New-York tribune., 1920-04-08
Market Advance
Carries Further
On Heavy Trading
Many Stocks Make New
Highs for Movement;
Studebaker Leads Motors
Money at E Per Cent

Responding to the influence that
have supplied the main impulse tt
speculative operations since the frs
of the week, stocks advanced further
at the exchange yesterday in another
broad market. The rise in the indus
trial shares, for it was in this erd OF
the market that interest chiefly cen
tered, assumed large proportions il
many issues, particularly those spe
cial stocks of limited floating supply
which are peculiarly susceptible te
the manipulative efforts of professiona
pools. But the market was much more
Of the trading, dealings exceeded
million and half shares, indicated az
on the preceding day an increasing
outside interest. In the afternoon the
market met heavy profit taking sales
causing recessions from the earlier
highs.
That part of Wall Street given te
stock market trading appears to fee
that money will be in fairly abundant
supply for some days to come. 1t is
upon this assumption, and it seems te
be logical, in view of the steady in.
lux of gold from London, as we'll as
the curtailment of credit in many lines
of enterprise, that present operations
tor the advance in stock market prices
are being based. Moreover, the policy
of many of the large industrial cor.
porations in capitalizing their large
surpluses and declaring stock dividends
and the prospects that disbursements
OF this character will be increa singly
frequent in the next few months, have
become speculative factors of no NEAR
Importance. Yesterday, for example
the striking burst Of strength in Stude
baker Corporation shares. which surgeo
ahead more than 10 points, was the
markets reaction to the declaration OF
a $15,O00,O00 stock dividend by that
concern, and an announcement of s
100 per cent dividend in stock by the
international Motor Truck Company
resulted in a further sharp rise in its
many points in anticipation of this
development.
The best feature of the market yes
terday was the sustained firmness oil
tne standard shares. The strength ir
Steel common, which went ahead into
new nigh ground at 1073s, and in Other
seasoned issues saved the market from
becoming a runaway affair in certain
speclalties. AS it was, the sensationa
price swings i'll several stocks, notabl,
otromberg Carburetor and American
Vanadlum, which are supposed to be
under the control of the interests
which are dominant in Stutz Motors
created a rather unfavorable impress
SION. The predicament in Which the
shorts in Stutz Motors find themselves
as a result of the swift developments
OF recent days has doubtless served
not only to check short selling in GER
tain other stocks of this character. but
mas led to the covering of outstandinp
snort commitments. An interesting de
velopment IN connection with the whole
Stutz affair yesterday came in the re.
ports receiving widespread circulation
IN the financial district to the effect
that number of brokerage houses are
refusing to accept selling orders in GER
tain stocks where the customer is trad
ing on the short side.
The taking of S10,OO0,OO0 in gold for
export to Argentina yesterday was not
unexpected. The exchange rate be-
tween New York and Buenos Ayres has
lately been moving back to point that
would make possible a resumption OF
shipments. Loss of gold on export is
not the serious matter it was earlier in
the year, when outward shipments cut
INTO reserves. Now the importation of
gold from England is serving to offset
loss OF the metal on export. 1t is not
believed the movement to Argentine
Will reach. large proportions, particu-
larly in view Of the fact that there is
a s5O,0OO,000 Argentine loan maturing
here in May. Borrowers found an
ample supply of call money at 6 per
cent all day yesterday. 1t is under
stood that larger offerings of time
money may be looked for soon.