New-York tribune., 1920-04-01

Are Main Factor
In Dull Market
Dealings Suspended in Stutz
Motors After Stock Leaps
to High Record; Call
Money at IL Per Cent

Speculative interest in stocks was at
low ebb yesterday About the most
that can be said of the performance at
the exchange is that stocks. although
displaying great deal of irreguaritv
"a professional traders shifted from
one group to another, did not yield
much even in the face Of 2 per &C
rate FOR call money at the close Il
the main the session vas unintcrestiug
and accomplished little or nothing OF
way or the other.
Professional floor traders contrib
utod the great bulk of tho 100000
Shares changing hands. IF it could he
calculated accurately it would probably
be found that very small part of the
total business originated outside the
confines OF the financial district. In
other words, the public showed dis
position to increase its comm ments.
apparently preferring to remA aloof
until the air clears a bit.
hut tho professional traders d i'd not
work consistently. for they BOUGHT or
sold stocks merely to catch the ings
from hour to hour. Such market as
yesterdays is Of frequent occurrence
during period such as the present,
when the Immediate outlook is OBJ
scured by credit uncertainties, for at
the moment the Street is not quite
clear about the money situation. 1t is
felt that while money may work easier
TINS month. tho tendency is not yet
clearly enough defined to warrant
great expansion of operations on the
constructive side. The attitude of Il
large element III the market is Just
tins, that it would be foolhardy to push
the campaign for higher prices further
when there is as yet no assurance Of
Sau stactory supply of money. But sen
timent is cheerful, and most of the
comment about the market is express
sive OF a belief that higher prices Will
be established.
Continued flow of funds to the inte-
rior is held partly responsible for the
short supply of call money at this cen
ter Yesterday renewals were made at
per cent and the market seemed to be
moving along on an even keel. But In
the afternoon. without warning, offer
lngs by the banks slackened and Stock
Exchange borrowers found they had to
bid higher to cover their needs, the
rate getting up to IL per cent in the
closing hour. The most interesting fea-
ture of the money situation is supplied
IN the Fact that larger arrivals of gold
from London seem practically assured
1t cable advices from the other side
are to be relied upon. Consignrnents Of
gold on the high seas at the moment are
said to approximate $25,00O,Go0. which
is more than double the amount re
ceived In the first shipment on this
movement Sterling exchange displayed
much better tone and the rate jumped
nearly cents in the pound in the late
afternoon.
The movement Of individual stocks
at the exchange had as the principal
feature another leap in Stutz Motors.
After having found by investigation
that corner exists in that high flying
motor stock, the New York Stock Ex-
change authorities took drastic action
after the markets close by suspending
all dealings in Stutz. The step was not
unexpected. 1t is considered by all
who have the best interests Of the
STOCK market at heart as an excellent
thing. Wall Street has seen altogether
TOO much manipulation of the motors
shares IN the recent past. Express
Company shares formed strong group,
while Vanadium Steel advanced sharply
to new high