New-York tribune., 1920-04-30
Stocks Again Weak
AS Selling Orders
Press Upon Market
Further Decline Considered
Not Improbable; Brokers
Advise Caution; Indus
trial Issues Very Unsteady

The curve of speculative stock prices
swung lower in Wall Street yesterday
under pressure of aggressive selling
by the professional bears and liquida-
ton by discouraged holders of long
stock. The market displayed pro-
nounced weakness in the afternoon,
when prices fell away rapidly as SELL
ing orders poured in. Standard indus
trials lost anywhere from one to four
points on the decline, while the rails
also suffered a substantial setback.
The further reaction appeared to be
continuation of the movement begun
more than week ago, and which was
only temporarily halted by the rally
at the beginning of the current week.
The average price Of thirty industrial
stocks at 92.77 at the close was 21a
points under the low Of the preceding
week
The Street is in such a state of
mental depression as a result of the
failure of the market to hold that it
is not improbable the decline may
go still further. The majority of the
leading houses in the financial district
yesterday were advising customers to
tighten their commitments on the con-
structlve side until such time as the
outlook becomes more promising. Sell
ing OF stocks this week, as was the
case last week, has not been based
upon any special news developments.
Indeed, the most of the news from day
to day has been of q favorable char
scter. The trouble with the market
seems to be deep-seated and has to
90 rather with fundamental conditions.
In it's present mood the financial COM
munity is beginning to wonder whether
after. all the peak Of business expan-
sion has not been passed.
Many of the industrial specialties
enjoyed the thinnest kind of a market
yesterday, with the result that the
lily on comparatively light offerings.
Famous Players, for example, dropped
more than points on transactions of
less than 1000 shares. Efforts were
put forth again to depress Baldwin
Locomotive. which, after a fair display
of early strength, dropped in the after
noon to 109A. 1t was apparent that
professional traders working on the
bear side were trying hard to force
Steel common down in order to unset
tie the rest of the list and bring out
otONh' AHCy SuSCSSGIu 10 JNc extent OIL
pushing the market leader down to
937s which was we'll under the low
price made on the decline of last week
With Steel giving way, the other in
dustrials receded also Motor shares
were among the worst sufferers on the
reaction, the selling being based upon
unfavorable reports of the position of
the automobile manufacturing in
dustry. At the close there was a slight
rally, but even so the majority of
issues showed large net losses.
Borrowers in the call money market
had to pay as high as 10 per cent for
accommodate in the afternoon, which
added to the general gloom. The for
eign exchanges were irregular, with
sterling closing off, francs and lire act
ing somewhat better.
The weakness of the Far Eastern ex-
changes was an interesting develop.
ment in view of advices from the Coast
that S4,000,0o0 in gold had been taken
for export to China.
The Bank of Belgium yesterday
marked up it's discount rate from Az
to 51a per cent, bringing it more in
line with the prevailing rates in Eng
land and on the Continent.