New-York tribune., 1920-03-31
Stock Market Is.
Dull, but Resists
Selling Pressure
Professionals Work for Re-
action Without Much
Success; Call Money Goes
to 10 Per Gent at Close

There was little in the, movement Of
stock prices at the exchange yesterday
to indicate any important change in
the attitude of the interests guiding
the course of the market The price
movement was extremely irregular at
times, but through it all ran tone Of
strength which made it difficult for the
professional traders, who were plainly
working for lower prices to force much
of reaction. The market was thin
both ways and while it went down quite
easily at times it recovered Just as
easily. In the closing half hour fol-
lowing a period of slackness, when
prices tended to drift lower in desul-
tory fashion, the demand for stocks
from traders who had sold earlier in
the day in hopes of repurchasing at
active, causing prices to harden all
along the line. At the finish the tone
| was firm with many issues closing
above the final prices of the day be-
fore.
In many respects the market was the
dullest and most uninteresting session
! IN weeks. The only thing that enlivened
Ihe performance was continuation of
fireworks in Stutz Motors and Crucible
Steel the two high-priced issues that
nave been the sensation of. the market
for fortnight Both sold at new high
record levels yesterday. In the case
OF Stutz the price lamentations were
especially violent, the stock at one
time falling 10 points on two trans
actions only to recover the ground lost
on single transaction. Stutz gained
Al points net at $40. The steady climb
IN this stock has given rise to a variety
OF rumors, one of which yesterday
mentioned an impending private set
tlement by the Spectators who sold
the stock short more than a hundred
points below it's present quotation ana
who who have been severely squeezed by
the spectacular advance. General No
TORS common was strong spot most of
the day, although some Of the other
motors at times displayed a saggine
tendency. Steel common. one Of the
weak issues on the late decline on
.,,y M,onday, advanced early about point,
tn! then 10, lost most Of it's gain shortly after
midday, and rallied again at the close.
roo! operations reflected in number
OF the industrial specialties.
nervousness enEendered by fears of
another run UP in money served to
check buying in the fore part of the
session and stimulated the profess
slonal floor traders to increased ef-
AoAIS OIL inc SNORT side. When their
endeavors to force a. recession of anv
Importance met with little success.
aside from causing minor declines here
and there, the pressure from this
quarter lifted, whereupon prices gem
orally tended to recover. The firmine
up IN prices at the close occurred in
the face Of an advance in call money
to 10 per cent after renewals had been
made at per cent.
Again the market suffered from the
interruption in its wire connections
with the West; the damage done bv
the storm still seriously interfered
with communications to the interior.
1t was said tat the confusion caused
by the adoption of daylight saving in
New York, whereas the standard time
has been adhered to in most points in
the West, also was contributing fac
tor making for dullness. The change
in time has. also been factor in the
money market, since it momentarily
upset clearances between New York
and out-of-town banks.
The further decline in sterling ex-
change rates yesterday doubtless was
responsible in a measure for the more
cautious policy pursued by stock mar
ket speculat although the banking
view was that the recent recovery had
been so rapid and so pronounced as
to warrant setback. Sterling dropped
to around $685., where it showed a loss
of about 10 cents in the pound from
its recent high level.