Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-12
STOCK TRADE SLOW
after WEAK START
UnfavorabIe Conditions j
Exchange and Bonds
Cause the Situation.

VIEW foRk, April Il tSpeClaD. -
| with the immediate opening this
morning the street gave heed to con
ditions that are admittedly unfavor-
able. the strikes that are endanger-
, ing the transportation systems Of the
country and keeping trade conditions
unsettled being considered the most
serious influence. while the falling
. price in liberty bonds and the ex-
change of continental countries also
exerted a bearish influence.
The first quotations were attended
, with reactions which extended until
losses OF an average of two points
had been sustained in most of the
active leaders. Here and there there
Tas an exception to the rule.
Continued Half Hour.
For the first half hour there wasn't
the slightest change in the trend, all
quotations being lower than proceed :
g, ing ones. but midway in the first hour
the weakening trend ceased and there
were rallies that wiped out most of
the earlier declines. with more or less
irregularity continuing throughout
the morning hours.
Trading was more or less restricted
nder the influence of precautionary
signals from brokers' Offices but as
the session wore on and the first Of
J ferings of call money were made at 6
per cent the street assumed a little
better tone, advancing number of is
sues until the greater part of the ear
lier decline was recovered although
conditions were recognized as not to
the liking of the conservative trader.
StromberE Action Erratfc
Stromberg Carburetor gave a some
THAT sensational exhibition when, after
breaking to 100. or rs below the clos
ing figure of Saturday. 1t turned sharp
ly for an advance to 1O7. and held tie
better part of the advance.
Studebaker Corporation moved freely
between 119A. the opening, to 1881.
and recovered in the last morning hour
to III =, turning the early loss to a
ret gain.
The serious blow to the railroads
of the country due to labor troubles
caused some expressions OF satisfac-
ton that the resultant losses would
not fall on the companies, but rather
on the government.
Equipments Lower Early.
However that may be. these condi-
tions caused early weakness in equip
ment shares. which have recently
been decidedly strong. But, as in most
Of the speculative leaders. the early
losses in Baldwin and American Loco
motive were largely recovered by the
latter making a slight additional gain.
steels Hold Their Own.
After their first spell Of yielding
the steel shares acted much better
Steel common did not go off at all
seriously. and this loss was speedily
recovered with net gain of half a
, point. vanadium Steel lost rs points
: and was slow In coming back. Repub-
lie Iron and Steel sold off to 111A.
as compared with ia Saturdays
close. with recovery tt 112H. Cru
chile lost several points early. but
made good recovery for all but one
point.
. Industrial Alcohol was one of the
soft spots in the list. breaking 4 y
points with but partial recovery.
Sugars and Hide and Leather were
firm spots in the market
Motors were generally easier. While
the specialties in oils came back
strong after the weak opening.
Rails Are Soft.
The market for rails was decidedly
soft throughout the session with av
erage losses Of = to V In some high
grade issues and Y to point In some
Great Northern and Union Pacific and
Canadian Pacific, but not to such a
marked extent in the low-priced rails.
Reaetisn On 10 Per Cent Money.
In the first hour of the afternoon
TIE list weakened on the advancing
trend in money rates, and when the
call loans touched 10 per cent aver
! age concessions Of 1 to 3 points were
made in the leading industrials. but
. the rails did not make much further
|. loss.
! Steel common dropped back to 104,
, Stromberg Carbureter made a new low
lat 100, points off from the high Of
the morning. while the close yester-
day was 101N.
While there were exceptions to the
declining trend, the news OF the day
was against continuation OF bull
market, and the drop on call loans to
per cent did not have any appr.-
ciable effect on the list.