The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-05-20
Stock Market Notes,

ttulIeu ITSSS LedSeu wire SeTVlCe.
! NEW YORK, May 20.-Stocks con.
tinued their downward course when
the market opened today.
| Central Leather opened at 63k, off
| rs; Crucible 1917 Off IN; Southern
Pacific 81, unchanged; Pan-Amercan
Petroleum 90, Off IL; Baldwin 1861,
off IL; U. S. Steel .9OA off Is; U. S.
Rubber SO, off /; Republic Steel S5k,
off l; Corn Products 80, up a; Cana
dian Pacific 10, off "a; Studcbaker
601a, off IN; U. r. Stores 70, off IL;
Mexican Petroleum 165, off a Ameri-
can Wooden SO, off "a.
It was evident that the bears were
still in the full swing OF their drive
and motors, steel, leather and shoe
stocks were hit hard at the opening
A few minutes after the opening, Steel
common sold down to 80. Crucible
after opening down IL to 1877, drop
ped to 125. In the motor group
Pierce-Arrow lost Il to As. Oils were
hit somewhat less than the other
stocks, but all of them suffered.
The fall of commodity prices, high
banking rates and the disorga IMITATION
of transportation were still the bear
arguments. The fall in retail prices
were especially affecting the leather,
shoe and wooden stocks, while the
steels suffered more from the trans
portation disturbances. 1t was stated
on the street that there has been con-
siderable buying at present levels by
men connected with the investment
department of a number of New York
banks. At the same time there was
no organized resistance to the bear
drive and bankers were simply picking
up these stocks as the market fell.
Traders believed that the letter Of
Secretary of Treasurer Houston. OPP
posing soldiers bonus bill in any form
might remove one cause of the present
financial uneasiness.
The market during the first three
quarters of an hour showed little dis
tinct trend one way or another. Steel
after being forced below go, went back
to 91A while Studebaker recovered
nearly two points from the opening
There was some evidence during the
second hour that some lines had been
oversold and that recovery might
be expected.
Another drive on prices around noon
carried down some of the list, taking
Steel common below 80, but little
stock appeared on this drive and the
rebound was even sharper than in the
early morning.
Money on call was plentiful.
1t was said in the street that bar
gains throughout the country have
resulted in the release of millions of
dollars that have been either tied up
or boarded by the working classes
Supply money on the New York
stock exchange was greatly in excess
of demand.
The market closed higher.
The stock market had a sharp rally
during the last half hour, which car
ried prices from two to six points
above the low of the morning. Steel
common got back to 915s, after an
early low at 1878. Studebaker raj
lied over three points and Pierce Ar
row over two points. Mexican Pc
troleum, after an early low of 1641a,
sold up to 170A.
The market was affected by the feel
ing that the amendment adopted this
afternoon on the soldier bonus bill at
Washington made the bill difficult of
passage. This bill has been regarded
as menacing to the stock market and
today's action sent stocks up. There
was also considerable profit taking
by shorts.
The total sales today were 1882, 100
shares.
Call money ruled most of the day at
seven per cent but closed at six.
Closing prices were:
Z. s. Steel 80, up 1ss; Baldwin
1922. UP 21a; Pan-Amercan 95, up
~; Studebaker 63, off Il: U. S. Rub
Der 80, UP 2; Central Leather 81, off
I: U. R. Stores TN. unchanged;
Reading S11a, UP l.; Republic Steel
S75s, up Is; Mexican Petroleum ITO,
up Az: Royal Dutch 112, unchanged;
General Motors 25ss. off u; American
Wooden 1904, off IL; Corn Products
90A up :: Cuban American Sugar
E9I4 up GA; Southern Pacific 92, up
!.