The New York herald., 1921-11-22
FINANCIAL NEWS
AND COMMENT
Indecision of Price Movements
of Stocks Continues-Trad-
ers Seek Weak Points.

The indecision in price movements
seen during most of last week and an
other heavy turnover were evident in
yesterdays stock market. AS dealings
professional traders. the market was
open to Interpretation chiefly from the
viewpoint OF speculators seeking quick
profits. With the end OF the year ap-
preaching. 1t seems probable that the
followers OF the downward side of quo
tations are trying to select stocks which
may Become more and more vulnerable
as time goes on in respect TO seasonal
selling to establish losses for record in
income tax statements. Stocks have re-
covered measurably from the years low
levels, but great many. a majority. in
fact, are still quoted lower than in the
first quarter. The Street, moved by the
precedent of other November and De-
cember dealings. looks for a certain
amount OF tax selling among them. But
the other side Of the picture is presented
In the fact that speculators who bought
stocks at the summers low points are
likely to pay higher taxes if they take
their profits this year than II they hold
over into 1929.
The market for ten days has disclosed
conflicting opinions about matters at
fecting the technical professional situa-
tion. The movements of industrial
share prices have reflected a great deal
of selling which has been absorbed
fairly well by new buying. There has
been injected all through the force ap-
piled by investment accumulation. evil
denced in the rise Of American Tele-
phone and Telegraph and wide variety
of preferred issues. Prices have lost
some ground in this period, but not to
an extent to justify the expectation Of
traders last week that a substantial
reaction was due.
The closing price list yesterday was
marked by strong and weak spots. Cop
per issues went forward early in the
day and retained their lead fairly vel.
Steel shares were firm. gaining frac-
tions, and many railroad issues were
slightly higher at the end Of the day
than they were on Saturday. The metal
group has been profiting for several
days by signs that consumption OF cop
per has been eating into the stocks, the
price now being IL cents a pound
higher than six weeks ago. but the rank
and file of Industrial issues appeared In
Yesterdays transactions to be drifting,
waiting for new developments. Some
rails were up and others down.
Cotton and grain went up under mod
erately active buying. which took the
form of short covering TO a degree in
the former. The Census report on GIN
ming from November to November IA
showed an increase of $4,000 bales.
bringing the aggregate prepared for
market from the new crop up to
7,271, 900. or moro than 100000 bales in
excess of the Governments October esti-
mate OF the full crop. The speculative
trading interests had expected a show
ing of about that sort and. after brisk
rise In the early part of the day, prices
eased off from their best positions.
Wheat advanced three-quarters of a
cent to cent bushel.
Call money stiffened from to 5h
per cent. but offerings of time funds
were quite free at 5it per cent. so that
the market was not more restricted than
IL was toward the end of last week
A reaction OF French exchange, rather
curiously, followed the appearance OF
Premier BRANDS speech before the
Washington conference, although It
would be far fetched TO attempt to find
a connection between his remarks on
French military needs and exchanges.
Sterling also eased off. without reach
ing the 500 level. The stability of the
London rate since it first reached s4 to
the pound has aroused hopes In some
banking quarters Of further gains soon.