Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-16
CLOSING IS FIRM;
MONEY 8PER CENT
Stock List Opens Strong,
Goes Off and Re-
covers.

covers.
NEW YORK. April IS (speciaD.-
The trading during the greater part
OF today's session was decidedly ac-
tive and well distributed through the
various industrial groups. to the
neglect of the rails. although some
of these showed an Improvement in
price as a result Of the generally i'm
proved sentiment on strike matters.
The best strength Of the three
morning hours was displayed at the
opening. but soon after the start the
trend changed and losses were gen
eral, although there were some stock
that maintained their firmness de-
spite the weakness elsewhere.
Money opened at 10 per cent, a high
initial rate, disappointing to the
street. as lower rates were look ed for
because Of yesterdays large pay
ments on account of semi annual in
terest on the fourth liberty loan.
Motors Display Bcst Tone.
Motor shares displayed better
strength than any other group. al
though Sugars gave a good account
of themselves. but the former group
moved up sharply while recassions
were in order elsewhere
The Sun this morning published an
article that may have had something
10 Go with this strong showing. de-
claring that General Motors would
probably raise additional funds by
the sale of $4,000, 900 or $4,000 600 Of
new certificates. which would be Of
fered to the shareholders at $40 a
share. with right to subscribe to 90
per cent OF their present holdings.
news service further helped the
market by the statement that Gen
eraf Motors would offer Pierce Arrow
shareholders one and one-ouarter
shares of General Motors 6 per cent
debenture stock for one share of
re ce-Arrow: also that the president
OF the company. now on his way back
from Europe. brings with him large
orders FOR motors
shares Move Up.
With this bunch of gossip it was
NOT surprising that the shares should
move up, the stock opening at 35S, ad-
vancing to 363 and then. on general
weakness. easing off to 359
PIERCE Arrow was 212 points higher
Chalmers firm, Studebaker weak and
Maxwell slow.
Metals Easier.
Metals and oils, which have fur
nished a large part of the specu-
latlve trading, reacted on the evil
dence OF closer money conditions and
on stop orders, but the weakness in
a few of the metals was offset by
the confident buying of Nanadium
and the strength displayed in Repo-
gle steel. although the reaction
caught the former hard and wiped
out all its advance of az points and
cut off Kepogle's gain to q. of
point
trucibie Steel gained points Re
public was firm enough early. but
dropped from 1l1s to 100 and re-
covered much of its loss. Steel com
mon was decidedly active between
range of 1858 to 1O4a.. with recov-
cry to 105 Il. a small fractional re-
cession. Bethlehem b lost y; Lacka-
wanna gained u.
Mexican Petroleum held its own in
great part. as did American and
Texas Oil, but they were rather soft
toward the noon hour.
Equipments Stendy.
Trading in the equipment shares
was fairly active, and the locomotive
stocks, American and Baldwin. man
aged to score and hold fairly good
gains-a point for the former and 2A
for the latter. Car Foundry sold Off
l1s. and Westinghouse fractionally.
while Air Brake was neglected.
miscellaneous shares.
Porto Rico Sugar, Beet Sugar and
Sugar were firm. especially the first
named, which advanced slightly. Corn
Products slightly easier.
Fruit stock gained nearly points,
Industrial Alcohol y. Can u, New
Haven. Union Pacific. Missouri Pacific
and Rock Island all bettered their
price a half point.
Trading Slowed Down.
In the noon hour the market slowed
down materially. entering the final
hour of the afternoon with very little
trading. comparatively, but with a
slightly improved sentiment.
Money Per Cent; Market Rallies.
Money advanced during the first
hour of the afternoon to II per cent.
and this had the effect of auieting
speculation. but when it again eased
off. this time to per cent, the whole
market rallied.
Shorts started covering their con-
tracts, and nearly everything on the
list made recoveries extending to
nearly the full extent of the earlier
declines and in many cases adding
fractions, so that many stocks closed
at new highs for the session.
United States Food made a new high
for the year at "a: Republic Iron and
Steel showed an improvement to III.
it's high for the session. while Vana-
dunn and Replogle steels closed near
the top.
The motors were slow but very
strong. Locomotives less active, with
no change in sentiment or trading in
the rails.
Liberty Bonds Lower.
With the exception Of the first Az
per cents. the various liberty issues
were Tower today with heavy selling.
Corporations continue to market hold
inpS bJIt the chief reason for the
downward trend is the high rate of
interest which the government,
through the Treasury Department, is
now forced to pay for money. ) to 5A
per cent. for exempt from all normal
tax certificates.
nAVRy MARK IIrrS