange. The com
mon. on which $40 share i to De
paid as a GIst installmeut on. de-
post 0f the stock. sold al II and
then down to l0i,. The preferred
"u which an initial payment Of s. IS
&" be made by holders sold at hics
as - in the early trading and then
declined TO -2i. on tho curb eN-
change also the new reorganization
bonds found market The a.. due
In 1851. sold from s. up 10 s.; ihe
adjustment s. sold from 40 t. g.
and then down 10 a. the SIS. due
IN 1901. sold from = gD To- -. am
the SIS. due in 1884. sold from go
up Go ~
When announcement was made
yesterday that on next Tuesday a
dividend OF SO a shan, would Boz
distributed to LehiEh and Wilkes
Barre Coal Company Storkh0Idars
OF record November p. the street
was busy figuring NJ the profits
that would accrue to Burns Broth
,rs As 4 result OF the latter COM
pany's purchase Of LehiCh STOCK.
TN" days previously il was am
uouncad that the IsgTSS shares OF
LohiEh stock held by the Jer-,y
Genital Railroad in the coal chm-
pany had been sold in accordance
with the reading segregation do
rlsion and that Burns BROTHERS had
q fourth interest in the sydnicat-
which bought the stock. It. was.
therefore, hEured that Burns Broth
ers were due 10 profit in the sum
Of approximately Sl.4TO. 900 How
'ver l. was pointed out TO-DAY that
under an arrangement prior to the
sale the dividend would b, paid 10
the Jersey Central Railroad.
Increased demand for lnvincfhIe
oil followed the report that the
company had just brought IN two
new wells, with a combined capital
OF around 5000 barrels daily. An
nouncement WAS also made IA
morning by the syndicate hand suE
the com0anN's new stock issue ~
$4,000 shares that the entire Iur
had been disposed OF. The company
was obliged to issue this new stock
To liquidate bank loans and TO pro-
vide working capital for its opcr-
."t'ons. The stock moved up 10 I.Is
IN : morning, as compared with
Yesterdays closing price Of II. and
then sold of fractioualIy.