The Washington herald., 1920-04-17
POOL INTERESTS
TAKE DAY OFF
With Exception Of Baldwin.
Large Pooling Opera
tors Inactive.
HUGE STEEL MERGER
Announcement from Cleve-
land Believed to Be Fore
runner Of Combine.
HUGE STEEL MERCER

New YORK, April 16--POOl opera
tions slackened somewhat in today's
stock market. and with the excep-
q ton of spasmodic activity. the mar
ket on the whole was quiet. Inas-
much as money conditions continued
easy, there seemed no reason why
pool operators should have tako a
vacation" other than the possible
fact that they might have been
warned" against OVERRIDING the
situation
That thore has been a large dis
tribution OF many stocks during the
past few days goes without saying,
At the sanae time, it Is said that
the public has shown little dispo-
sition to enter the market on a
largo scale, and this. It Is pointed
out, has been . keen disappointment
to those interests who have en-
dcavored to get rid of some Of their
holdings The entire movement dur
ing the past two weeks. II is said.
has been made with the sole pur-
pose OF creating a huge public de-
maud, so that distribution could be
made.
During the past few days it has
been endeavorcd to be pointed out
in this column the true conditions
existing in the stock market The
fact has been mentioned that to a
large extent the Immediate past
movements Of stocks has been abso-
lutely unwarranted. and that these
movements were only created for
tho purpose of selling stocks to the
public. Conditions do not warrant
bullish activity.
Heavy short Sales.
Short sales of stock continue
heavy. Traders seem to be taking
advantage of every advance to put
out additional large lines, and this
action is indicative of lower prices
in the very near future. The more
conservative commission houses
have already Started to warn their
customers to liquidate at least a
part Of their long holdings, one
house going as far as to say that
the present situation is serious. In
nation Is seriou at all times and
eentually can only mean depression
Baldwin Pool Active.
The Baldwin pool was one that
continued It's operations on a large
scale. The stocks were active dur
ing the entire session, and at the
close the stock showed a substan
tial gain. Baldwin is the center Of
much discussion. and many believe
the company must come out off,
cially and announce plans for a
stock dividend shortly. Another
rumor has 1t that Baldwin will
shortly be taken over by the Penn
sylvania Railroad. This, however.
does not seem plausible. inasmuch
as most railroad companies are en-
deavoring to get rid of their shops
and equipment branches, or at least
run them as a separate unit, due
to the labor situation. Whatever
Baldwin may eventually do, II can
be said that the stock has played
havoc with many bank rolls, either
way the owner has placed his bet
II may be that Baldwin is Just con-
tinutng its old game.
The Steel Merger.
Announcement from Cleveland on
the steel merger plans between
Lackawanna, Inland and the
Youngstown Sheet and Tube Com
pany was somewhat Of a surprise
to the Street. although there has
been some talk along this line. II
Is now thought that the merger is
but forerunner of a gigantic com
btnation, which will take in Bethle-
hem. Vanadium, Replogle and some
OF the other larger independents. In
fact, it is said that Schwab and Rem
logic will be the leading interests
in the new combine.