Evening star., 1920-04-01
STOCK PRICES SAG;
| PREHO[|DAY SALES
BY STUART p. WEST.

Special Correspondent OF The Star.
WALL STREET, n. Y, April L.
Very little significance attached to
today's business on the stock ex-
change. During the greater part of
the time the market had super
fetal appearance of heaviness, but
this was wholly the result of the de-
sire on the part of the active trading
element to clear up their accounts
prior to the three-day holiday
This speculative house cleaning IN
volved rather more selling out of long
stocks than covering of short. Con
sequently prices sagged of a point
or so before the holiday liquidation
came to an end. When it had Deen
completed the market hardened again
some of the high priced industrials.
like Crucible Steel. Texas Company
and Mexican Petroleum. were adverse
ly affected by the action OF the stoch
exchange governors in throwing Stutz
Motors off the trading list. Actually
there is no parallel between the Stutz
case and that of any of these other
stocks. But from temporary sehtl
mental standpoint the diSclplnlnS OF
the corner managers in Stutz might DC
considered significant as indicating
the attitude of the authorities in case
the squeezing of shorts in other close,
7 1y held high-priced induStrlaiS shouiu
become too severe.
Outside of these very high priced
stocks the reaction was moderate
Stocks like Baldwin Locomotive. Pan-
American and Republic Steel were
down at one time to 3 points but
the losses in the less speculative
members of the list at no stage eN-
ceeded a point. In view of the TACT
that speculative cliques were not par
= ticularly keen about doing anything
when confronted with so long sus-
pension of business and in view OF the
traditional dislike OF all classes oi
spectators to go in for any new ven
lures on the eve OF a hohuay Tue
market stood up very well.
In way il was quite test OF the
speculative position. On similar oc-
casious in the past where there ma
been any structural weakness Withih
the market severe breaks have oc.
Cured The fact that prices went on
so little and that trading grew very
dull on the decline was pretty cIear
proof of strength.
Some Points of Strength.
While the greater part OF the iist
lost ground in the early part OF the
day which il did not altogether make
mn later there was some persistent
individual points of strength through
out The low-priced oils were IN De
mand, especially Caddo and PIERCE oli-
Columbia Graphophone was bid UP on
the company and the Victor talking
machine. Also there was talk OF a
cash dividend
Sugar stocks were very strong. fol-
lowing the publication of a statement
that this years Cuban crop would be
short, thereby suggesting still higher
prices for the commodity United
States Realty made better response
than it has yet done to the highly IA
vorable analysis of the company's
earnings and prospects. in view of the
further increase in rentals that will
occur after May I.
The stock reached new high,
crossing Co.
There was enough covering and
fresh buying in the last two hours to
make good the greater part of the
morning losses. 1t was significant
that activity increased with the turn
for the better. In. view of the fact
that the borrowing had to be done
for a three-day period the money
market was very comfortable The
general opinion has been that the re-
newal rate would be up. as it turn
ed out it was fixed at per cent. the
same as On previous days. Most of
s the new borrowing was done at
per cent also.