The Washington herald., 1921-12-22
PROFIT TAKING AND
SHORT SALES RULE
EXCHANGE SESSION
. frfs
Oils Weak in Relatively
Smaller Volume of ''''
Trading.
LOSE 1 TO 2 POINTS
Rails Continue FraetionaIly
Lower; Early Selling Press
ure FaiB TO Last.
LOSE 1 TO 2 POINTS

NEW YORK. Dec. 2i.-Proft tax
ing and short selling made them
selves apparent on the Stock Ex-
change today. although the volume
Of trading was stiil relatively small.
Weakness In the oil stocks was ap-
parent from the start but toward
the close losses OF from one to two
points were numerous throughout
the oil list Rails were fraction
ally lower. Bonds were Irregular.
with somewhat heavy undertope.
Gail money opened at per cent
and was reduced to th per cent
at noon,
Average opisiss U.inpsired-
Although the market displayed
heaviness today The selling pres
sure did not last long enough TO
impair the average opinion that
stocks viii probably be carried over
into the New Year with prices lit
tie changed from the current level.
TheN street can see no immediate
buying or selling motive when "a
views the market az a whole In
other words. the market lie be-
tween hay and grass" 30 90 sneak. {.
Brokers who have made a study Of
the source Of buying in the recent
rising movement believe that the
reinvestment demand which con-
tributed largely TO the January and
February recovery in stocks last
year have been largely discounted
on this occasion.
Sugar at New Low.
The decline in refined sugar to
new low price. with record Of
cents q pound. intensified the feel "
ing Of uneasiness over the situation
in this industry. Sugar lie recoC-
nized as the only consplcuously sore
spot and the general feeling Is
that. although other lines can inn
prove in the face OF Unprohtsbi.
operation in the production end o.
the sugar Industry. the possibility
OF further denztion in sugar can
mot but exert some restraining in
huence. wall Street believes that
the best thing that can happen In
the Cuban sugar situation is the
dismissal of the sugar commission.
The Street holds that the fear of
possible consequences from the re-
sumption Of a free market has been
more damaging than the actual Gre
ation OF a free market would be
The Street will breathe more freely
also when the financial problems OF"
the larger sugar concerns have
been solved.
A continuation of the normal sea
sonai slsckenint Is apparent in the
steel industry. Buyers are still
holding back pending the passing
Of the old year. and mill operations
approximate Is per cent Of capacity
for the Steel Corporation and -
per cent for the independents Pre-
ducers are not disturbed over the
relatively small let-down. however.
since they realize that stocks in
consumers hands are scanty. They
expect renewed buying early in the
New Year.
with regard TO the different
branches OF the industry. the Iron
Age reports that the railrosds are
buying cautiously. but that orders
for building materials continue TO
come in encouraging quantity TAX
en- altogether. this persistent in
crease in building construction is
one OF the more encouraging fes-
lures OF the present situation. IL
the volume OF this activity contin-
ues to hold up well during the win
ter and then increases substantially
in the spring. the country's general
business will receive a powerful
stimulus.