The Washington herald., 1921-02-13
LOWER LEVELS
DUE FOR STOCKS;
TRADE BELIEVES
US. Steel Common Holds
Firm i'm Spite of "a
Dizziness.
RATES UNCHANGED
Manufacturers and Producers
In Jam Over Prices
Demanded. =;

Obviously the weakness displayed
in Reading common all throusb
Fridays trading had an importsBt
influence over the general list whics
showed a ssgging tendency in ifft
late trading There were many Gle
ments in the situation which tended
TO bring about d diversity Of OpinioG
as TO the outlook, some insisting
that as a result OF the comparative
dUllness which has obtained in the
market during the past week. ther$
will follow a trading area which
will bring prices dswn 10 con-
sidersbly lower quoLstion than those
which recently have obtained. THIS
was the opinion Of the speculative
element Of the street which IL is Urf-
derstood is short OF stocks to A
unusually large degree at the mo-
ment.
Some estimate the short interests
at this time as being largG
than ever before and insist that Il
would require only a moderate
amount Of aggressive buying in the
general list to bring about a cover
portions. Considerable irregUlsrity
was shown in the oil issues. fuctu&
tions Of from 10 points being
/ recorded almost daily in a number
+ Of the stocks OF this group through
out the entire week California
Petroleum was one OF the features.
moving up to a new high level on
/ the present upward rise in that is
sue, but as against this betterment
was a substantial reaction in Texas
Pacific Coal and Oil stock
I. $. Steel Holds.
" Considerable comment was heard
in financial circles over the manheF
in which United States Steel comb
mon held in the face Of rescuons
shown elsewhere in the list. ], in
diCated that the buying Uf this issue
has been OF a much more sUbstsn-
tial character than that Of the Sell
ing. The steel stock mentioned has
been a feature Of the SO-Called steel
group Of issues for some time pssf.
and even in the weakness general
throughout the entire market. at Pc
riods during the week. fluctuations
were confined within marrow liuT1ts
in Steel common The OF. Union -
many Of the leading bankers OF the
street is that the action or the Mo
vale Steel Company in cutting prices
will be followed by other steel man
ufactUrinE or producing rorpora-
tions and eventually will assume
widespread proruriions
It is felt tha- che present ftrt
prices for steel end r--s- r-aFu a.
will not be Of -auE flrattar. nas-.
withstanding the 5II lsas a6lot-l5a
= -
the United ST. es &c. C1-1orafirl
that that corporation has M intefI-
ton 0f revising its price lists. Tn
statement Of untitled orders by the
Lack1wanna Steel CornorR lion is
3 sue, during the week -c-entrd n
de- dedly unfavO-able af3wBEF and
a. ordinE 10 those r,rse'y sdezi 80
, VI IN the trade all ot 90 Igrrt 0~o-
2 .CIcers are reCeivir - .rE sBe.f.s.
ions OF orders on ~ ~ books NJ
WhOIssaIers in Jam.
b Monoy ,andftions are rNpccted. =
have some influence over stock nfef,
ket quotations during the next few
/ weeks and according 10 some Of
the IeadinE bankers Of tho financial
community, there is not Hkcry TO
he any material change IN moncv
rates for some time to come. Thus
far there has been only moderate
let up in the demand for Commercial
purposes and the ease in this direC-
: tion has thus far been confined g
. Comparatively small borrowing
I In other words the large Wholssa.ie
manufacturing Interests sttu haVe
, exceptionally big credits tics up IN
., tho banks which there is ltftit hore
of being dislodged until sIut timf
as retailers and jobbcrs hsve rcta
III to accept the irryita o'e arc
E bring price levels down - a poiui
-, that will prove attractive r1 tht
consuming public In o.her Fqras
. the wholesalers and produce ~ -
n in a Jam" from which cCnsiosrAnts
= difiCulty will be experience IN
emerging unless retail DTI0- -
properly adjusted. a condition WINS
does not obtain at the moment
. Therefore. SC money rates arc to re-
. main stif. the stock market. 30 IS
argued. is bound to show q rcfCc
q tion OF this phase NJ the situation