The New York herald., 1922-04-18
WILD MARKET SELLS
100000 SHARES
Sinclair Oil in Violent Seesaw
of Quotations Leads in
Big Scramble.

Wall Street yesterday had It's most
hectic day in two years. lacking four
days. 1t is just that length of time
since stock sales on the floor of the
New York Stock Exchange crossed the
900 share mark, which is what
happened yesterday.
Total transactions in the fiye hours
of violent trading were little more
than 100000 shares and the number
of individual stocks traded in estab-
lished new high record for the ex-
change at 460. which compares with
a previous high of AS Individual is
sues about a week ago. The New York
curb had record day, nearly $4,000
shares changing hands. The movement
of stocks was in both directions and
with equal violnce each way. For a time
after the opening the scramble to buy
stocks was comparable only to a mad
tange of shoppers at a popular bargain
counter. Suddenly the trend changed
and there was a rush to cell which was
quite as violent and as equally effective
on the course of prices.
Sinclair Consolidated OH Corporation
shares were easily the widest feature
OF wild market Transactions in this
security alone totaled 261.000 shares,
and during the brief space of time from
H. 80 to II o'clock $500 shares OF Sin
Sales for the first hour in the entire
list were at the rate Of around 100000
shares for full day and in the second
hour the market was extremely active,
but after IL o'clock trading assumed a
more temperate trend and during the
last three hours was orderly, albeit very
active.
Navy Order Starts FURRY.
The furry in Sinclair started several
days ago on publication of the news that
the company had concluded contract
with the Government for the develop
ment of the navy's fuel oil reserves in
the Teapot Dome district OF the Wyo-
ming oil fields. A vast number OF buying
orders in Sinclair had piled up over the
week end and these were executed at
the opening. As q consequence Sinclair
opened up with a sale of 10000 shares
on a spread from "a to 34h, a full
point up at the latter figure. Further
buying put it fractionaliy above the
opening mark.
Then the crash. News was flashed
out that a Senate investigation of the
Teapot Dome deal was to be undertaken,
together with denials from official
sources that the transaction had actu-
ally been completed. Traders who had
been tumbling over ono another to buy
Sinclair became just as active on the
selling side.
The price started to break and the
manner in which quotations crumbled
Tor few minutes reminded old traders
of long forgotten panic Gays Many
persons who had big profits in Sinclair
over the last fortnight and who wished
to safeguard these profits had placed
stop less orders just under current quo
tations so that these orders were caught
and the stock they represented thrown
on the market. This only added TO the
violence of the decline and before the
tide was stemmed sheer break Of more
than points had taken place.
The rest of the market was affected
to so.ne extent by the Violence of Sim
clair trading. but nowhere In the list
were changes so rapid aud so completely
without warning. In other stocks it was
possible to sell without making trc-
mendous concessions in price.
General List Is orderly.
| AS p result trading III the general list
was very orderly all through the day
In tho closing hours the railroad shares
jumped into prominence by an unusual
display OF strength and their persistent
upward move rallied tic entire market
which closed with net gains and losses
1t was the lower priced rails that
started the movement In that department
These cheaper issues. led by Mnneapo-
lis and st. Louis, for which a huge de-
mand suddenly developed, made new
high records for the year, The stock %
the Minneapolis and st. Louis Railroad
Company advanced in very few
minutes in the late trading from under
10 to 1875 on heavy buying.
The st. Paul issues and Rock Island
were likewise very strong In the rail-
road list, all scoring substantial gains
on the day.
The effect of easy money was seen In
continued heavy trading in bonds which
carried a number of foreign Govern
ment issues and several domestic rail-
road bonds to new high levels for this
year. Thirty and sixty day time money
was obtainable at Al per cent, rate
which was touched last week but not
made firm. and call loans went from
per cent. down to 3la per cent. in the
afternoon.
The announcement that the $3.50. .000,-
600 offering of Treasury certificates at
az per cent. had been oversubscrsbed
heavily stimulated the entire bond mar
ket Several new railroad bond and
note issues offered yesterday morning
were taken almost as soon as the sub
scription books we're opened.