The Washington herald., 1920-04-03

eTo"'' VALUES
MAY RECEDE
0 PM on S, Prevail That
Temporary Setback Is
In Order.
RAlSA cOPPERS
Both Groups Are IN Strong
- Technical Position and
May Lead New Rise.
RAILS AND cOPPERS

mixed on the Exchange near the
close Of business on Thursday. the
general belief obtained that prices
might easily work to somewhat
lower levels during the coming
+. week There has been . consider
able amount Of selling during the
past three days Of some OF the lead
ing issues which no doubt has been
prompted to some extent by the
gyrations in stock as Stutz Motor.
Crucible Steel. etc. but with the
suspension of trading In Stutz. the
most serious handicap to the gen.
'eral situation relative to the stock
market was removed Developments
of the character Of the Stutz Motor
episode always are harmful to the
stock market and it Is regretable
that there should have been such a
demonstration at this time, partic-
ularly as the market had shown
signs of stability throughout the
list over a period of the last four
weeks. Just how great an influence
this will have over the market as a
Ewhole in the Immediate future is
problematical, although some keen
snhservers were of the opinion that
; itswould act as a disturbing ini1u-
enee possibly for week or ten
days to come.
OIL Stocks.
On the report that the Sinclair
Consolidated Oil Corporation was
about to put out a big issue of
notes, there was rather heavy sell
ing of the stock, carrying the price
down from above As to below "a, at
which level there were fairly good
supporting orders in evidence. 1t
IS understood that the company con-
templates the issuance of S500O0,-
soo per cent notes, convertible
into an per cent preferred stock
which would have to be authorized
because there are no preferred
shares now outstanding or author
lied. Practically all of the oil issues
Were moderately soft on Thursday
and this was thought to have been
due in some measure to profit talk
ing while others were fearful Of
CARRYING these stocks over the tri-
pie holiday. Texas Company stock
dropped to 205 but later recovered
a part of this loss. Mexican Petro-
leum declined to 1876 and closed the
day at around 1917. Some of the
low priced oil issues such as Caddo,
Transcontinental. etc, were fairly
strong.
Crucible Steel was a feature in
thls group, selling up to 264 after
declining to 254 and closed the day
on Thursday at z61. There was said
TO have been rather impressive buy
ing OF the stock at the,higher levels
Republication and SteeI-held firm
throughout the entire session. clos
ing at about the high quotations of
the day. There was some pressure
IN U. S. Steel common. which was
IN supply on each occasion when
the issue touched 104. Some of the
leading interests of the Street, how
ever. are bullishly inclined toward
this stock in the belief that later
on this year extra stock dividends
VIII be initiated together with the
regular cash payment. 1t is under
stood that the matter has been dis
cussed by officials of the company
but that nothing definite has as vet
been determined.
Equipment Stocks
The equipment stocks were spok-
en- of as likely to do better as soon
as the market situation experiences
any appreciable Improvement else
where in the list 1t was pointed
out that the car and locomotive
building companies have a large
amount of business on their books.
and IL therefore is quite conceiv.
able that the stocks representing
these corporations easily could work
to higher levels when the market
situation. as a whole. assumes
normal tone Baldwin Locomotive.
American Car and Foundry, and
others in this group were in fairly
FOOD demsnd for the most part Of
the week. but there appeared to be
feeling of uncertainty in the
minds Of some OF the principal trad
ers as to the course OF the market
for the immediate future.
Motors.
Motor stocks have enjoyed an un-
usually big advance over the past
Tr--- 49, 49, ~-' F~- tIi- ,o~ CON tbars
we're many who entertained the be-
lief that reaction of moderate pro-
portions easily could take place in
tsis group of stocks. although con-
hdence is entertained that later on
much higher levels than any vet
r""lizeH will h"- attained in this.
EIOup dS a "hOiti III is wen known
ir"f - ea--' ~~S - 49, -
companies are unprecedentedly
large end that sNior, ~
Pre in larger volume than ever be-
tore. For instance the Chandler
Motor Company during the first
three months of 1920 shipped in ex-
cess of 1000 cars as against about
I.600 in the same period a year ago
10 is known also that the shipment
by the General Motors Corporation
have been of similar proportions
The Chandler Company a little bit
later on this year. will declare a
stock dividend of 1918 per cent,
according to present plans and thi.
also should act as stimulating in
Auence for the motor stocks as
whole. This does Hot mean. how
ever. that a substantial reaction
may not take place in these issues
is a. group in the event of a tenn
porary declining market.
Copper.
At the first signs of betterment
throughout the general list the
opinion obtains that the copper
& n'.cks rs wei as the rails will be
, H--r,"rP the fret tn enjoy an up-
ward movement. Neither these is
sues as a group have experienced
much betterment in the recently ad-