Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-27
STOCKS ARE SOFT
IN THE LAST HOUR
Proposed Retroactive Tax
Brake on Advance-coaI-
: ers Are Strong Features.

erS Are Strong featureS.
NEW YORK. April 27.-sentiment II
Nock market circles was again some
what improved. but in bankisg com
,nunit,e. caution and carefulness were
advised.
stocks were generally better. thu
haars v,ere not making any really ag'
rressiye attempts to take controi AGAIN
while in some instances shorts covere.
contracts upon which prohts mao beei
more or less abbreviated a.,
Bull operators are eoun u tbe ." stee
Corporation this afternoon to furnisi
new impetus to help along the dlspia!
OF strength made so far this week Tnert
are even some reports that an ex.ts
dividend may be declared. although ,nl.
report, which expresses hope OF eitne'
cash. stock or some other form OF ad
ditional payment. is not gwen mucf
credence BY well informed people
II /. noted by close observers tina,
Yesterdays turn to the rails DEVELOPS
even before the Reading decision, when
whiIe adverse TO Readings interests
is taken as big bull card by the stree
in that II indicates that these valuable
properties will be distributed in some
way. but the trend to the railroads
kwas aided by the Reaaing ; aee,"oh' al
Money is temporarily easier and may
be a factor in continuing strength. a.
though there was some evidence OF
profit taking on the long side here and
there throughout the list
Indu.trisis Are Pacemakers.
While there is n distinct betterment
in rails the fact that heavy financing
IS necessary to put roads in GOOD con-
dition for full service has caused the
speculative contingent to continue their
favoritism toward operations in the m
tlustrials, with most of the business con-
fined to the groups that have been TO
the fore all year-motors, oils. steels ana
equipments, with the sugars secondary
in interest.
Wall street received the reported in
tenfion of Congress to finance the sol
diers' bonus via a retroactive tax on
tar profits of so per cent with more
OF less dissatisfaction. the feeling
being engendered that retroactive
legislation was unjust and distinct
hardship. Exchange was also weak
and the two together put some STUN
bling blocks in the earlier advancing
trend of the market. which were. how
ever knocked from under during the
second hour OF the morning, when
recoveries OF earlier losses were made
not early declines In the list. but par
tial reactions on the early advances.
Aetson In Motors.
General Motors started the session
with an advance. and made il points
before reacting. and then came strong
Again. The high was 3a4. Pierce Arrow
WAS moderately active between SO u
10 81 a to the high again: Studebaksr
showed less strength. huctuatins
around. ia TO 11.N to az. a. com
pared WITH IleN, yesterdays closing
Stromberg C&rouretcr was soft for
some fAAson,a losing Il point. while
Rubber waAs13s higher. This group
was materially affected by the pro-
posed retroactive tax.
Equfpnenes 0enera1iy Higher.
Equipments were generally higher
with the rails. American Locomotive
gained IN points and held the ad-
vance: Baldwin. while OF point early
recovered this and an additional 1 Il
Air Brake WAS one of the firmes. In
this group, holding as points ad-
vance, while Car Foundry moved UT
better than a point. Other equipment
shares developed more or less strength
while being less active.
soae sseeIs Higher.
crucibie Steel up to 241h. but re-
held aSpoinf gain with some irregu-
larity. United States Steel was barely
steady, fractional changes being the
order Of the morning hours, and Beth
lehem acted in the same manner.
Lackawana Steel and Iron showed
about the only real weakness in the
group. going on is points. probably
Influenced by the Reading decision
Replogle Steel was off a point early,
but recovered the decline ana then
advanced nearly 3is points. while
Vanadium was Ia better.
Miscellaneous List.
In the MISCELLANEOUS list Liggett &
Myers Tobacco gained 4 points. Paper
preferred nearly points and Hide
& Leather preferred 2 points.
Oils were generally strong. with the
pools buying. while sugars, other than
beet sugar, which advanced fraction
ally, were steady.
ssne MIG nail Gains.
Reading added to its advance Of yes.
terday to the extent Of three points
while many Of the related stocks did
better. the first and second preferred
scoring 8 points advance. The coalers
Jersey Central. Delaware and Hudson
Delaware. Lackawanna and Western
Baltimore and Ohio was firfTfer or
reported participation to an extent In
Reading shares. New York Central
] to 2 points higher. and other rails
fractionaliy higher.
Weak II Last Hssr.
- The activity in the rails showed al
3appreciable diminution after midday
and through the first hour Of the aft.
ernoon trading let up through the en-
tire list with slight reactionary trend
which at I 40 began to. develop into
more positive weakness and by tn,
middle of the final hour the whole lisl
was sliding down scale with Gain.
practically wiped out and in man,
cases additional losses sustained. thi.
despite the reported intention Of Lon
don to resume the export Of gold t.
the United states in another attemp,
10 stabilize exchange. demand sterling
having gone off to 1917.
1t was reported that as mitch as sac,
100000 gold might come this way.
Crucitle steel was of to 237, Genera
Motors to 30s. Baldwin to 11HA. Van
adium to s0A. Rep.ogle to SOS. Steel t.
91L and all other stocks Off in Xix.