The Washington herald., 1921-02-27


preston in Atlantic Gulf and West
Indies stock during the week there
wsa greater degree Of uncertainty
" IT, market as a whole at the
<|<<< "a business on Friday than
& 1@1 time past. For the most
U1/[ @<,the week irregularity char
<[<|I@ the day-to-day trading
and fluctuations of from 2 to 5
points ir many OF the leading is
sues were not uncommon. Crucible
Steel. notwithstanding the fact that
the stock was loaning at a premium
of 4 at times during the week,
showed n downward tendency and
reacted to the lowest quotation that
has been established thus far in the
present calendar year A week ago
tips were freely circulated in Wall
Street that Crucible Steel stock
would have a substantial upward
movement. but the action of the
stock during the week did not ap-
pear TO bear out the predictions and
there were many careful observers
who profess to believe that those
responsible for the bullish talk re-
Garding this issue were really SELL
ing stock on any occasion of
strength displayed marketwise.
Baldwin Rumors.
Many reports were in circulation
of possible financing by the Bald
win Locomotive Works, but II de-
veloped that no foundation existed
for statements of this character.
While the company's business Is
not as large as might be desired. IL
was officially stated that fairly
comfortable financial position OBJ
tains at the moment. bank borrow
ings being reasonably small. One
of the factors which NAV possibly
have some depressing influence on
stocks of railway equipment build
ing companies Is that Germany is
now in a position to successfully
underbid any locomotive construc-
tion company In the world, and as
a result recently has obtained some
substantial orders for new railroad
engines. There is some specula-
tion as to how great an Influence
this phase Of the situation will have
on shares of the locomotive con-
structfon companies OF this coun-
try.
OIL stocks.
oil stocks were somewhat irreg-
ular. although near the close of the
week there was a frmer undertone
in this department than had pre-
viously been in evidence and Mexi-
can Petroleum moved up 4 couple
of points on comparatively small
transactions. Royal Dutch stock
was irregular with a tendency to-
ward softness- The passage of the
xrfA M he
Texas and Pacific Coal and Oil Com
pany acted as a depressing infiu-
ence in some of the other oil issues
and the stock of that company also
sold on moderately. 1t was said
that the Texas-Pacific Coal and Oil
Company was in need of new funds,
but no confirmation of this report
was obtainable in authoritative
quarters.
Wall Street specinIties.
Such specialties as Atlantic Gulf
and West Indies have but few
friends in Wall Street at the close
OF the week. il being pointed out
that the true situation relative to
the affairs of this corporation had
been so religiously kept from the
public as to create an element of
uncertainty as to the company's
stock from a market point of view
IT Is well known that the company
has been endeavoring to negotiate
q substantial loan for some time
past. but officials of the company
have been and still continue ex-
tremely reticent with respect to the
matter. The directors meeting for
action on the dividend scheduled
for Thursday was postponed for
one week, and this tended to fur
ther complicate the market situa-
tion for the company's stock.
Better Market Seen.
There were many who took the
position that In view of the heavy
declines which have taken place in
the stock market over a period of
several months past, tha time Is
rapidly approaching when the stan
dard issues of known merit and
intrinsic value should be conserva-
lively purchased. Some of the
large wire houses that have bsen
most bearishly inclined for several
weeks on Friday flashed wires rec
ommending the purchase of some
of the leading rails as well as a
few of the standard Industrial
stocks. The steel stocks. however, |
were not looked upon with great |
favor because of the many uncer-
families obtaining In the trade. 1t
is argued in some circleS that the !
Steel Corporation. as we'll as the /
independents. will find II necessary
10 shade prices to an appreciable |
extent during the next few weeks. |
Until such time as the steel trade |
strikes a proper equilibrium. how |
ever, il Is felt that extreme con-
servatism should be exercised in |
the matter of entertaining fresh |
stock market commitments in this |