Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-12
INDUSTR|ALL|ST|S
:TWOPO|NTSL0WER
Few Stocks Firmer-Money
and Readjustment Factors.
Support Lacking.

NEW YORK. May 12.-Wan street
repeated the sluggish. downward
trend again today. the toboggan being
ment of an issue of certificates of in
debtedness bearing 51s per cent inter-
est. the highest rate yet paid since
the civil war times. when even higher
than this figure prevailed.
Money opened at per cent on Wall
street, and the bears again took the
hit in their teeth and gave the list
a shaking for an average concession
of nearly points. restricted in some
of the better supported stocks to but
point.
Market observers and commentators
predicted that bedrock must be
nearly reached" They based their
predictions on the fact that most of
the accounts now on brokers' books
are paid for, and that the great bulk
of margined transactions has been
closed out.
Government withdrew some S20.00O,-
900 from banks in this city yesterday.
and this was responsible for the fur
ry and the ease with which the entire
list sagged yesterday afternoon.
Support Is Lacking.
There is no support to the market.
A little short covering may bring
a fractional recovery. but there is
no accumulation of stock going on.
even at the prevailing low prices.
and the market has done nothing TO
speak of but sag for the last four
weeks.
Brokers' offices were crowded with
Interested spectators this morning.
many so1d-out bulls being noticed in
the crowds. evidently studying the
situation and with equally evident
est encouragement. such as a sus-
tanned rise for a day or two. or urg-
ing from brokers. who are not taking
any definite stand at this time.
With sentiment continually pessl-
mistic, the short interest is extend
ing itself, and therein may be the
hope for a quick rally on any good
news or on the killing of the pro-
posed bonus bill with added taxation.
Commercial Factors.
Railroad partial paralysis is being
blamed more just at the present time
for the industrial slump than money
or labor troubles. many manuta &C.
cars to ship in their raw product
or cars in which to ship finished
production.
Fears are expressed that the tie-up
may lead to poor quarterly state,
ments for the first three months and
for six months of the year. while
the economic streak just making
itself felt. proba bly, more among men
than women, is causing many can
cellations of orders, more noticeable
in the textile than in other trades.
Another sign that reimbursement Is
we'll under way is found in the prom
Use of speedy delivery of goods and
in the efforts of various wholesalers
and retailers to justify themselves
in the sight of the people in the mat
ter Of profits made.
Think Only Of Small Gains.
Brokers and commission houses
speak Of probable purchases OF stock
with a view "of taking small profits.
and not for an extended turn.
They advise only seasoned stock
purchases on declines. steels, the pet
ter oils. railroads and marines.
For a time this morning the mar
ket rallied. and. under the leadership
Of Atlantic Gulf. Baldwin. Crucible
Steel and some other stocks. moved
up sharply. but before the end OF the
first hour the turn had come.
The big men of the street-if there
are any left-seem to. have Aban-
doned the market to its fate in
stead Of accommodating stocks. as they
formerly did in the good old days OF
Morgan, Hartman. Hill, Vanderbilt
and others of their ilk-
Crucible steel held part OF its ad-
vance into the noon hour. and 80
did Baldwin Locomotive and Mexican
Petroleum make recovery, but other
industrials averaged 2 points decline
and the rails were fractionally to q
point off.