Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-01-12
BEARS HAVE BAD SESSION
. IN WALL Street MARKET
Call for Deliveries by CrucibIc Steel
Pool Cause Rush 20 Cover
In by Shorts.
CALL MONEY LOWER, ALSO
Helps General Boost Of Stocks-In-
tcrnational Mercantile Marine
Leads Upward Movement to Dis
c0mfiturc of Professionals.
CALL MONEY LOWER, ALSO
ny nnuAnAN WALL.

NEW YORK. Jan. 1.-THE bear
G,1yht!nScnt had bad session today.
~ the fact That call money was as
.,ow as l-2 per cent outside OF tho
Ne" York stock Exchange.
New high prices TOR ting movement
were made throughout the session.
inc gains ranging frcm one to more
IMAM nine points. the maximum adj
vance being in Crucibic Steel ship
plhS shatcS were III greater demand
ana made substantial gains under
leadership Of international! Mcrcan-
til" Marine.
General Asphal, aleo made 81 ncw
!"p Tor the movement. The rise IA
the general list was accomplished al
most entirely at the expense Of tHc
snort interest. which is SIN large as
may be Cleaned from tile demand in
'hc loan crowd. where several Stoke
were loaned al premiums.
:. Steel Pool Calls Deliveries.
Members IN the Cruc!blc Steel pool
aee!dcd that today would he an OPP
IOrtnu" time for the enforcement of
deliveries OF stock which they had
h'"u lending to tho shorts. To cX-
hrhlic the delivery OF tn" shares they
raised tho premium t. borrowers OF
IA" stock 10 l per cent which means
ttat - person borrowing thc shares
!.dn 70 pay Il premium OF 81 Il share
per day.
quito number Of houses Informed
mo shorts that they wanted their
stock back. Many Of the shorts could
not answer the call. SC that the stock
wa6 bought In for cash. a substan-
W.! amount of stock was bought in
on the ticker tape AT p!ice ono point
above the price paid Tor shares TO
be delivered IN the regular way.
ih' compulsory buying. tcgciher
with tho Wild rush Tor cover, caused
'isc tn tn" stock TO lq7 l2. or ~ -
pOints abov. the recent low price.
Most %; the urgent covering occurred
before tnc close. In the last half
] I -
points from the best feurc. leaving
tho net gain for the day at 3l-2
points.
Shipping Shnrrx Bcttrr.
Shares pf shipping companies were
ia better demand. because OF the
strength OF til" foreign exchange
murhei The higher "&chanEc on Eu-
r"peau c"untrics e""". the more
chance there Is OF the foreigners IN
rreasint their purchases q Amcri-
Of toe largest banks have been pur-
chasing II and d"pos!,inS Win Lon
don hanks IN anticipation OF con-
Another factor making for strength
la et"rl!nr s. that IA" hrst OF The year
passed without any important fail-
camille Marine, preferred, led the
shipping shares and NJ one time SHOW
al gain % NOR" thRn i've points.
American International rose more
Atlantic. Gun ana West Indies was
heavy early In the day. hut recovered
- loss and four points. additional.
Financing proposed hy the company
ig now rsrortrd 90 h- tli 600 c00
\ BIG short Interest ~ declared To
exist IA General Electric. largely be-
cause of the ceiling Of the stock by
Important people following the an
uouuc-wrni ~ the new stock offer
ing hY the ccmDany. The rcli"rs had
etork nHcE through N" purchase of
rights" hut the Owners OF tho
rights" have evidenced an indisposi +
''tion 10 part Win them. and This is
-'cGprct"i to force IL" sellers Of the
stock into the open market fer tho
shares. @
y substantial. shor, interest IS also
reported 10 exist In american sugar