Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-13
ST0CKS0PENW WEAK,
WITH REcOVER|ES
First Hour Losses Partially
, Wiped 0ut-Sentiment
! Bearish-FeW Gains.

NEW YORK. May 13.-With the in
itial transactions lower levels pre-
vailed and the feeling around brokers
offices and in the financial section wa:
tinged with gloom. with short sellers
showing more or less Indifference al
to their commitments, and with the
covering movement at no time during
the frst hour ut all commensurate
with the opportunities for taking in
profits.
Prices which are At least bargain
counter figures. compared with those
current four or i've weeks ago. have
failed entirely to stimulate the usual
buying that attends on declines. Bar
gain hunters frequent customers
rooms. but they are made cautious by
the multiplicity of precautionary sig
nails and the character Of the news
in the daily press.
Leading OPERATION Views.
C. A. Morse says: News OF the
morning 10 bearish. and l expect no
increase in activity and see no reason
why there should be any important
change in prices this week. The new
outbreak Of railroad labor in the
Pittsburgh district seems purely local
and may be controlled by the organi- :
zation. These things tend to further
unsettle confidence. The money mar
ket will be closely watched and 1t Is
probable that the average Of rates
for the balance of the week will be
high. :.
THE American Wooden underwrit-
ing ia understood to be going on very
financial assurance is costly for every
body"
George w. Summers-"No doubt in
dustries are slowing down and out
. put materially reduced from made
quate transportation. One must not
forget that the market has discounted
the adverse factors in this situation
to q large extent. and 1t IL now time
10 think Of discounting labor settle
ment and recovery of other aues-
TONS"
Logan & Bryan-"Although oils and
steels, as a class. seem to be about
the only securities that market fol-
lowers are paying any attention to: 1t
would stiil seem the part Of caution
TO be careful regarding new commit
ments."
Moler-"such rallies as the market
has had lately have been mainly at
the expense Of the short side or from
certain interests that are working to
advance special stocks. such As Mexi-
can Petroleum and Pan-American
Petroleum. Therefore, 1t still looks
AS il fresh purchases Of stocks. gen.
orally speaking. can be made at bet
money situation eases up materially"
Losses In First Hour.
Losses in the first hour extended to
to points. on an irregular aver.
age. Crucible Steel was of SH. Steel
common about q point. Republic 2
points, Lackawanna Steel. az: Mexi-
can Petroleum, 2k; Chalmers. ~;
cif1c. . point, and other rails y to q
on an average. American Sugar lost
a point.
other stocks throughout the list lost
motors and equipments furnished two
thirds OF the business recorded.
Better Feeling.
Money opened at 3 per cent.
In the second hour Of the session .
better feeling developed. Considerable
buying was noticed In the various steels.
with sharp recoveries that more than
made up the losses earlier in tho ses-
SION s,h,,, In. = -, : - ..s =
an extent in the betterment. while the
efforts Of the trading element back Of
Mexican Pete and Baldwin gave these
stocks some strength. -
The rails were just etsAdier, but the
movement In this group was by no
means Important At any period during
the day.
When the bears seussd the recovery
they reduced their pressure. and the
market gradually became moro quiet.
During the first hour. $4,000 shares
changed hands and In the second hour
but $4,000. with probably smaller sales
in the noon hour where trading relaxed
very materially.
The ReeevsIies.
Crucible Steel led the steels in their
rebound. with an advance to 1854.
as compared with 1851 for low and
1856 yesterdays final close. United
States Steel came back to 93E as
compared to s24s. the low of the ses-
sion. Replogle actually gained u. but
did not hold Its full betterment. Vana-
dunn recovered its loss. but Bethie-
hem b. Republic and Lackawanna did
not fully recover.
Mexican Petroleum gained q point
net. Pan American u and Texas OIL
most OF It's loss. Standard OIL Of New
Jersey sold down is points.
The best gain was In Atlantic Gulf.
; points. but Marine preferred was
lower
Motors without exception were soft.
Chalmers losing ~ points. Pierce
Arrow N and General Motors y. while
Studebaker held around ION.
Porto Rico and American sugars were
soft. but American Beet was drmef.