Evening star., 1920-03-20
MARKET IS BROAD,
ACTIVE ARMSTRONG
BY STUART p. WEST.

Special Correspondent OF The Star.
WALL STREET. New York. March
20-Today's two-hour session was
some directions and new buying and
new short covering in others. The
defeat of the peace treaty had been
so thoroughly forecasted that it had
no effect, unless it might have been
the reaction of about cents in the
pound in sterling exchange.
After week of rapidly advancing
prices, a certain amount of hesitation
was altogether natural, and would
have occurred under any circum-
stances. But where a large part Of
the list was inclined to sell off under
realizing, the great strength displayed
in certain groups of stocks served to
prevent any important weakness. and
to keep attention focused upon the
possibilities of advance rather than
of decline.
The sensation Of the day was a ter
rife squeeze of the shorts in General
Motors. There was no reason for this
except the often quoted predictions
of those on the inside of the company
that the stock would ultimately reach
very much higher prices. These pre-
dictions were remembered as the
stock shot forward to 10 points al
most at time.
Motors and COppers Lead.
Naturally the short interest was thor
oughly intimidated in the other motors
and motor accessory shares. Thero
was rapid upturn in Strombers. Pierce
Arrow. Studebaker and the rest.
Next to the motors, the coppers pro-
vided the feature Of the day. following
the semi-official announcement that
probably. through the efforts OF the
Copper Export Association. arrange
ments would be made for the opening
of large credits to European buyers OF
the metal This was one of the most
important announcements. affecting not
only the copper trade. but the export
trade In general. that has been made at
all. and it is doubtful whether its full
Significance was appreciated in the
arket today.
Under cover of the rise in the motors
and coppers, speculative profits were
evidently being taken very freely else
where, but this was no more than the
normal selling that always occurs after
such swift and extensive upturn. 1t
indicated no serious change in sentiment.
General Motors in Limeifght.
The run-up in General Motors, which
continued today. was disceunting the
earning statement. which is due next
week and which will show at least
$50 a share earned on the stock. 1t is
also reported that the dividend rate
may be increased. A large short in
terest also has been trapped in the
stock, and, as has been usual lately.
this short interest is being given
terrible beating. The other motor
shares moved with General Motors.
There is renewed talk of General
Motors buying into Pierce Arrow. and
this was one of the reasons Tor the
advance in this stock.
D>-v~-V> Gf>>1 Rnn
Replogle Steel, which became active
in the late trading yesterday, but
which sold off for a time this morning,
is one of. the Schwab group, and is
closely identified with Vanadium Steel.
It's sudden run-up yesterday was based
on this, the stock moving in sympathy
with the advance in Vanadium.
. It is said that Replogle Steel owns
some Of the Vanadium stock. Replogle
is reorganiza tion Of the Wharton Steel
Company, and owns quite a large mine.
Coppers Are Active.
The copper shares became active at
the start today when it became
know n that steps were being taken to
extend credit on copper sales in very
large amounts to European manufac-
turers. Such an action was intimated
in this column recently when the out
look for the coppers was pointed OUT
as particularly bright. 1t is said that
the copper. interests identified with
the financing project are undoubtedly
those closely Identified with the Cop
per Export Association.
Representatives of the large French
manufacturers are in New York at
the present, time for the purpose of
much larger quantities than have
heretofore been required in that
country, If the necessary credits can
be secured