The Washington herald., 1922-04-13
STOCKS DISPLAY
IRREGULAR TREND
MHEAVYTRADINC
Early Gains Recorded
But Losses Dominant
At Days Close.

NEW YORK. April 11.-with
sales again approximately l.seo. 900
shares. the stock market presented
distinctly Irregular appearance.
Rails were heavy from the start
but industriais showed pronounced
strength in the morning. During
this phase. equipments. sugars and
rubber stocks were conspicuousL In
the last hour heavy selling ap-
peared. A number Of issues wer.
able TO retain q point or two OF IN.
mornings gains. but losses OF on.
and two points were common.
While sentiment regarding stocks
was thus more cautious. bonds en-
joyed one OF the best days in a con.
siderable period. The az per cent
rate on the new Treasury certin-
Gates prompted fresh expectations
Of lower discount rate and all de-
partmsnts displayed life. Several
Liberties made new highs and the
boom in low-priced Issues continued
Call money opened at AZ per cent
and was reduced to Z per cent dur
ing the second hour.
Ftr,t Hours Trade.
Another accumulation Of buying
orders provided material for a tire
mendous volume of trading during
the FIRST hour OF eoday's stock mar
ket. transactions running over go
900 shares or only slightly beh nd
the years record for a single hours
business. Except in certain groups
notably the equipments and the
rubber issues. the early buying de-
mand was satisfied at prices close
to yesterdays closing figures and
the professional profit taking sales
which have followed the morning
upturn during the current phase OF
the market were not so conspicuous
this morning. As a result the vol
fore noon.
Baltimore and ohie.
Those who have bid Baltimore
and Ohio common up more than -
points from the low OF the year
seemed inclined to take profits this
morning and the stock held OF a
point from Tuesdays close. Recent
heavy buying OF B. & o. has been
in the expectation that the stock
would have to be placed on a per
cent dividend basis by the end of
the current year in order to keep
certain of the company bond issues
legal investment for savings banks
and trust funds in New York State
and the statisticians have been
busy lately figuring out whether or
not this can be done. While the
years business lies largely in the
futures as yet and earnings for the
hrst two months make a favora bic
showing. the company will have Z"
better its 1891 figures materially
before a 4 per cent rate can be re-
garded as certain for the common
stock.
Heavy buying OF the equipment
stocks this morning carried Amer
can Locomotive to a new high fn~
the year and brought the stocks ~
the other equipment companies
close to their record figures. The
equipment companies as a clas>
were singularly provident in keep
ing their war profits intact and es-
Gaping the consequences Of the
postwar deflstion. and nearly =
are in a splendid cash position.
ready TO derive the fullest advan-
tage from all the new business
they have been receiving lately.
Rubber and tire stocks we've
among the strongest features in tha
list during the morning trading To-
day. Both United States Rubh ~
and Kelley-Springfeld estsblishsf
new high marks for the year wit1
the other rubber stocks following
close in the wake of the leaders
The story OF an advance I'm tire
prices coincident with the openin-
OF the spring motoring season in
the Northern States was again re-
vamped as an explanation Of tn
movement.