The Washington herald., 1920-04-11
STOCK MARKET
TREND MIXED
Weeks Developments Re
I, suits in Many Traders
Changing Positions.
OPTIMISM PREVAILING
Belief Is That the Market
!. Has Not Yet Reached
u High Point.
OPTIMISM PREVAILING

In the late. trading on Friday
call money suddenly spurted to
10 per cent owing to a few COM
ing in the market for funds which
had nots been arranged earlier in
the day and as a result there was
some selling of stocks by what was
regarded as the speculative ele-
ment The course of prices
throughout the past week has been
such as to lend considerable con-
fidence to the outlook for security
quotations and the opinion was
quite general at the close of the
week that the tendency over the
next few weeks will be upward.
There was said to have been the
very best character of buying of
United States Steel CO m m o n
throughout the entire week and
the strength in this issue was the
subject of considerable comment
after the close of business on Fri
day. The belief is entertained in
important financial quarters that
the Steel Corporation will declare
a stock dividend in addition to it's
regular cash disbursement within
a comparatively short time and this
in itself acted as a stimulating
influence in the common stock of
that corporation throughout each
succeeding session on the New
York Stock Exchange.
Taken as a whole the steel stocks
were a feature in the group. these
issues being among the most popu-
lar with prices as a whole NOV
ing to new high ground for the
present advance. Included in this
list was Republic Iron & Steel
common. Lackawanna Steel. Bald
win Locomotive. Sloss-Shefheld
Steel & Iron. Pressed Steel Car,
Crucible. Bethlehem Steel, etc. De-
velopments in the steel trade re-
Gently have been such as to create
a much better feeling with re-
spect tosthe outlook for the securi-
ties included in this group. 1t was
said that orders on the boows of
the steeel and equipment companies
were sufficiently large to keep the
full operating forces of those cor
porations occupied to capacity for
a considerable period of time. This
was interpreted as indicating that
the earnings of the corporations
were to continue in large volume
and also possibly permit an extra
stock dividend in several instances.
Buying of some of the low-pric-
ed oil issues also was a factor in
the stock market during the past
few days, the belief being enter
tained that the outlook for oil
corporations as a whole is favor
able and particularly SO for those
companies which have satisfactory
earnings and are on an cstab-
lished producing and marketing
basis. Some of the newer oil COM
pany stocks were in fairly good
demand. including such issues as
Caddo Central Oil & Refining Co.
stock. while Mexican Petroleum.
Pan-American Petroleum and Royal
Dutch stocks also were in demand.
Texas Co. stock presented an ir-
regular tone, fluctuations showing
a wide spread between the high
and low in the daily operations.
Some of the so-called shipping
shares were in good demand. in
cluding the stocks of the United
Fruit Co. which experienced a
rather spectacular advance on Fri
day, rising from around 200 to
above 210 and closing around 209.
The marine stocks also showed
some buoyancy, easily moving up
to higher quotations and it was
reported'in some quarters that an
other extra cash dividend might
be expected at most any time on
the preferred stock of the Interna-
tional Mercantile Marine for the
account of dividends now in ar
rears. Last year the company paid
16 per cent in dividends of which
10 per cent represented back pay
ments on the preferred.
Some of the leading interests of
Wall Street took the position that
no great stress should be laid upon
the Importance of the railroad
strike which has been under way
for several days. particularly as
there has been a split in labor
ranks, those now being on strike
representing the radical clement
Therefore, it is believed that the
more conservative members OF labor
organizations will exert every in
fiuence in the restoration of nor
NAL conditions in this connection.
1t Is felt that stocks of the stan
dafd railroad companies will ex-
perience a satisfactory advance as
soon as Il Is generally realized that
there has been real and substantial
Improvement IN the railroad situa-
tion as a whole. In this connec-
ton the stock of the Reading Co.
was spoken Of as likely to be one
of the leaders in any upward move
.nent which may take place. 1t
IS understood that the principal in
rerests identified with the affairs Of
the Reoding Co. are working out a
plan for the segregation of its
coal properties which should re-
suit In liberal rights" to the
stockholders of that corporation.
Motor stocks were irregular for
the mos, part throughout the week,
but II was remarked in some bank
ing quarters that there had been
fairly good buying of some of the
stocks included in this group at
the lower quotations established.
Chandler Motor and General Motors
were the features in this connec-
tion. The action of the New York
Stock Exchange with respect to
trading in Stromberg Carburetor
stock had q rather dampening in
huence In the motor group, but the
consensus was that this situation
will be ironed out satisfactorily
eventually. The Stromberg Com
pany Is controlled by the same in
terests as dominate the Stutz Mo-
tor Co. and the gyrations in Strom-
berg following the spectacular adj