Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-06
ONLY LIGHT TRADE
IN STOCK MARKET
Prices Show Some Improve.
ment, But No Radical
Changes.

OF the country. with the financing
yet to be put through by the great
industrial corporations. is given con-
sideration. On top Of this is the out
in the matter Of the soldiers bonus
taxation and the attitude Of the Fed
eral Reserve Board against expansion
and in favor of contraction.
Coupled with these brakes upon
speculation Is the attention now being
given to union labor. with special ref
erence to the strikes that have tied
up large amounts Of food and mer-
chandise at the western gatev-v:... Of
and credit.
1t developed today that the squirt
in the closing hour yesterday was
due to the covering Of contracts by
Jesse Livermore. one of the leading
the last thirty days a bear operating
very heavily on the short side of the
market, with excellence recompense
He has decided to abandon the mar
ket for a time. and will shortly leave
for Europe on one Of his periodical
trips.
In preparation. he started in to
close all contracts yesterday. the re-
suit being that the bears. recogniz-
ing the movement. at once did their
hest to make it hard for him to get
under cover. the result being the sharp
rally then current.
Trading Relatively Light.
Trading this morning was relative
1y light. During the first hour there
was a fair movement. but thereafter
until the noon hour it was slow and
price changes were of small sisnif-
canoe. Many of the earlier gains
were greatly shaded and some wiped
out entirely.
The equipments were among the
strongest stocks on the list. as it is
recognized that the railroads must
spend huge sums of money in reha-
lean Locomotive. with an advance of
a point, and Baldwin Locomotive. with
.-point gain to 1870 were among the
firm stocks In the list.
The rails also showed betterment.
extending In the case of Atchison,
Chicago and Northwestern. Canadian
Pacific, New York Central. Southern
Railway and some other rails to q
to ~ points.
steels Fairly Firm.
In the steel group Crucible showed
the best strength advancing to 1854.
hut not holding the full Az points
rise. Bethlehem acted the same way
was higher early and soft later.
Eepogle eel gained point and lost
most of !
The statement is made that a combi-
nation Of the Independent steel COM
panies is practically assured and that
being considered.
Motors Show Small Changes.
General Motors stock. with 800 a
share value. has been eliminated from
the stock exchange list and here
after trading will be in the no-par
value shares. These showed no i'm
portant change. Studebaker devel-
oped firmness early. but later had
about all it could do to keep on an
even keel. Chalmers. on the delay
in the Maxwel1-Chalmers combination
to August 1. was somewhat lower.
Pierce-Arrow showed slight change
for the better.
Oil stocks were inclined to weak
ness. Royal Dutch was a point low
er. Mexican Petroleum. fractionally
easier: Pan America, unchanged. and
She'll Transport, firmer. Texas Oil
was off points.
New Cars Coming.
Announcement was made OF the
intention of the General Motors Conn
pany to manufacture q new medium
weight. four-cylinder model car and
an eight-cylinder commercial car.
lighter than the Cadillac. During the
next two years the company plans
struction Of new buildings and will
employ from 5000 to 5000 additional
men. No price has been determined
upon the new cars.
The Maxwell-C Cha liners combination
is likely to draw on the financial
by the issue of this amount of per
cent notes. instead Of the 100000
as originally planned.
watching Warrington.
The entire financial community is
closely watching Washington. They
are watching the so-called bonus tax
plans and the plea Of the railroads
for higher freight rates. 1t is ex-
bected that the increased rates will
be effective about the time the fed
cral guarantee eNpires-that is, the
guarantee of operating income.
Market Slow. steadier.
Entering the second hour Of the
afternoon the market was somewhat
better as to undertone. some few frac-
,ional recoveres being scored. but
there was no radical change in senti-
nient. nor material increase in the
sction. II
Can. Corn Products. Central Leather
and Paper were among the strongest
. stocks in the miscellaneous list.
Ryan Denies Interest in Reploxle.
ALLAN a. Ryan. chairman Of the
Stutz Motor Car Company. who was
prominently mentioned in connection
!th the dHAlES OF tndt corporation IN
the so-called corner in its stock and
the later settlement, Of tne numerous
shorts at 1895 share. has addressed
communication to the members
committee of the exchange in con-
rectlon with transactions In Replogle
steel shares. now under inve0. igation.
II has generally been believed that
this was another favorite of Allan 4.
Ryan. but In his reply TO Secretary
COX Of the committee he gives en-
phatic denial to any interest what
foeTer In the corporation
Mr.. Ryan, who resigned from the
han8e. answered the query of the
Ia stigatinG committee as follows:
While do not consider that you
iaN' ne right To require this infor-
matt. ofa my firm, still in View of
the 4; I that my name has been pub
1t"lS laked with this stock and with
YOUR inquiry, wish YOU and the pub
lie generally to know that tlere is
not the slightest basis or foundation
for any such connection.
Il was not associated in any capac-
'lty with fiotatIon of the Replogle
steel Company and had nothing to 90
with sale o" purchase of its shares
either at that time or subsequently,
J have neve- bought or sold a single
share of its stock. either for my per-
&onal account or that Of my firm and
= have no interest Whatsoever direct.
iv or indirectly. In the Eeplogle Steel
company OF is shares, or in any oper-
stions connected with the same
Marines to the Fore.
In ;hc Anal hour JIe ina rket gen.
r!a!ly developed weakness and most
Of the earlier gains OF IL. day were
wiped out with some moderate addi-
;ronsl declines. Baldwin Locomotive
ding off points. Steel slumping TO
: -. Practically everything else on the
ISL shared in the weakness but the
marines