Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-30
UNDERT0NE SOFT;
SOME FIRM SPOTS
Losses Checked by Short
Coverings Over the
Holidays.

NEW YORK. April "o.-heaiis
sentiment has become 50 genera III
the stock list that it has actuaiis
drawn the usual small following OF
that section of the investing puolic
that gets out at the top and warts
maternity day after day for pessini's-
tic sentiment to reach its zehi'h pe
for. getting in again: taking some
stocks out and locking them away
against the great day when on
hoom they may again cash IN on
big margin of proft
To the conservative trader the ad-
,,t ~ this kind Of buying is usually
a good sign. but to the speculative
element today. permeated with pear-
ish sentiment. based propaoi. On i' !.
nathine especially bearish in the
news Of the day-the loW.le'ei pus
ing means nothing and is "'hou'
influence. ,,. !, +bs
Tomorrow will be a holiday IN tne
markets. But for this 1aet ~ IS w.,
Iavels than those established wouio
have been reached. As IL was. soiIe
shorts considered it the part OF Wis
dom to cover their trades ana take IN
their profits in some rev stocks' no
tably Independents and no. 70 su'i'
an extent in the pool shares. 90,
New low records were made on 5 =:
nor cant liberties, at 92.32- and on the
first IS. $3.50. Call money opened
s ner cent and was expected TO so
higher before the close
Kansas City Conaftions Better
Kansas City, where the federal re-
serve bank first applied the siidlhs
scale OF discounts to controi ioa ms anu
force a reduction, reported conditions
improyed, and there are hints from
bankers that a large amount OF goid
will be started on its way across the
Atlantic toward this port tomorrow.
Opposed to Sales Tax.
The street finds some encourage
ment in the disposition Of the major
ity in Congress against the retroac-
tive war profits taxes. in order to meet
the soldiers' bonus proposition. and
some satisfaction and much opposition
expressed against the sales tax. al
though either way it will be hitting
the consumer.
In addition to the sales tax 1t is
manned to help raise the needed funds
Tor the soldiers bonus by taxing ex-
change transactions, real estate sales
and increasing the taxes on tobacco
and the sur-tax on individual Incomes
Cruefkle Steel the sensatien.
Crucible Steel was the sensation Of
the day. The stock was ex-dividend
SO per cent, that being the amount OF
the stock dividend. and the sales or
at 40, with a recovery to 141, and
then to l45, this as compared with
z2lh, yesterdays final sale, the total
decline being 81 points.
American Wooden. despite it's enor-
nous earnings and it's method follow
ing lines laid down by packers in an
nouncinG that its profits per suit Of
clothes were very light, was weak
stock for a loss of points net and
points from the high of the morning.
Becomes Inactive.
As the session wore on some COW
ering caused partial recoveries
throughout the list and then rather
peculiar condition seemed to prevail.
Traders acted Indifferent, those who
had evened their transactions for the
holiday, for there will be no session
until Monday, called it q day, while
others did not see any particular reA-
son for nervousness. and the hauida-
tion ceased as well. 80 that the mar
ket was quiet. with more than the
usual relative steadiness.
Columbia Graphophone made . new
low. approximating the price at
which the new stock. on which the
plus rights equal to about 50 share
on the old stock
Leases sustained.
Steel common fuctuated between
S5% fer low and 9lk, slight adj
vance; Pierce-Arrow lost 2 points;
Sumatra Tobacco. 2A; General Mo-
tors, An; International, Paper, 3;
etromberg Carburetor, points;
Union Pacinc, M: Great Northern.
s.; Union Pacific, y: New York Cen
trail, u. and many other stocks, Fruit,
Hide and Leather. Central Leather.
Baldwin and oils. ETC.. lost to 3
points Partially recovered by the
noon hour. Mexican Petroleum NOV
s ed up 81. points, Replogle Steel. Y:
Republic Steel a point and other
stocks fractionally. with the advances
indifferently held.
Meney ~ Per Cent-Market steady.
In the two last hours of the session
the market remained extremely dull.
1t was a case of just before adjourn
mcnt. and those who were short and
contented to chance the holidays with
their commitments unsettled had left
the street, while a few belated shorts
covered now and then and the tale
of the ticker was slow and steady
rave when it recorded money II and
ii per cent.
But even. this was not sufficient to
bring any material change in condi-
tions, the relatively firm closing be-
ing probably due more to the even
ing-up process than anything else.