New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-10
Market Yields
Under Pressure;
Money at l0P.C.
Sudden Jump in Call Rate
in Close Upsets Specu-
lative Calculations; More
Time Money Is Offered

Yesterdays stock market developed
into two-sded affair, with the ma
jority of shares showing net gains at
After early strength it ran into heavy
realizing sales, which impaired high
degree of irregularity to the price
range. The whole market performance
plainly indicated desire on the part
OF speculative operators to tighten
their commitments in view Of current
uncertainties, particularly the railway
labor situation, which suggests un-
pleasant possibilities, to say the least.
Much to the surprise of the stock
market following there occurred
tightening up of the call money posi-
ton in the final hour which helped the
trading element to arrive at it's de-
newed at per cent, the same rate as
on the two preceding days, and the
Street was proceeding on the assump-
ton that easy money would continue
for some days to come. But in the
final hour, without warning, the avail
able supply of call funds suddenly
contracted, compelling borrowers al the
exchange to pay as high as 10 per cent
for accommodation. This was the clos
ing rate. The Street found it difficult
to explain the sudden furry in call
money, and 1t led to the belief in some
quarters that the weekly bank state
ments to-day would not be favorable
as had been generally anticipated
The rise in the call rate did not fit
in we'll with the developments in the
market for collateral time loans. It
is understood that loans amounting to
s5,00O,o00 in the aggregate, running
for periods of thirty to ninety days,
were obtained by Stock Exchange Dor
rowers yesterday. Bankers are said to
look for period of moderate ease in
money for several weeks to come. An
officer in one of the largest Wall Street
lending institutions is Of the opinion
that, aside from slight hurres in call
money, no serious stringency may be
looked for again before next autumn,
when the crop-moving demands have
to be met. Another consignment of
gold, approximating S10,000,0O0, ar
rived here from London yesterday,
bringing the total on the movement
close to $50, 100000.
Equipment and steel shares were
about the strongest groups in yester-
days irregular stock market. When
signs of giving way under pressure of
ment issues and steel shares offered
strong resistance and closed firm.
Baldwin Locomotive for a time in the
afternoon developed pronounced
strength, forging ahead to it's recent
high. The equilibrium of the early
market was upset by the wild price
swings in Stromberg Carburetor, which
broke sensationally for time on the
announcement that the Stock Exchange
is conducting an investigation to de-
termine the exact market position Of
the issue. Stromberg has been mount
ing by leaps and bounds during the last
week, leading to reports that it might
result in a repetition Of the Stutz in
cident. The stock is supposed to be
controlled by the interests dominant
in Stutz Motors.
The foreign exchanges were easier
yesterday. Sterling exchange lost
cent on the days dealings at $685.
for sight drafts. Rates on Paris and
Rome fell to new low record levels.