Evening star., 1920-04-20
WALL STREET LIST
UNDER PRESSURE
Severe Losses Sustained,
With Bears in Control.
Closing Near Low.

Closing Near Low.
NEW YORK, April 2o.-The highly
speculative stocks that have domi-
mated the market for months. since
the advent Of the stock dividend de-
cision, were again under the hammer
today and they were pounded very
hard. especially during the two first
hours o. the session.
Motors. Baldwin Locomotive. the
steels. the speculative oils were the
features the bears pressing In the
raid. while the exhaustion Of margins
and the calls for further margins and
the constant reaching Of stop-loss ar
ders turned the market into very
nervous condition from which there
was little. If any. potent rally during
the morning hours.
Money opened at per cent. and
there seemed to be fair offerings. but
the street will not take an optimistic
opinion OF the money situation so long
as the government is a borrower and
bdddindg rates up, while liberty bonds
continue slow. 1t is generally ad-
mitted that many banks have redis-
counted and rediscounted, using lib
critics and certificates as surety, plac-
ing their funds in stocks at the going
high rates. until it is considered
likely that they Will now be forced to
reduce their discounts.
The elimination of large short in
terest in the last few days left the
market without this speculative sup
port. but through yesterdays and to-
days raids this lacking element has
been replaced and may cause rally
when the bears start to take their
profits.
Distribute Long Holdings.
The weakness in the specially ac-
tive stocks affected the entire market
to a greater or lesser degree. 1t
caused taking of profits where there
were any left and general distribu-
ton Of long stock.
one of the oldest brokerage con-
Germs expressed doubt as to whether
the market would be allowed to
break much further with the large
financing operations underway.
Around 10 O'Clock the market pre-
sented a demoraliZed appearance, and
then the selling lessened little as
buying orders at better levels seemed
to increase.
The japanese unsettlement was
given consideration and was an in
fiuencc. even If minor one, on our
market.
SIN Talk Extra Disbursements.
Despite the prevalent depression.
there was no lack of talk concerning
possible disbursements for the benefit
of shareholders. Attention was called
to the fact that United States Steel
now has working capital OF more
than six times its net income. Bethle-
hem more than five times. Midvale
nearly nine times. Republic Iron and
Steel eleven times and Crucible steel
about four times. 1t is considered
that Republic Iron and Steel has one
third more working capital than need
ed. and this fact is made the basis OF
extra disbursement gossip.
Each of these companies is strongly
fortified against any possible poor
business condition.
ditions under which the steel Corpora
ton is operating caused a cessation
of talk of anything extra on Steel
common next week. when the direc-
tors meet to take action on the divi-
dend.
favorable. Liberty bonds.
with the exception of the first 3 u S.
acted we'll. but the opportunities for
even higher interest on taXfree is
sues or with the tax features caused
a shifting of investments.
At Noon, Money Per Cent.
At noon money dropped to per
cent. a sufficient fact to have stopped
a decline 4 few days ago. and 1t was
helpful in bringing about a small
rally. but did not go far before the
end of that hour.
Action in the Steels.
Crucible Steel. which closed yester-
day at 256, opened at 252 and dropped
to 2411s, coming back to 247la. Re
public opened at 1914, a point off,
sold to 1854 and recovered to 1863
Lackawanna was off points and
Steel common to 1la. Repogle
opened at 65is and dropped to 60A :.
rally.ng to 60s., as compared with
66is. Yesterdays final.
Declines of = points We're sustained
in Air Brake. Baldwin Locomotive
was over 4 points lower
Mexican Petroleum lost points
Pan American Oil 4 points and Stand
ard Oil of New Jersey 10 points.
Naturally the motors Joined in the
downward trend. General Motors off
l6 points. Studebaker points, Pierce
Arrow and Stromberg Carbureter s
points.
Sugar shares while presenting con-
siderable opposition to bea: attempts.
were soft. American sugar yielded 8
points and Porto Rico 2.
MiscellaneuOs Market
The market for miscellaneous
shares was off 1 to points. The
rails, while not sharing In the ad-
vance, yielded from one-half to one
point losses; Columbia Graphophone
Co dropped to As. Sumatra Tobacco
declined 10 points. while Fruit and
Woolen were among the weak shares
Of the list.
Stutz Announcement.
Allen A. Ryan announced that he
would postpone further buying In of
f,,t1 t,1N n hn <.f
shorts until tomorrow as he under
stood a protective committee had
been formed.