New-York tribune., 1921-01-13
Prices Lower
In Irregular,
Quiet Market
Profit Taking and Offerings
of Short Sellers Cause
Easier Tone; Commodi.
ties Are Much Stronger

bnc markets yesterday presented an
exceedingly irregular front. with each
res onding in its own peculiar fashion
TO the forces working toward rcadjust-
ment. Stock prices ranged lower as a
rule in an extremely mixed movement.
Cotton and grain prices mounted rather
sharply. The foreign exchanges yield
ed in severe setback that came as
an interesting sequel to several days
Of Of vigorously advancing quotations.
IN the money market lending rates out
side of the regular Stock Exchange
channels reflected increasing ease.
In the stock market there was some
thing Of a quieting down in the vol
ume of activity, and dealings fell short
OF the million share mark. What many
observers had looked for following the
sustained recovery Of several days
came to pass in increasing offerings
both for prott-taking and for the pro
fessonal bear party. The latter trad
ers had been playing for reaction,
and when they saw certain issues which
had been giving them trouble for sew
eral days, notably Crucible Steel, show
signs of sagging off. they offered
stocks rather freely. However, the
market took the offerings compare
lively we'll and the resistance Offering
TO the selling created a good impress
sion, especially in view of the extent
of the recovery Of the last week. De-
action there were a number of strong
spots, especially among the oils, with
Houston and Mexican Petroleum lead
ing the way. Steel shares also held up
well, particularly the so-called indie
pendents. In the bond market the
tone continued strong and dealers re-
ported an active absorption. Such new
issues as have been brought out this
week have gone exceedingly we'll and
there are prospects of several new Of
frings in the immediate future. Two
operations are understood to be i'm
minent, with France, Switzerland and
Norway mentioned as likely to be
among the first to borrow at this time.
Further evidence Of .piling up of
surplus funds at this center were sup
piled in the tendency of call money
rates. At the Stock Exchange the rate
was kept at 6 per cent, but outside
loans were made at per cent, which
lowest reported the day before. In
view of what is happening outside the
market for call money on the exchange
seems to be rather artificial. Time
funds are som ewhat more plentiful and
money was offered for a period Of ten
days yesterday at 51s per cent. The
rate on thirty-day money is to 71a
per cent. The demand is light, be-
cause brokers refuse to pay the rates
asked by lending institutions. To-day
the Treasury will withdraw S10,350,000
from local banks and $20,780,000 on
Saturday, which, with the $9,000,000
withdrawn on Tuesday, will make ap-
proximately $40 100000 to be taken
out of the local banks this week.
Reports of conditions in the iron and
steel industry indicate that there has
been little change in the situation with
the turn of the year. In the Pitts
burgh district the independent steel
manufacturers are operating on basis
Of Is per cent Of capacity. The Steel
Corporation is said to be holding its
operations up to 80 per cent Of ca
pacity.