New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-09
Realizing Sales
Check Further
Rise i'm Market
Stocks i'm Heavy Demand in
Forenoon, w h en- New
Highs Are Established:
Unfavorable Crop Report

Speculative enthusiasm mounted
higher in the stock market for the first
half Of the exchange session yester-
day. On the early forward rush in
prices new tops were established by
many Of the leaders. Naturally tho
further rise, added to the almost I'M
broken advance since the beginning Of
the week, invited proft-taking. 1t was
mainly selling to take profits on tho
constructive side that caused the swift
and rather extended recession In prices
in the final hour Of trading. Offerings
for realizing purposes were extremely
heavy, serving to send prices Of many
issues off sharply from the earlier
highs. Still the market as q whole
closed higher despite considerable ir-
regularity. The trading element took
the recession as q matter of course.
Sentiment continued cheerful. the feel
ing being that 30 long as money con-
tinued In fair supply at current rates
strong market can be expected.
Two developments tended to en-
courage proht-takng after the two
days advance in prices The Street,
which heretofore has paid little at
tention to the strike Of railroad yard
men in the West, took more notice
Of this yesterday. when the news re-
ported the labor trouble to be spread
ing. At the same time the April
bulletin of the Department Of Agri-
culture left much to be desired both
as to condition Of the growing crop Of
winter wheat and the indicated Weld.
1t Is. Of course, too early to attempt
to forecast what the final outcome Of
the crop year will be. The govern
ment's figures, however suggest large
falling off IN winter wheat production
on the basis OF present factors. The
departm tents estimate puts the indi-
Gated yield Of winter wheat at 4S3,-
GIT, 900 bushels. This compares with
an actual harvest last year Of 731, C3B,-
900 bushels. The principal reason for
the indicated reduction in yield is
found In the greatly reduced acreage
The American farmer planted 11,700,-
than the preceding yeaE thereby re-
ducing the acreage to the smallest
total since the beginning Of the war
And to make matters worse from the
viewpoint Of production, the crop did
not winter well, the condition on the
! frst Of the present month being FAR
below the ten-year average However,
1t was only few years ago when a
0,0O0, 000-bushel crop was record
breaker.
: There were many wild price move
ments IN individual industrial stocks
yesterday. Stromberg Carburetor and
American Vanadium, whose advances
the. day before were one Of the mar
ket's features, kept up the perform
ance until the afternoon setback, when
they receded rapidly. The stronge st
group as a whole, however. comprised
the equipments. Baldwin Locomotive,
which Wall Street heard in ru-
NOR may profit from large
stock dividend, leaped into the van
early, when it rose close to $50. The
rise IN Baldwin set off a sympathetic
advance IN others of the group, notably
Pressed Steel Car. American Lomoco-
tive and American Car and Foundry.
Mexican oil shares joined the. move
ment on buying based upon expecta-
lions OF announcement of important
new well compilations. In the motor
group Hupp Motors, one of the low
priced shares, sprang into prominence
when it advanced several points on
heavy buying. Steel common displayed
early strength, getting above 107, but
dropped back swiftly at the close
Call money was in liberal supply at
6 per cent all day long. Offerings of
time funds were somewhat larger.
Bankers, however, said that no great
increase in the available supply Of
fixed date funds could be expected at
this time: The weekly statement of
the Bank of England showed no
further. large decrease in gold hold
lngs, which was assumed to indicate a
cessation in the gold movement in this
direction. In investment circles the Z
per cent rate on the new $4,000, 900
Pennsylvania Railroad ten-year colat-
eral bonds evoked SURPRISE