The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-04-28
FINANCIAL
SALES PRESSURE 4.
BRINGS WEAKNESS
TOSTOCK MARKET
Rails and IndustrialsS
fer Losses of One to
Two Points.

NEW YORK. April a7.-seIiing
pressure Md the upper hand ON tKt
stsek Exchange today. and. weak
meas was the leading Characteristic
Of the market from the opening. Sale
again ran over the Loco, zoe mark.
but the declines appeared TO be due
not 50 much to the volume Of offer
ings as 20 q disappesranoe OF de-
msnd- Both rails and industr1als
suffered, and losses Of one and two
points were frequent among recent
speculative leaders. The bond mar,
ket was irregular. Gilt-edEed issues
held nrm. but foreigns and low-priced
rails gave way slightly. Call money
remained at 81 per cent. 80
The break In stock prices which
occurred shortly before the close yes
terday afternoon after three days ~
hesitation continued at the opening
this morning and new lows weTr
made throughout the list Of active
stocks. support came into the mar
ket after the first fifteen minutes
of trading. however. and many is-
sues recovered early loss, though few
oettered yesterdays closing prices by
more than fraction. Opinion in
the Street was divided as 10 just
how much OF the selling yesterday
afternoon and early this morning
represented Nprofit- Ia king and how
much came from professional opera
tors. II seemed TO be generally
agreed, however, that the latter was
an important element at least in the
decline and a group OF bear opera
tors who operate from an uptown
hotel was frequently mentioned as
the source OF considerable proper
tion of the selling orders.
One Of the sensations OF this morn
ing's market was Lake Erie and
Western preferred. which advanced
sharply in tie face OF the general
weakness. Two different and con
| Trajectory rumors regarding this
property have been in circulation for
some time. One is that New York
Central. which now owns control, is
10 make an offer of its own stock
in exchange for Lake Erie's issues
70 the minority holders with the view
to merging the property into the New
York Central. The other report is
that the Nickel Plate interests are
after the road, intending to couple
1t with their own property and the
Clover Leaf. and that New York Cen
trail is not unwilling to part with con
troll, believing that CentraTS owner
ship OF the Big Four gives IL SUM-
cient strength in the Middle West
States. Just how a separation OF
Lake Erie from New York Central
would benefit the preferred stock
holders seemed dificult TO explain.
In spite of the burden Of commits
sion house advice. which was to the
general effect that those srho insist
ed on buying stocks at this time
ought to confine themselves to the
purchase OF the better grade of rail-
road issues, this group OF stocks was
distinctly soft this morning. Losses
OF a point or more were quite gem
eral. and this In the face Of the
publication yesterday and today OF
some of the best monthly earnings
statements that have appeared in
several years. Fennsylva mia. New
York Central. Norfolk and Western
and Atchison all made an excellent
showing.
Northern Pacific has Joined the
long list OF railroads which have
made large purchases OF rolling stock
since the first OF January. Purchase
by this company OF 1900 freight cars
and 20 passenger coaches was an
nounced today. the order at current
prices for equipment involving the
expenditure of more than sS.5oe. 900.