Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-24


bulls being beaten back time and
again. Nor did they regain their cour-
age more than sufficiently to make
feeble effort to stem tho bear raid un-
til Thursday, when they fought for
recognition and gave UP again on
Friday just before the closing Of the
session.
For the frst time since tho market
started on its long advance follow
Ing the decision Of tho Supreme
Court in the matter Of stock divi-
dends. the list hesitated, wavered and
yielded not by fractions. but by
points and tens Of points, this. too,
in the face Of some very important
financing operations that might sug-
gest the need OF keeping up strong
Whether 1t IL the elimination OF
the 1920 bull market. whether It pre-
sages the advent thus early In the
spring OF the summer dizziness ana
long period Of sagging prices remains
to be seen.
Money was not 30 much a factor on
the Immediate action Of the list. Tor
it was more or less freely offered at
and 7 to per cent. but. after all. II
was case Of going as Tar Win ths s
bull market as conditions "oulo
stand. of ignoring the real under
living facts Of labor unrest. advanc-
ing wages. advancing cost OF every
thing; Involving the uses OF money
TO such q vast amount that even tho
heavy imitation incident 70 the W"
was not suf1cient for the MAMIE
nance of the pace. and II had TO SLOW
down and slow down 1t did with a
vengeance.
Licuidntine Millions Of Liberties.
One of the real signs of the times
was evidenced in the rapid ilquloa-
ton and declining trend in the varl-
GUS iss.0of liberty bonds and Victory
notes.
It soon became evident to financial
interests that this was not tne sun h,,nA
fry over the country selling IT'S nun
dreds and it's thousands OF dollars OF
government bonds, and investigator
led to the development OF the Iac.
that great corporations, some OIL INC
very strongest of the great mus
trial so-calied trusts. were financing
themselves by liquidating liberties.
Investors, noticing the source OF the
Humiliation, held aloof. and the weight
of the heavy blocks OF bonos tnro"n
over caused the establishment OF ne"
low levels that made government rs
sues. partially tax free. ylelo petlel
than 6 per cent.
Government a Borrower.
Not only has the United states gov
eminent ceased to be lender OF mil
lions, but the shoe is on the other
foot and the government now is a
competitor with other borrowers. pay
ing the highest prices in years. u
per cent for six months accommoda-
tions.
Where proceeds Of financing have
been above ed by the Treasury Depart
ment to remain in banks and work
there during the period preceding It's
use in meeting appropriations the
proceeds to its credit on short order.
and needs are SO great that the Gus
tom of fifteen years standing OF re-
depositing District OF Columbia tax
funds with the banks Of Washington
for a few months until needed has
been abandoned.
No Time Funds.
At no time during the week have
call money rates been what might be
tain time money. manufacturers ana
retailers are making the same COM
plant and the exhaustion of credit
has given the bears all the best OF the
argument. 1t is not a case Of the
Stutz Motor corner smashing the mar
ket. but there is this similarity in the
developments incident thereto. that
the Northern Pacific corner and the
$1,000 a share, where Stutz might have
gone, knocked the finest bull market
out in 1901 and the Stutz matter pre-
coded by few days the collapse Of
the great stock dividend bull market
Of 1920.
The far west was a liquidator Of
stocks, indicating an end OF bullish
trend in that section. where 1t start
ed and where the most enthusiastic
support developed and continued for
some time.
small Hint OF support.
During the period Of the most Sc
we're declines, Monday. Tuesday and
Wednesday. there was small hint OF
anything like support, but on Thurs
day there was some evidence Of bank
ing support where It was sadly need
ed, resulting in q general checking
Of the decline and a quick rally for