Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-23
STOCKS MORE QUIET
BUT STILL NERVOUS
Some Covering by Shorts
Causes Gains = Late
Losses Are Severe.

NEW YORK. April 23.--While the
stock mark ct is still nervous and un-
settled. it IS gradually quieting down
from the excited erratic action of
the earlier days Of the week. Here
and there throughout the list there
were some sharp recoveries incident
70 the covering of shorts satisfied
with their profits, while there was
some demand from investors induced
by the very general character of the
drastic reaction.
Would-be investors find it rather
hard to get money from the banks for
stock purchases. indeed the banking
FRAT ernity seems to be using pressure
TO keep down activity. and the lead
ing brokers are not giving the en-
eou ragement to new commitments
that might be expected after the Sc
we're clean-out. 1t is stated. however.
that the bankers are giving some
support here and there where neces-
sary, and that they are more than
willing. 10 see the excitement quiet
down and the market move along in
less active manner. with smaller huc-
tuations incident to dizziness. until
after the monetary situation has been
relieved.
No Funds for Foreign Needs.
The federal reserve board announces
that government needs are not suff-
GENTLY satisfied and that there will be
no credit in the interest of foreign trade
for some time to come.
It is reported on the floor of the stock
exchange that large selling orders out
Of the west are being peddled out as the
market shows a little stiffness. which
would seem to confirm the theory that
the bullish fever is dying out in the
west.
Crippled Accounts Liquidated.
There were also evidences in today's
trading that many crippled accounts,
badly hurt but not smashed. were being
sold out by commission houses.
Also there was evidence that the bears
had overshOt their market in very few
stocks. with Replogle Steel. Ryan Sc
curity, being especially prominent in
this latter group. Odd lot traders re-
fused to take orders to sell small lots
of Replogle unless accompanied by the
stock or assurance that delivery could
be made in the regular order. not caring
to take chances OF repeating on a Stutz
proposition
The Strong Group.
The strong group OF stocks was
headed by Replogle' Steel. and includ-
ed American Locomotive. which ad-
vanced to 90 as. compared with a
baker Corporation, which rose nearly
points after soft opening; Lack
awanna Steel. with Q gain of Az
points, Vanadium Steel. with rs
Detterment. and some of the minor
indus trials, which, however, did not
attract much attention. Replogle was
the feature of the entire market with
a 6-point rally. Midvale Steel also
was strong at points gain
General Slight Recessions.
In the general list the market showed
slight to very moderate recessions. this
being the order of the first three hours
Of the morning session with regard to
the heretofore active specialties Cru
chile Steel lost a point or two, Steel
common fuctuated between 914 and 80.
holding around So at noon. General
Motors was at one time 81 points aft.
but recovered Stromberg gained IA:
Mexican Petroleum was point lower;
Press Steel Car, III off: Pierce Arrow
point off, while Republic Steel was weak
throughout the three hours, for a loss
of points. Sugars were fairly firm
The SUITS Case.
The committee formed to represent the
shorts in Stutz Motor, and Allan A.
Ryan have come to the parting of the
ways. a misunderstanding and qnes-
ton Of the power of the committee to
make any settlement or agreement and
a dispute as to whether MIR. Ryan had
actually made a price at which the
shorts might settle causing him to de-
clare that he would buy in stock to-
morrow for account of whom it might
concern" and that the shorts would
have to settle.