The Washington herald., 1921-04-03
ATLANTIC GULF
FEATURES WEEKS
STOCK TRADING
Contradiction of Favor,
able News Causes De-
cline of 6 Points.
STEEL ISSUES WEAK
Crucible Scores Early Advance
On Rumors; Considerable
Short Interest in Stock.

\ Aside from the severe decline OF
over six points that took place in
Atlantic. Gulf & West Indies on
Friday, last weeks stock market
was without particular feature The
announcement that this corporation
had secured a three months exten-
sion of its $4,000. 900 bank loan from
a group of institutions apparently
was not well received. IL hav-
ing previously been reported unofh-
ciaUy that the company had Sc
cured a loan of about Sl5.OO.OOO.
Also the report that an important
corporation which was said tos he
negotiating for. the property had
turned down the deal was not with
out some influence on the issue.
on reports from usually we'll
informed quarters that the Crucible
Steel Company has received some
kubstantiaI orders recently and that
the volume Of business on its books
is of liberal proportions, there was
a moderate advance in the stock of
this COMPANY, but alI of the gain
was not maintained up to the close
of business on Friday. There has
been a considerable short interest
in this stock. according to reports
current in the street, and the belief
obtains that there still exists a con-
siderable short account in this
stock. Most of the steel issues were
weak in the latter part of the week.
although Baldwin Locomotive, fol-
lowing the announcement that the
corporation has received a large To-
comotfve order from the Atchison.
Topeka & Santa Fe Railway Com
pany moved up more than point
and was fairly active. United
States Steel common was subject to
some pressure throughout most of
Fridays session, but closed at the
same level as the previous day.
Motors
Motor stocks were unusually active
during the latter part of the week,
Chandler and Studebaker each SELL
ing up moderately while there also
was Improvement in General Motors
common. Whereas a short time ago
some of the leading directors of the
General Motors Corporation were Of
The opinion that it would be neces-
sary to eliminate dividend payments
on the common stock. it now ap-
pears that the regular IS cents per
share quarterly will be ordered at
the meeting next Monday. 1t is
stated that the business Of this cor
poration has improved substantially
within the past fortnight. par
ticularly in the Cadillac and Buick
division. and the inventories of the
corporation have been reduced to an
extent. Some OF the
leading officials of that corporation
say that new orders have come in
in a much larger volume than had
been expected and whereas the COM
pany did not earn its dividend dur
ing the first two months Of the
present year. since the first Of
March. the rate of revenue available
for dividends has been in excess Of
such requirements.
Oils.
Some of the oil issues were active
and strong but Mexican Petroleum
was under considerable, pressure
|throughout the entire session on
FRIDAY, presumably being Influenced
IA the report that the corporation
lis about to undertake new financing
lon an extensive scale
As a matter of fact, some of those
Identified with the affairs of the
Sorporation said that in the event
of the new financing being carried
out II in reality would be most
favorable to the company, as ii
would be for the purpose of fur
nishing funds with which to pur-
chase oil to be stored for the pur-
pose of taking advantage of pos
sfbIe higher prices later on Royal
Dutch stock was irregular during
the week and at times under con-
siderable pressure. 1t was said that
there had been a substantial
amount of buying for Amsterdam
account. but when the break took
place in Mexican petroleum this Is
Sue also softened. California Pc
1troleum on the other hand. held re-
marksbly firm
Railroad issues were subject to
Transferable fluctuations during the
week as a result of the unsettle-
{rnent in the railroad work with re-
lspect 10 wages. cost of materials,
working agreements. etc. While the
hest opinion obtainable is that
khere will shortly he a complete ad-
5ustment of the railroad difficulties,
|it is realized that considerable time
must be occupied in bringing about
Fuch a result. The mere fact that
20 many men have been laid of all
pver the country Is believed to be
factor that will act as a retard-
ing influence in the matter of ag-
YEressiveness on the part of the rad
Teal element. Attention also may
be called to the fact that within the
|last few days there has taken place
some Improvement in railroad earn
Engs as whole, Is interpret ID with
flavor in financial circles.