Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-14
MARKET |SF|RMER,
WITH TRAD|NGL|GHT
SteeIs, Oils and Locomotive
Shares Set Pace in Early
Advance.

NEW YORK. May 14.-For the bet
ter part of the first hour the stock
market was active and strong. showing
a better tone than for DAYS n1st As I'M
market passed into the second hour there
were numerous reactions. with a grad
nal lessening of the volume of business.
which was even more patent in the noon
hour
News of the morning was no less
promising in character than it has been
for weeks but the oversold condition
Of the market seemed to cause some
little uneasiness on the part of shorts
especially where resistance developed TO
the bear raids during the last few ses-
sions.
The steels other than United States
Steel common and Bethlehem B. the
oils Baldwin and American Locomotive
were the especial firm stocks and their
Gains extended from one to two points.
Bethlehem b was vulnerohe with IT'S
new financing and showed loss OF
point, while Steel common fiuctuated ire
Quently within narrow range, never
more than fractional
Wall street Gossip.
"A prominent stock exchange nrn
sizes UP the situation thus: Loans 10
brokers' are AT q Tli.itlfufit INV i't'''''
pools are still long of stocks; ther"
is a large short interest outstandins;
economy is certain to modify the
credit strain soon. while eforts 10
break transportation strain are pc
coming widespread. Commodity prices
are gradually d-onning. therefore
the market is in : position to rally
sharply on favorat.. news"
Moler: stocks were bid up on the
oyersold condition of the market and
with a view of driving shorts in. me
Doheny interests are credited WIZ
, continued activity in MeS'can ,s ana
APan-American petroleunns- Jesse
Liyermore bought some stocks yes
terday afternoon and has been taking
on more, mainly on the market
technical position
From Detroit comes pesslnh--nc re
ports as to the supply OF materialS
available for the big au Hanoblle rae
tories. the statement being made thas
shutdowns will he in old.f Witn.h 4
week unless the blockade is hl'ed.
About $1,000 men are unemployed now
because of enforced s.i..,s;" IS ms ~,
IN in addition to 10000 loie III 'he
building trades.
Rail and Food Shares Slow.
There was very li.tie demand for
rail shares. and here the advances
were comparatively lish.. averag ng
q to J. of a point IN Union Pac:hc,
Rock Island, Missouri. Pacific. s. Paul
and Baltimore and Chic. y A!Ie CAesa-
peake and Ohio showed :, gain of
full point Reading was g better.
The street expects and awaits with
considerable interest news from
Washington to the effect that freight
rates have been materially advanced
and is inclined to the belief that such
action would be followed by recov-
cry in prices and driving of shorts
70 The defeat OF the nOnltS
meaaure would also be bull argu-
ment, but neither is assured for the
near future.
Action In Steels.
Crucible Steel was high for the
morning at 1857. a "a point gain. OF
which points were nlalntalned Ike
public Iron and Steel was high at
points advance and held Is; Repiosie
gained and held Is betterment: Va
nadium gained a point. Bethlehem y
lost a point and Steel common moved
up "a.
Other Improvements.
Baldwin Locomotive was 2so better
and American Locomotive point.
Chalmers Motors advanced to 1881. as
compared with closing at 1905. and
reacted a point; Studebaker held
Motors and Stromberg Carburetor
were soft.
1873 during the first hour of the SEES
1917 during the first hour of the ess-
sion and then eased to ISL; Pan-Amer-
ican gained and held l point
The miscellaneous list attracted
very little attention.
Trading Quiets Down.
Going into the final hour of the ses-
sion. the market was practically stand
ing still, with the most narrow price
changes as compared with the second
/, hour of the morning. For the first
three hours of the session the total
sales were but 31S.010 shares. This
fact emphasizes the extremely narrow
market.