The Washington herald., 1921-04-10
SHORT COVERING
OVER WEEK END
BRINGS FIRMNESS
Railroad Shares Excep-
ton, Closing with Frac-
tional Losses.
IN DEMAND
Reports of improvement in
Leather Business Strength
ems Central Stock.

NEW YORK, Aprii s.-HAsHeA
business was light stocks were
strong today because Of weekend
covering by professional shorts
who did not care to have commit
ments over Sunday. Railroad shares
however, were inclined TO be heavy
and closed with fractional losses.
Advances in the industrial DEPART
ment ranged from one TO two points
in the most active issues. The pro-
fessional character Of the market
Was shown by the fact that little or
no attention was paid 50 an ad-
vance in the number Of idle freight
cars and a decrease in the untitled
tonnage on the books Of the United
states Steel Corporation at the end
Of last month
Central Leather in Demand.
Central Leather was in good DC
mand throughout the session by
persons who believed that the re-
ports OF Improvement in the leather
business would actuate the direc-
tors of the company to maintain
the preferred dividend on the pre-
ferred stock when they meet in the
near future. The preferred stock
tent VI gAAF %AAAA -
second Of one per cent after the
close. Brokers explain that the
premium exists not so much ar
result Of a short interest as for the
reason that many out-of-town in
vestors. in selling their shares. do
not deliver the certificates on time.
This leaves the brokers technically
short Of the issue.
l. 80
branches in different parts Of the
country report an increased demand
for copper shares for investment.
Purchases are confined largely TO
odd lots. the buyers paying for is
sues with cash and requesting that
the stocks be registered in their
names.
Bu.IreSSe,rv.r Expected.
The inquiry Is attributed 10 a
circular issued by prominent
writer on economies who on Thur
day advised the purchase OF the
copper shares for a long pull"
Large copper producers say that
there has not been any improve
ment in the demand for the metal
the last week. The outlook is re-
Garded with apprehension. no i'm
provement being expected until
there is a reduction in prices an
nounced by the L. s. Steel Corpora
tion. This action is expected to
cause a revival in the building
business and a renewal OF pur-,
chases by the railroads
The statement issued by the At
lantic. Gulf & West Indies was con-
strued as bearish on the stock. but
it closed with a net gain Of more
than a point due to covering BY
professional shorts.
good demand was reported for
high grade bonds in small lot,.
Large distributors said there was
better inquiry for foreign govern
ment issues japanese IS were
urgently bought and touched a nov
high price for this movement Pur-
chases are declared 20 be for the
account OF the japanese govern
ment.
Chinese Railway" bonds wer.
also In better demand. With tho
exception Of an industrial issue Of
Slo.ooo.o0o no important financing
is expected to be announced This
week. The Goodyear Tire & Rubhsr
Company readjustment plan Is cX-
pected to he declared operative rrx,
week, but IL is uncertain whcfr. ?
any new financing will be an
nounced at this time in connecf'0n
with the plan. The financial uoS.-
tion OF this company has materials
improved and bankers close 10 the
concern state that all danger uf
reeeivership has been eliminated.