Evening star., 1920-05-20

quently wiping out the earlier losses.
although some stocks made slow work
of recovering and failed to get back
their morning losses.
Stock Exchange Men Mt Sea.
Some of the oldest market observers
who have been through many cataclysms
with Wall street were at a loss to de-
termine whether or not the liquidation
so far as the stock list is concerned
had ended or not
Encouraged by the frequent repetition
of non-essentials" and "luxuries,'' as
that are to be disseminated against in
the money world. the bears hit these
Shares wherever possible.
The long liquidation, over four weeks
of almost daily declines, has put the
market in better condition to meet the
agitation of the day, as semi -panicy
condition might have arisen had the
market been grinding on the top prices
of month ago instead Of on the low
| levels of today.
Sellers are favoring the automobile,
leather, textiles marine and packing
| house securities. while the railroad
shares are being accumulated on a scale
| by important interests, and it is pre-
dicted that they will be leaders in a
rally.
Money at Per Cent.
Call money opened at per cent, with
apparently no uneaSineSs in stock eX-
| change circles over prospective advances
| in redscount rates, as Wall street con-
siders itself liqudated and believes that
the further clearing up of the high cost
| OF living will be aided by any increase
| in the rate of discount.
Small commercial troubles are likely
1 to develop as a result of the putting on
of credit screws to force liquidation of
stocks of merchandise where the loss
| yyhn h1t do hicr
profits.
| Some facts are leaking regarding the
| railroad conference in Washington last
| week, and the feeling is that the con-
| dition of the roads is being improved
| daily
The speculative fraternity has not
been trading in rails to any great ex-
tent. The purchasers of rails have
paid in full and they cannot be Shak-
en- out the way the bears have been
shaking the industrial list.
Soldiers Bonus Bill.
Wall street regrets the belief that
the House will pass the soldiers bo-
nus bill. but it finds its first salts
faction since the measure was first
considered in the Houston statement
that the administration is against it,
and therefore looks for a veto in the
event of the proposed measure pass
ing.
TTODdDly w all StreeLS greatest sat
iSfaction comes from the knowledge
that its own house has been put in
order. or very close to it, and. come
what will, further serious reductions
are not likely
The Price Movement.
Steel common made a new low for the
movement when it struck S9A from
which there was recovery to 81 II
and a reaction to 9034; Replogle Steel
dropped a point and recovered one
half of it's loss; Vanadium was off
nearly points on the first transac-
ton, then recovered fully. but eased
TO 66&i as compared with 50 high
Stromberg Carhureter sold off to So of
points and recovered all but points
to SO; Republic Iron and Steel did not
make full recovery, holding at a "a
price concession; Pierce Arrow Motor
shares eased off 3A with but a point
rebound
At the low of the morning hour
Mexican Petroleum was p of a point
lower than yesterdays closing, with
a 25s net gain later on: Pan American
Petroleum rather steady. Car Foun-
the list.
Crucible Steel from the low of 124
came back to 12S, all but q of a
point of the loss, but eased again.
Bethlehem B was firmer in the midst
of liquidation and Baldwin Locomotive
gave a good account of itself as a
strictly essential. Atlantic, Gulf and
West Indies was firm.
In the rails. Union Pacific, Southern
Railway. Baltimore and Ohio. Read
ing, Northern Pacific and Southern
Pacific were the firmest stocks. with
slight betterment in values; while st.
Paul was the weak feature.