The Washington herald., 1920-04-18
WEEKS STOCK ]
VALUES GAIN
Large Pooling Operations
Continue IN Face of
Uncertainties.
SPECIALTIES IN LEAD
Many Issues Run Into New
High Ground on Enor-
nous Turnover.
SPECIALTIES IN LEAD


est rates obtaining for money, the
seriousness Of the railroad strike
situation, etc. the stock market
gave an excellent accaunt OF itself
during the week with prices NOV
ing up to substantially higher lev
els on Friday for nearly all the
standard issues including United
States Steel common. Republic Iron
and Steel. Baldwin Locomotive.
Bethlehem Steel B. Lackawanna
Steel and numerous other issues. 1t
was learned that while the banks
were exaeting a high rate Of inter-
est for call funds a number Of cor
porations offered money in the mar
ket SO that on nearly every day of
the past week there was a surplus
Of loanable funds at the close OF
business. 1t was pointed out that
at the higher interest rates obtain
ing corporations having surplus
funds had seen Mt to put out a part
of this money in the call market, it
being realized that at the prevail
ing rates funds could more profit-
ably be employed in this manner
than through the purchase of ac-
ceptance bills.
steeIs Satisfactory.
On each occasion during the past
week when United States Steel fell
below los there Immediately devel-
oped satisfactory buying of this is
sue with the result that a fine un-
dArfnna Uaa noinfafnad thn
stock closing on Friday at above
los. There has been and still con-
tinued q considerable amount Of
talk regarding the likelihood Of a
substantial stock dividend by the
Steel Corporation before the end of
this year and il is understood that
much of the buying recorded was
by interests thoroughly conversant
with affairs of this company and
the possibilities in connection with
the stock dividend plans. There
were some who strongly maintain
that steel common will move up
ward in much the same manner as
some of the specialties before the
present general market has cul-
minated. Admittedly steel common
intrinsicly is worth a great deal
more money than the quotations
now obtaining for the issue the last
annual report of the company
showing a book valuation for the
stock more than double it's present
market price.
Announcement of a possible mer-
ger of the Lackawanna Steel, the
Youngstown and Inland Steel Com
pany Immediately brought about a
buying movement in Lackawanna
which carried the quotation for that
issue up or 4 points on Friday.
Some of the leading banking inter
ests of the Street professed to be-
lieve that the equipment stocks will
do much better marketwise particu-
larly American Car and Foundry.
American Locomotive and Baldwin
Locomotive. All three of these
stocks have shown considerable
strength and activity recently and
prices during the past couple of
days have easily moved to higher
territory. There is a feeling that
extra distributions will be made by
all three of these corporations be-
year.
Pan American Petroleum.
In the oil group Pan American
Petroleum common and the class B
stock were a feature and the gains
recorded in the early part of the
week were practically all main
tatned there having been only slight
recessions in the issues. Royal
Dutch OF New York stock was an
other of the oil group which ex-
perienced substantial advance on
reports that that company contem-
he 80 F.rEl
at the rate of 40 per cent per an
mum as against the present 25 per
cent and an increase in it's capital
stock sufficient to permit the offer
ing of the new shares to present
stockholders on the basis of two
shares of new for each five shares
now held. 1t was said in banking
quarters that developments of an
important character also are pend
ing in connection with the affairs
OF the Pan American Petroleum
Company. announcement of which
may be expected at an early date.
General Motors.
Notwithstanding the favorable re-
port Of the General Motors CORPORA
tion the common stock of that COM
pany showed but small Improvement
VII IludS' lhls ndVlnS Deen brought
about largely by the report that the
company contemplates putting out
100000 additional shares of COM
mon stock to be offered to present
stockholders at $50 a share to the
extent OF 20 per cent OF their present
holdings. No confirmation Of this
report was available, although in
some well-informed circles the
opinion was expressed that the
company may be in the market for
additional funds at a not distant
date. The annual report of the
company shows that 1t had dis
posed Of a very large amount of
Liberty bonds during the wear
which strengthened its financial no.
sition to the extent of between s25-
100000 and s2s.oo0,oo Friends of
the General Motors Corporation ex-
pressed the belief that the common
stock would command a much
higher quotation within a rea-
sonable time as the expected early
settlement Of the railroad strike
will Immediately permit normal
operations to obtain in Connecticut
with the company's construction
program