Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-04-22
Jocks BATTLE
TO GET FOOTING
larket Irregular at Start, but
Later Gains Strength.

NEW YORK, April 22.-The bear drive
which was started on the stock exchange
YESTERDAY was resumed during the sec
ond hour Of trading today. The entire
industrial list was forced below Wednes-
days low. United States Steel sold at
95lk, compared with the high for 1920 Of
100; Crucible, 224; Mexican Petroleum,
United States Steel opened at 9ssz, IN
changed; Sinclair, 50, of Il. Baldwin,
116, up 1.
The market this morning did not know
exactly what struck it yesterday and
there was no adequate explanation Of
fered. In general, 1t was said that the
strained credit situation throughout the
world was affecting the stock and COM
modify markets. Money rates were COM
paratively easy and bankers could not
explain the exact cause of the selling
wave.
IN a general way the financial situation
in Japan, which has heavy balances IN
the United States and Great Britain. Is
believed TO have affected American hnan-
cial interests but bankers assert there
IS nothing in that situation TO create
any particular alarm in this country.
The market absorbed overnight selling
orders in fairly good shape. steel COIN
mon, after opening unchanged first,
Tipped y TO sS14, but later went oelo"
While some excellent buying came into
the market late Wednesday and was con-
tinued this morning, there was enough
Of forced selling durinE the first hour to
hold prices down.
Much Of this selling was said TO have
come from wire nCuses with western con
ne.tiOns
The cotton market, which was under
heavy drive late " aGnesday, but which
recovered slightly before the close, sold
Of again today.
Liberty bonds were Of again and
showed no raliying power. Sales OF
stocks to noon were 1.075, 800 shares.
Bond sales were SIS, PSI, coo.
About 11.3O, however. the market
turned sharply and advances OF frOnI
IL TO 6 points were scored By active
stocks. This advance continued into
the third hour. General Motors sol up
10 go. or II points higher than the low
OF yesterday. Call money was available
Ia reasonable Quantities at I per ctEt-
Foreign exchange was easier.
There was rumOr in the foreign ex-
change market that Japan is disposing
OF some sterling bills in the New York
market in connection with her financial
sterling.
The recovery of the market was aided
by favorable financial statement from tire
Bethlehem Steel Company. which an
nounced today earnings for the first quar-
ter were at the rate Of $50 a share an
nually for common stock.
1t was stated in Wall street and car
ried on the Wall street tickers that bear
ish literature had heen circulated
throughout the country since the market
close last week and as a result stock that
had been put away in safe deposit vaults
was taken out and thrown into the mar.
ket late yesterday and during the bear
drive early today.
In some instances shorts had great
difficulty in getting stocks for GOVERN z
purposes. Crucible suddenly ran from
23O 70 24215. At the latter price, ii WAS
up 1S1a points from the low Of the morn
ing. There has been talk in Wall street
that a trap was being laid for the short
interest in this stock.
Ii was also current on Wall street that
a big bull pool had been formed in Sin
clair and that slarge short interest ex-
lists in this stock.
Under urgent short covering the stock
~TlaTket recovered strength and closed
Substantially higher than it opened in
During the final hour Replogle Steel
and General Motors were the market
features, Replogle gaining nearly 20
points over the low OF the day and Gen
~eraI OMtOrs gaining . over the low OF
the day. q
Steel, 9SIs. up rs; ReplOgle. 76. up Q;
Baldwin, 1881, up 3l2; Pan-American q.
0T2s. up =; General Motors. 30, mp %
o; Republic Steel. 100. IN Il; Mexican
Petroleum. 10. of >; Studebaker, 1904,
up 2; Nanadium. 81. ID Z.
The total sales were 1927 800 shares.
The weakest point In the market was
during the first two hours, when psar
drive forced nrices for many shares 5p'
low Wednesdays close. t-r