The Washington herald., 1921-04-02
SUDDEN WEAKNESS
HITSSTOCK OF Big
OIL CORPORATION
Atlantic, Gulf & West In
dies Quickly Declines
Four Points.
MARKET IRREGULAR
Prices Under Pressure in the
Early Session, But I'm
prove in Afternoon.

NEW YORK April Evening up
OF short and long commitments to-
day resulted in an irregular stock
market. Prices were under pres
sure early In the session. but i'm
proved in the afternoon. Net losses
and gains were about evenly d.
vided throughout the list when the
session closed. Commission houses
reported but little business, with no
evidence Of greater interest on the
part Of the public in the Immediate
future. What little part the rank
and file are taking in this market
is manifested by the purchase OF
odd lots for investment and the
securities are being taken out OF
the Street.
OIL stsek P1sctsste,.
Errstic fluctuations in Atlantic,
Gulf and West Indies furnished one
Of the high lights in the days
business. Early in the day the
stock held steady. following an
nouncement that the company's
loans which fell due today had been
extended. Shortly after . o'clock.
however. the issue developed sud
den and pronounced weakness, the
price declining four points very
quickly. Offerings continued up TO
the close and the ANAL quotation
was about the worst Of the ses-
sion. II then became known that
dispatches had been received from
Los Angeles quoting Z. II. Doheny
as stating that the negotiations
with the Atlantic. Gulf and West
Indies for some Of the latter's prop
critics had been abandoned. No
sooner had this information become
public than il was rumored that
the Atlantic. Gulf and West Indies
was negotiating with the American
International Corporation. Inss-
much as the latter corporation has
been liQuidating its investment in
other properties. very little Crcdence
was placed in the report.
shorts Punished.
Those persons who sold United
Drug short on Thursday were pun
ished for their tcmerity today.
when those who purchased the
shares from them on the previous
days decline TO SIS insisted upon de-
livery OF the certificates today. This
caused a stampede among the bears
and forced some cash buying OF
the shares, resulting in a sharp ad-
vance OF more than four points.
The stock closed nearly ten points
above the low made on the bear
raid Of Thursday.
General Motors was under pres
sure early in the day. and offerings
forced IL down to within one
newh aF
Of l2k. This issue. however. shared
in the Improvement which occurred
in the afternoon. Studebaker con-
tinued to be well purchased, ana
closed with a net gain Of more than
point. Kelly-Sprinefeld was
strong because Of a rumor that the
regular dividend will be paid in
cash at the forthcoming meeting OF
directors.
Tobacco shares Heavy.
Fear Of increased taxation as
a result OF a new program il i'm
parting heavineSs 10 the tobacco
shares. American Sumatra broke
more than three points. This COM
, pany. however. is believed to have
seen its heyday so far as earnings
arc concerned. American Tobacco
was also heavy.
! The bond market was Irregular
! Foreign government issues was
strong. Paris SIS were also in eoad
inquiry. Rails were soft. while Lib
: critics were relatively quiet
Call money renewed at sR rSr
/. cent. but closed ct 6. The call
D money market is expected 70 70
4 main comparatively easy until -
= government begins to withdrs "
funds. There were no Withdrawals
J. the last week.
. Large commission houses report
steady expansion in the short in,
: terest. which is now declared % be
as large as IL has hcen at any time
in the last few wears n is es'i.
{; mated at from ! Son. .ono to ! 5Nn. .oo'
. shares. The selling recently has
, therefore. been largely for r-ofss,
. sional account and the inability ~
the professionals to make any an,
preciable headwsy leads MANY ~
look for a Eood-sized rally earl'