The Washington herald., 1922-03-19
FIRM TONE RULES !.
STOCKS FOLLOWING
IRREGULAR START
Profit Taking and Short
Covering Vie for Ear
ly Honors.

NEW YORK. March lSy-with an
unusually large volume OF trading for
a short session stocks generally were
firm. following irregularity at the
opening. Uncertainty at the start
due TO proht-taking sales on the one
hand and short covering on the other
was succeeded by good demand in
both the Industrial and rail lists, al
though the latter were somewhat less
active than the former. The coppers
and the motors were leaders in activ-
ity and Anaconda made a new high
for the year. Crucible steel was
weak at the start but recovered later
and other independent steels were
firm. Bonds meanwhile were active
and strong.
Call Mosey Easier.
Cal money presented an even easier
condition than was shown In the
money market. over t3.o0O.oOO call
money being loaned outside OF the.
stock exchange yesterday at az per
cent and on the past three days
large amounIs OF money sent into
the stock exchange TO find employ
ment were left unloaned at the close
Of the exchange. Digging into past
records OF the cali money market
could find no parallel in recent years
to the easiness now prevailing in the
situation. In November, 1919, call
money loaned as low as per cent
but the transactions at that rate
were looked on simply as a rash in
the market. the rates for call money
~ =
TO 80 per cent and a similar wide
range prevailed in November. 1890.
when a freak loan was made at per
cent in a week in which money was
loaned as high as 80 per cent. At
the present time. however. the move
ment to the ~ per cent rate has
been orderly and gradual with offer
ings at all times in large volume at
slightly above the lowest quoted
figures.
Odd Lot PUrehsses.
Purchases OF stocks by odd lot
brokerage firms yesterday are re-
ported 20 have reached the largest
volume noted at any time in the psst
two years and IL was said by some
OF the brokers concerned in this char
acter Of business that the dealings
all through the week have been on an
extremely large scale and have reach
ed such an aggregate as 20 be an
important factor in the security trad
ing situation. In other times odd
lot trading was looked on as being
a determining force in directing price
movements and as furnishing definite
indications OF the drift Of the public
speculative sentiment
Made states on
Middle States oil program for ex-
tension and development work in
cludes new and important features
especially in the matter OF cOntroll-
ing trsnsports ton facilities. The an
nouncement OF the purchase OF the
Louisiana and Northwest Railroad by
Chairman Haskell in the interest OF
the Middle States oil Company at
tracted special attention because o.
the fact that the Homer Magnolia and
Haynesville fields depend on that
road for nail transportation making il
an important factor in the industry.
This announcement was looked on as
q basis for much OF the buying in
Middle States oil stock during the past
week. Reports OF heavily Increase
earnings OF International Com
bustion Engineering corp ration were
responded to with an advance in that
stock at new high record. II was
by interests concerned in the COM
pany that earnings last year were
equal TO 50 on the stock. while the
company is distributing So per annuu<
as dividends and IL was thought that
with the increased revenue this dis
tribution viii be brought 20 an amount
in proportion with the larger in
come.