The Washington herald., 1920-04-30
STOCK SALES
STILLHEAVY
Whole Market Continues
Under Pressure as Sell
ing Orders Are Placed.
GENERAL Tone BEARlsH
Some Pools Make Attempt
To Check Decline, but
Meet Little Success.

New York. April ga continual
tion of heavy liquidation. which has
characterized the stock market for
the past two weeks, was again
noticeable today. Although the mar
ket generally displayed resistance
At times, it was only when heavy
covering of short commitments set in.
While many of the stronger pool
ing groups are fighting hard to
maintain a strong tone to their re-
speetive issues. seemingly for the
benefit of the public" their con-
tinued easing OF tendencies cannot
but reflect the true situation exist
ing. The hea-y selling of these
various stocks is not all for short"
account. although it may be mem
toned that some of the leading
SPECTATORS have now taken up the
selling side Of the market. A great
deal of long stock has made its ap-
pearance of late and this stock has
not been al sold for public account
either. Close followers of the stock
market are of the opinion that the
banks have warned many of the
leading pools to prepare to liquidate
their large existing loans, notwith-
standing the fact that the last bank
statement would seem to indicate
to the laynian that a goodly portion
Of these loans were liquidated last
week.
Organs Have Have Run Out Of Bull
Music.
Many of Wall Streets news organs
seem to have run out of bull music.
at least for the time being. The
Mexican situation, for example. was
not only taken lightly by these pur-
yeyors of publicity, but they used
every possible means to turn a seri-
Gus situation into a joke. These
same organs have evidently come to
the conclusion that there is a pos
sible chance of Mexican nRndits
making trouble in the Tampico oil
fields When the Doheny issues
Mexican and Pan American Petrol
eum-were commanding much higher
market prizes. these same Wall
Street organs saw to it that the pub
lie was pumped full of Mexican bull
music. 1t would be interesting to
know just how the thousands upon
thousands who purchased these
stocks some twenty points above
present prices now feel.
From sources we'll informed il
was learned today that a new at
tempt will shortly be made by pool
Ing interests to check the present
downward trend with the hope of
creating a May bull market This.
50 tine story goes. will be done with
the sole purpose Of letting many of
the big interests out who have as
yet been unable to do so. Reports
have it that some of the present
pools were made up of individuals
who took over the interests of pre-
vious pools, and it is said in some.
cases the present pools now find
their stocks selling below quota
tiOns at which they took them
over Naturally. to them, the pres
ent situation is serious. and it
would not be surprising If they did
attempt a come back"
When the attempt is made. 1t Is
understood that the pool in Bald
win will play a leading part. Tne
action of this issue for the past
several days would seem to indicate
that something unusual is under
way. At the present time the stock
is in a peculiar position. II the
pool wins out the result can only
mean a wild upward swing. A
further downward swing of no
small proportions can be sntici-
pated should the 'ShOrtS come out
on top. So far the Baldwin fight
has been extremely interesting.
The outcome should be more so.
Studebaker Hard Hit.
The shorts" have made an ex-
cellent target of Studebaker. A
leader on the short side started to
sell this issue directly after the
stock dividend was announced. He
has sold to the extent of nearly
10000 shares since then, and at very
much higher quotations. His first
attempt broke the issue from 125 to
lis Then the pool eEdeavored to
trick him into believing that it was
possible for them to run him in.
The price was again sharply ad-
vaaced to around 125. but instead of
becoming frightened this trader
doubled his sales. The result is
history. Studebaker toppled, and
has been tOppling ever since. Stude-
baker will sell ex. next week. which
can only mean a further weaking of
its present seemingly weakened con-
dition.