The Washington herald., 1921-10-08
STEELS AND OILS /:
FEATURE BETTER
EXCHANGE SESSION
Rise in Crude Prices Gives
Incentive for Gain in
Latter Group.
CALL MONEY RISES
Goes to 51a% in Last Hour.
Rails Show Fractional j..
Improvement.
CALL MONEY RISES

NEW YORK. Oct. THE stock
market displayed a better tone to-
day under the leadership OF steel
and oil shares, q further rise in
crude oil prices furnishing the in
centive for an advance in the latter
group. II was not apparent that
any Of the short interest which pro-
fessionals began TO rebuild yester-
day was retired in this session, but
operations on the short side became
more dinncuit and were practically
suspended except IA tine case Of a
few vulnerable issues, such as the
tobacco shares and one or two of
the motors. Improvement In the
railroad and miscellaneous shares
was limited TO fractions. Call
money renewed again at az per
CENT but ths rate advanced to s In
the early afternoon and to sh in
the last hour.
Lehigh valley.
II the Lehigh Valley Railroad
segregation plan had come out un-
der more auspicious circumstances.
that is, IL IL had not been accom-
panied by three, material objections
from the government Lehigh stock
would have made q better showing
In today's market. As IL was the
stock was freely offered as soon as
the market opened. declining more
than 2 points before the supply was
taken Wall Street was well pleased
with the plan that would give the
railroad stockholders one certificate
of participation IN the Lehigh VAL
ley Ccal Company stock for every
fve shares OF railroad common or
preferred stock held. This feature
alone made the plan favorable
enough, without considering the ar
rangement for segregating Coke
Brothers and Company. The So
4s5.oOo of coal stock which these
certificate. would represent received
si27.o.oss Ia dividends during 1920.
Under the plan the coal company's
stock could not actually be distrib-
uted among the stockholders OF the
railroad company until the maturity
OF the general consolidated mort
gage bonds in zoos. All the benefits
Of q stockholder In the coal COM
pany. however. would accrue TO the
holders of the certificates OF inter
est.
Censelfdst1en Of Reads.
One Of the sections of the trans
portation act OF 1890 provides for
the consolidation of railroads into
larger systems. and in conformity
with this section Interstate Com
merce Commission made public last
week its tentative plan for the for
mation of nineteen systems This
plan was recalled this morning in
connection with the governments
( objection to a merger OF the Lehigh
Valley Railroad and its subsidiary.
the Delaware. Susquehsnna and
Schuylkill Railroad. Mergers as
provided for in the transportation
act are TO be carried out only with
the consent of the commission. but
in this case, IL was pointed out in
Wall Street today. the commission
is apparently not TO he given a
chance to consent or dissent.
Chasdler.
I The identity Of the commission
house through which the selling Of
Chandler motor stock was executed
in the early trading today was es-
tablished clearly enough to leave
no doubt in the minds Of those who
have been following the fortunes OF
this issue that a well known op-
orator who recently announced his
conversion to the constructive side
was working alone in the short side.
Chandler was one OF his targets to-
day. The stock declined 1& points
to a new low record at 3sk.
While the short interest was be-
ing enlarged in Chandler and in
several otter active stocks. Ameri-
can Sugar common and preferred
were benentting by the attempts of
some shorts TO retire and take their
profits. The size OF the short in
terest in these issues. especially in
the common. has been a subject of
| reneral lnowledCe