The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
PRICES IRREGULAR
WITH HEAVY TONE /
NEESSENED TRADE
Short Selling Strong in
Afternoon-Esrly
Prices Best.
RAILS UNCHANGED
Enjoy Short Burst Of Firm
ness-Call Money Is Again
Lowered to 4 Per Cent.
RAILS UNCHANGED

NEW YORK. Nov. I5y~-Trading In
stocks was less active than on yes
terday an6 prices showed much ir-
regularity. with a tendency toward
heaviness. Early prices were the
best, short selling gathering
strength I'm the afternoon Rails had
a temporary burst of hrmness in
the morning. but were little
changed at the close. The indus
trial list meanwhile presented a
ragged appearance. with oil stocks
the feature for weakness. Bonds
also showed a tendency 70 sag. but
the heavy oversubscription Of the
New York Telephone Company $780,
100000 offering OF per cent bonds
testified to a great latent supply
Of investment funds Call money
opened at per cent, was reduced
hour and was lowered to q per cent
soon after.
Coal Rails Active.
A general buying movement in
the coal railroads began 70 attract
attention in the second hour today.
Delaware. Lackawanna and West
ern led the way with a net gain OF
almost 4 points, TO liz. q price 10
points above the low OF August Is.
Central of New Jersey. Reading,
and Lehigh Valley follow ed Lscka-
wanna in the order mentioned. and
strength Of the group spread to
Pittsburgh Coal The reason for
this immediate movement remained
obscure. Many market observers
are anticipating greater benefits
from the operation Of the anthra-
a nj
agement after the Lehigh Valley
and Reading segregations have been
carried out. The bull point, as they
see it. is freedom from govern
mental regulation
Easier call money rates today
were foreshadowed by the fact that
in the last hour yesterday, when
the official rate stood at 4 per cent,
some loans were negotiated pri-
vately at az per cent Today
loans were renewed at S per cent.
and the rate for new money soon
after dropped 10 IA and then 4 per
cent by noon This tendency toward
easy money continued despite tie
fact that the banks of this district
were called upon for $1,000. 900 OF
their government deposits today,
and the additional fact that the
Treasury has a $4,000. 900 bond and
note interest obligation to meet this
week.
short Interest Built U.
The consensus among brokers
| before the market opened this
morning was that a large short in
terest had been built up during YES
terday's decline. Profit taking. OF
course. had played a material part
in the decline Of most stocks, but
| in the case of steel shares the new
support was reported to be espe-
cially large. The selling in that
group was believed TO be for the
long pull" rather than for quick
profits. Late in the summer there
was a great deal OF this long pulI-
short selling. on the theory that n
history repeated itself the steel
stocks would not be completely de-
Hated until five months after other
industrials had turned the corner.
Then came the stiffening of prices
IN certain steel products. inducing
many shorts TO cover and accent
their losses.
The Street looked in vain for
something to explain the WEAKNESS
Of Royal Dutch shares, but found
nothing either in domestic devotion
ments or In the cables from the
LONDON market, where many Of the
movements in this stock derive
their impulse. The last time Royai
Dutch developed pronounced wes .
ness the movement was concurrent
with a rise in guilder exchange.
and the theory Of selling for Hell
land account was readily accepted.
The same conditions prevailed to-
DAY. Dutch exchange advanced \,
cent, TO IS. The highest price for
suilders this year was 1920. in the
late spring.