The Washington herald., 1921-10-16
HEAVY SELLING |.
RAILROAD STOCK
FEATURES MARKET
Influences Entire Hst,
Causing Many Losses
In Industrials.
SHORTS ARE SELLERS
Center Attack on Nor.hern
Pacific and Great Northern
Driving Issue Down. j. s.
SHORTS ARE SELLERS

NEW YORK. Oct. Is.-Coptinued
heavy selling Of railroad stocks in
nueneed the entire list on the stock
exchange during the greater part Of
the first hour todsy, eau ing wide-
spread losses ranging up TO a point
or so In the more active industrtaIs.
Professional bearishness toward the
railroad stocks was created by the
published program OF the railway
executives for reducing Transporter
ton rates and wages. The shorts
centered their selling chiefly in
Northern Pacific and Great Horsn-
crn carrying the former down 2
points and the latter more than 2.
Pressure was lifted IN the 1se~ord
hour with the result that railroads..
other than the two specifically Mon
TONED, recovered sub tantIaIly III,
their early losses IndustrIals dfd
even better. fInishin~ the DIV In
small net gains. Oils ana Motors
were strong. SteeIs and MisceI,sbsl
Gus lndustrisls firm aaA Copbsrs
heavy. Two or three Issues. rnrru-
enced by special factors. declined TO
rs,si
Directors OF L s. Steel meet one
week from next Tuesday TO acton
the quarterly dividend m the rom
mon and preferred stocks ana az
the same time will present the
statement for the quarter ended Sen
TENDER 80. Recently there haS been
q good deal of discussion ss q what
the statement for the third quar-
ter OF the year will show. some %
those who have recently been AZ
gressive sellers OF the common
stock asserting that the earnfD q
for the quarter will not meet The
dividend requirements on the me-
ferred stock In the quarter ended
June 80 the earnin-s we-- g. r7s,-g
In excess OF the preferred dTyIdend
requirements The earnings Tor tbe
quarter. however. were on a decIJp-
ing scale. ranging from fT.a3s De
in April 10 ss.s2S.7I. in June. rs-
terests connected with other stoe,
inoustrials have recently oppressed
positive views that reductions IN
wages and Increases in output en-
many plants Indicate that the Sep
TENDER earnings Of United States
Steel should be on a rising scale.
Money. ...
Bankers who have been concerned
for many years in the p'acinC ~
surplus funds are adopting the view
that conditions in the money market
have essentially changed and that
there will no longer be the same
variation and alienation between
strength and weakness in the. cati
money market as there were in
other periods. Before new banking
arrangements that now ~reVail were
put into effect the Only employment
for surplus funds for banking IN
sututions and individuals was found
In the call money market. but the
business in Rcceptancas which nss
grown to huge volume now fur
nishes another field for the employ-
ment OF these funds ard IL was in
sisted by those referred TO that
when call money eases of 70 4 and
~ per cent that those IN control
OF idle funds turn their attention at
1ce to the acceptance market and
find employment for their money an
that way. There is a'Sn an ele-,o~t
that is disposed 70 turn TO United
states government short time obi
cations as a means for employing
surplus funds.