The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-06
IRREGULAR PRICES.
SLIGHTLY CHANGEp.
RULE QUIET MAXI
Steels Remain Heavy,
With Domestic Oils
In Profit Taking.er
STERLING STRONG
fHG:
German Mark Declines 10
New Low at 0.4O Of Cent?
Market Gossip.
STERLING STRONG

NEW YORK. Nov. 5.-The stock
market WIS quiet this morning with
prices irregular and little changed. !.
Steel shares were heavy. SHd do
nestle oils showed further signs y.
profit taking. Taking the list az a.
whole, however, changes OF a point
in either direction were infrequent
The appearance was consistent with
the weekend. and the approach of
the Tuesday holiday. Sterling and
most OF the continental exchanges
were firm, the former commanding
$5.sl. but German marks declined, b
to another new low price Of o.
Of a cent -a
Call Money. -sn ..-azi
Developments in the financial SIT.
uation made the call money market
in the past week one Of the mo.
active that has been noted in a Long
period. The turnover in the shan
Of money accommodation placed
the floor Of the stock exchange on
Monday amounts TO over So. O0O. og0
and on that day the rate ntosed up
from to per cent, apparently
indicating contraction OF loans SUP
posed 10 be in connection with the r
interest payments. and on Tue$davr
ana the meeting OF the United King .
dom 5-year 5iz per Get notes sti,r
outstanding that he had matured
on that day. On various DAYS rs'r
in the week the loans placed rpzrnet1
around fl5.oOO.ooo. which conpn rcs
with loans OF only $4,000. 900 daily
average for long time past The
lowest rate for call money during
the past week was ~ per cent. Al
though some loans were made OUT
side OF the exchange as low az a
per cent In connection with the
recent borrowing Of money OUTSIDE
the exchange IL was stated thar On
some days the loans made direct 3,
the banks 20 brokers were in eN-
cess Of the loans made on the noor
Of the exchange.
Mex Pete Operations
II was a matter Of general under =
standing in the Wall Street district
that nearly all the operation In MEx-
lean Petroleum during the week
were closely connected with recent
transactions for short account and
that the upward movement which
carried the stock to above Jos YES
day was largely due TO covering Of
shorts put out after the close On
last Saturday, chiefly on the declines
on Monday and Tuesday when the
stock declined as low as ss%. As
late as Thursday the stock con
tinued in urgent demand in the loan
crowd on one day lending at a small
premium with the bulk Of the hor-
rowing on that and the preceding
days OF the week were estimated -
about $4,000 shares. This IN itSe--
should not indicate an excessive
snort account. but IL was q matter
OF general understanding that there
is very little so-called free stock .r
this company, nearly all the shares
outside Of the holdings Of Pan
American being issued 70 be I'm TIE
hands Of interests affiliated with the
MANAGEMENT
Wall Streets attention was a-afn
attracted to the foreign exchange
situation by the heavy offerings 81
German exchange, which resulted in
further unsettlement Of the mar
ket for exchange on Berlin. marks
selling yesterday az a new low ~
0.f2k OF cent Austrian eNChaa.-r
also dropped to a new low. crown
checks on Vienna yielding % oOSr..
The popular idea was that tho
heavy offering in marks came rro-l
the German government and wa
connected with arrangements f,r
providing funds to meet the ra,-
ment due on account Of reparaticnv
next month. Sterling. French and
italian exchange moved in an ur-
DERBY manner during the week, hold
ing generally firm with sterling not
far away from the hich Ievcl
reached in the preceding week.