The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-10-20
ERRATIC TRADINCiAi
RULES AS STRIKE !
NEWS GROWS Dim
Tire atened Walkodt'
Loses Force as ImporCi
tant Market Factor.
BEARS SEEK COVER,
Republic, on Quarterly ResH
port, Leads Decline in Steeis.
Rails Remain Firm.

NE" TURK OCT ls.-lrreEufar-
ity prevailed among the financial
markets today. The threatened
strike appeared to have lost its .
force a. q market factor and the
days movements were governed
principally by technical conditions.
Bear operators showed q tendency 81
TO cover in the early trading. but
the eject Of such operations Was j
temporary and irregularity followed.
In the stock market pronounced
weakness in stsels shares, led by
Republic. whose third quarterly
statement was due later In the day.
led the decline. A few specialties
also were subjected p short pres
sure. Rails, on the other hand.
were firm throughout. and certain
industrials, such as American Sugar
and Pullman Company, made decided
AZ per cent and was lowered 10
4 per cent early in the second hour. ri
OIL Stocks In Demand.
The result Of active buying in
oil stocks During the first two
hours Of trading alone was TO bring
majority of the active issues
back close TO the high prices pre-
vailing at the close OF last week.
Apart from the prediction Of an
other advance in crude oil prices,
the Only Influencing factor was the
Bureau OF Mines report on gasoline
consumption during August. A new
record was established in the con-
sumption Of ll.sso.Oo0 barrels. s.
$50, 900 barrels of which were taken
from surplus. Royal Dutch was :
firm on cable Dispatches from Ions
don, telling OF a rally on the ces-S
sation Of selling from Amsterdam
following the recovery in German
marks.
The kind Of stock market trad
ing that has been going on this
week does not require any great
amount Of new moneS and. under
the circumstances a more plentiful
supply Of call money is chiefly graft
flying to the speculative community
when IL Is reflected in a lower rate
for carrying over the bulk OF loans
from day TO day. For this reason
the renewal rate Of az per cent
I today had a real meaning. The
carry-over rate has been working
progressively lower for four days.
On Friday OF last week Il was
per cent, on Monday. 81; Tuesday.
S, and today AZ. This latest eas-
ing OF call money has found refIec-
ton in the market for time money
where brokers have lowered their
bid rate to 81 and 5k per cent
For want of a better explanation
for any sharp decline in Pullman
stock the Street always manages
to bring out a story about selling
/ for the account OF a big estate in
the Middle West. On this occasion
the story came out according to
schedule and seemed TO be supported
| by the weakness in International
/ Harvester and Sears. Roebuck and
| Company stocks. both Of which are
also reputed TO be among the large
| holders Of the estate. But the fact
could not be ignored that the heavy
selling Of Pullman yesterday re-
suited in the stock loanTng az ffRt.a
indicating that short selling played
big part in the decline. In less
than an hour after noon the stock
was selling at 90. which was a
half point above the level from
which III stock started its decline
yesterday.
| Whether or not any one in wall
Street had advance knowledge OF
the statement made by President
Babst. Of the American Sugar Re-
fning Company a few minutes be-
fore the close OF the market today.
observers ascribed the big recovery
in the preferred stock to buying
Of long stock rather than the COW
ering Of shorts. President BSbst
announced that the preferred divi-
dend would be declared as usual
when the directors meet for action.
has adonfoN Tha q