The Washington herald., 1922-04-27
STANDARD ISSUES
SUFFER AS STOCKS
MART DECLINES
Early Strength Seen in
Oils, Steels, and Low
Speculative List.

NEW YORK. April as.-stoct
prices displayed further hesitation,
today. Sales stili held slightly
above 100000 shares and early
strength was apparent In oil shares.
independent steels. and a number
Of low-priced speculative issues.
The standard stocks, however.
were in little damand and gradually
sold on. Toward the close declines
Of about one point were numerous.
Bonds, nevertheless. held firm. and
call money ruled at sh per cent
throughout.
Dullness Apparent.
Continued dullness with a heavy
tone characterized the stock mar
ket during this mornings trading.
Spectators turned TO the oil stocks
and the low-priced issues among
both industrisls and rails and such
improvement as was apparent in
prices was confined 70 these groups.
In fact they almost monopoIiEed
trading during the forenoon hours.
standard stocks making their ap-
pearance on the tape only at long
intervals. Even studebsker, long
NAAS epN~eAeNANt LaNOIlNts was TeAa-
lively dormant this morning
strength In the oil group began
with a run-up in Cotden just after
opening. On a considerable volume
Of transactions. Cosden was ad-
vanced two points above the open
ing figure, rescting somewhat after
the first half hour. Most Of IN.
other oils were strong with great
activity displayed. The advsnc. in
crude oil prices. which has been
rumored for a month or more. was
declared today to be- ready for an
nouncement within forty eight
hours. Standard OIL subsidiarie.
listed on the curb, as well as the
independent curb oil stocks. were
also very active at higher prices
Imperial and its subsidiary, Inter.
national Petroleum. were the lead
ers in the outside market.
Upturps in Chicago and Easter,
Illinois, and Kansas City Southern
during the past two DAYS have
served TO attract attention to tb.
nondividend paying rails in gen
eral. The number of stocks in this
group which have scored sub
stantial advances since the first Of
the year is very considerable a
number having doubted the low es-
tsblished in January while a few
issues are selling for three or four
times the figure at which they
were obtainable early IN the wear.
With the exception OF the very
-
stock. these advances have at
tracted very little public attention
In spite OF their sensational char
acteT. Chicago and Alton common.
Tor example, sold as low as Ia in
January and has recently been
quoted around 9. while the pre-
ferred issue which sold at az o.,
January 25 was quoted YESTERDAY
at ls. Alton is the star rerforrner
among the cheap rails. but Chi
cago and Eastern Illinois. Erie
Minneapolis and ST. Louis. New
Haven. Seaboard Air Line. NJ. X. a.
t. new stock and Ann Arbor have
all doubled in price improvement ut
IN the standard railroad stocky.
while noteworthy. has been limited
in comparison with the boom which
So many Of the lesser lights have
enjoyed.
Although several OF the con.
tinental exchanges moved over z
comparatively wide range. no great
volume Of business was transact Il
and sterling remained firm. Fol
lowing weakness at London. which
appeared to. reflect the talk OF =
possible break between France and
nd over Genoa policies. francs
opened 10 points lower at s.2l cent.
Sufficient demand develorea here
however. TO carry the price Nm 20
S-ee cents. German marks mean
while dropped to o.34L Of a cent
and after recovering a point were
still on 2is points: on the dsv
sterling receded to Sl4eH. but the,
came back to s442%, which is |,
OF a cent higher than at the