Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-04-20
STOCKS SUFFER
SHARP DECLINE
Pressure Exerted at Opening
and Prices Drop.

NEW YORK, April 2O.-Prices con-
tinued under pressure at the opening OF
the stock market today. opening quota
lions showing losses of from fractions to
Steel common yielded q to 102%;
Baldwin Locomotive, ,2s to 1885; Re.
Steel points to 252
General Motors dropped eleven points
to 800 while the certificates sold OF one
point to 321s. Studebaker fell two points
to 116.
Mexican Petroleum was weakest of the
oil shares, yielding 8 points to 1904
while Pan-American Petroleum fell
poiI..s to 1854, and Royal Dutch l point
to 111A.
The, shipping stocks were in supply,
Atlantic Gulf losing points to 1854 |;
American international, IA to d, ana
Marine preferred, 1 point to 9212;
Fractional losses were sustained IN the
copper and railroad issues.
The unsettled tone Of the market be-
came more pronounced after the start,
when western houses became unusually
active sellers. Losses ranged from 2 to
steel Common feli to 1o14. Baldwin
broke nearly 6 points to 1909 and Re
public Steel yielded 8 points to 1O5.
General Motors was 16 points lower
at 315 and some severe losses were SUI
fered in the other motor shares.
Southern Pacific dropped over 1 point
- .t5a4 and losses of from / TO points
were suffered in the other railroad
shares.
Mexican Petroleum yielded over Z
points TO 1S6 and Texas company new
stock fell over points to 46.
There were rallies of from 1 to 3
points, following the announcement of an
S per cent call money rate.
The drop in the call money rate to 6
per cent caused a rallying tendency in
the market during the afternoon.
The market showed somewhat steadier
tone during the afternoon.
Transcontinental Oil was under pres
sure, falling points 10 a new low record
of ISL and Sinclair OIL fell pa to 81.
Lackawanna Steel was in demand, ad-
vancing nearly S points 10 S3H- Steel
common advanced fractionally to 1924
and Baldwin Locomotive rose 2 points TO
1929. Crucible Steel, after falling 1871
to 242, recovered to go.
Studebaker yielded AZ to 1884 and
Pierce Arrow is to 709s-
The market closed weak.
Government bonds unchanged; rail-
way and other bonds weak.
Severe losses were sustained when
nearly the entire list was raided by the
bear element. Stocks were thrown over
board in large amounts and prices were
slashed TO the extent Of from 2 TO II
points. Many of the oil issues sold down
to the lowest prices touched in months.
Mexican Petroleum dropped 912 TO 1S4
and Pan-American Petroleum 3& TO 102%.
Irans-ContlnenIal vi aIter touching
new low record of 1914 rallied 1 point
at the close. while Sinclair Oil showed a
loss of points at 3711.
StrOmberg. after dropping IS to 81
rallied to 81. Pierce Arrow broke vio-
Iently at the close, dropping TO IS.
Steel common closed at the low Of the
day at 11015. Baldwin Locomotive showed
a loss of 60 at its closing OF 1293s and
Republic Steel was 3 points lower al
1855. Crucible Steel slumped Is points
TO PAL. Studebaker was > points lower
at 113.
Losses of from l TO points were made
In the copper stocks.
Total sales OF stocks today were 1876
900 shares; bonds, S13, 232, 600.