Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-19
BEARS IN CONTROL
OF STOCK MARKET
Strong Opening Is Followed
by Bear Raids During
Day-Money Firm.

NEW YORK, April 10 (SpeciaD.-
Wall street started the session this
morning as if satisfied that the worst
o. the labor troubles had been side
tracked and that Saturdays improve
ment in the bank statement was suffi-
cient to down any money scare.
For time the trend was distinctly
toward higher levels. average i'm
provements exceeding a point and in
some cases extending TO two points
before the fact developed that 1T was
in reality a two-sided market with
the bears just as confident Of their
position as the bulls were of theirs.
influential stocks and started after
them with considerable show OF
force and power, shaking the conn-
dence Of the longs and turning the
whole market weak, with possibly
very few exceptions. and scoring
good results from a selling move
ment that started In General Motors
and Baldwin Locomotive shares. two
leaders in the trading.
weakness Becomes General.
The development of the weaker feel
ing came in the first hour and ex-
tended up very close to the noon hour
before any recovery worthy OF the
name developed
Cali money at per cent was the
os,ens,hle cause OF the weakness, but
n also appeared as IL bear raid py
traders was being engineered unoe1
the leadership OF the bears IN the
two stocks that felt the most Sc
we're pressure. ~
,ennted rally on the part Of the bull
contingent extended nearly to point,
hut did not hold with any real snow
Of strength, the last hour OF Ins
morning witnessing prices on most o.
the stocks back near the low OF 'he
session up to that time.
did moi indicate special news. out
noted the apparent raid on Gensl
Motors with a sympathetic liquidation
in Vanadium steel and Repogie-
these shares with the eQulpments "
ing the weaklings Of the nrst tnIee
hours of trading. 1t was ciaime 20 s" -
the pressure on motors was que 70
new financing.
The Money Situation.
one leading brokerage house sent
Market is developing two-sided
condition and sentiment IS Tar less
sererally bullish in view OF communal
contraction in funds for credit DOM
in this country and abroad. We snoat t
give the money situation close at
tention and be governed accordingly.
After the reactionary trend had sx-
landed to losses in the general market
Of a point. the trading Quieted 90" II
and the fourth hour OF the season
failed to develop any interesting SIT
uation, or to mark any reco'efies
other than fractional
General Motors.
General Motors opened at S4s, loss
Of couple of points. and under
steady hammering declined to 1924.
whence there was a rally to 332 Cen
eral Motors certificates showed more
resistance than the stock, recovering
the earlier loss.
Baldwin Locomotive. under tns
pressure of selling orders, declined
from 1l3%, an advance OF y over
Saturdays closing. to 1891. with
small recovery.
Pierce Arrow lost y early gain,
but held relatively steady. Stude nakef
berg and Chalmers u points lower,
Fractional losses were sustained in
the equipments generally. with very
little business
Steel common was rather STEADY.
losing a small gain and an additional
lie, 81; Crucib1e, 81; Sloss- Sheffield,
IL, white Republic Iron and Steel
was off 2h.
STANDARD OIL saRers Decline.
Standard Oil of New Jersey was hit
by the bears for a drop Of Is points,
to $3.50 a share. Other oils shared IN
the average reaction save Shell Trans
port, and here there was an advance
Of 2la points. one of the very few
exceptions to the downward trend.
Tobaccos showed about the aver
age loss but American Sugar and
Losses extending to Is and q of a
point attended the very limited trad