Evening star., 1921-11-05
TRADERSEVENUP
FOR THE WEEKEND
Wall Street Market Spotty.
Preferred Shares of Indus
trials Are Favored.
BY STUART r. WEST.

NEW YORK, November 5:-Another
new low record in German marks and
further heavy buying Of investment
bonds were the two main incident.
in the financial situation today. Un-
der selling. which suggested that the
German government was accumulat'
ing other foreign currenoies again
the mark broke to .041. this decline
all occurring before tho beginning OF
business in New York.
Liberty bonds were again the leaders
In the extraordinary investment
movement. Some of them were up Il
points-that is $1.26 in the 800
from Thursdays close.
It was an uneventful day on the
stock exchange. Prices went or ir
recent favorites, but the selling repre-.
sented nothing more than the clear
Ing up Of professional contracts ovel
tho week end.
This selling ceased in the later trad.
ing. and the market hardened under
the lead Of a few specialties.
apparently because of the heavy Gu,
in tinplate prices announced by the
Steel Corporation.
While most Of the oil shares felt
the effect Of profit-taking. the Stand.
ard Oils were an exception:
Both Standard Oil Of California. and
Standard Oil Of Indiana. which have
been moving in unison all along
made new highs.
Strenth in Industrial preferred
shares was again a feature. rejecting
the overflow of investment buying
from the bond market.
Stocks Ifko Annoriran ron ppo1
Smelling preferred. Paper preferred and
General Motors per cent debentures
reached the best prices they have sold
at in a long time.
Market Dull.
In highly professional market like
the present a Saturday Is almost al
ways given over to the cleaning up OF
open trades. The incentive to do this
was greater than usual today, because
of next weeks holidays. First: there
is the Tuesday election. and then
there is next Friday. Armistice day
which in all probability will be voted
a stock exchange holiday. Inasmuch
as the speculative house cleaning in
wolves more selling out of long spots
than 1t did short covering, prices were
inclined to sag.
stocks which had been the leaders on
the bull side, like the oils, equip
ments and steels.
There was some further selling OF
Pacific Oil. because Of the unfavor-
able comparison between the third
quarter earnings and those of the
previous quarters. But this was
hardly a good reason, inasmuch as
the principal part OF the recovery in
to affect the oils.
Harvester Weak.
A sharp break in Harvester stock
Followed reports from Chicago that
the company was about to make an
other 20 per cent cut in prices. This
II true, would mean a total reduction
the first of the year of As per cent
Harvester. like the stock of all other
companies-Sears-Rebuck. Montgom.
cry Ward and the fertilizer shares
which depend upon farmer patron.
the smash in wheat prices below the
dollar mark.
Fisher Body Preferred.
The situation as regards Fisher
Body of Ohio preferred stock is one
that has escaped the rank and Ale
OF traders: There are $14 in divi.
dends on Fisher Body of Ohio pre.
ferred which must be paid before
July l. 1922. These dividends are
guaranteed by, the Fisher Body Cor.
poration, General Motors sub.
sidary. The guarante as to dividends
was made to carry over the compan,
during the time it was building a new
plant in Cleveland to take care OF
General Motors business and what.
ever other orders came its way. This
plant was completed only a short time
ago. and already Is working at ca.
pacity, turning out bodies for Genera
Motors and Chandler.