Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-17
MARKET ERRAT|C,
WITH WEAK CLOSE
Opening Was Strong-Panic
Reported Prevailing
in Japan.

With the strike situation on all rail-
roads greatly improved. II not prac
tically ended; with better European
news and with the prospect OF easier
money next week. the followers of the
New York stock list considered II
practically certain that there would
be good advance in most of the
stocks OIL the list, and that the gen.
eral trend would be toward higher
values
All the earlier gossip ran in that
direction. and the opening was sufii-
Ciently firm TO give credence to the
belief.
At the close of the two hour session
the market was defined as one of
decided nervousness. with more or
less profit-taking. with large trading
and decidedly weak closing.
Liberty bonds were weak in the
opening hour, but without exception
the various issues closed firm at sharp
recoveries.
Trading was distributed largely
throughout the specialties. with the
motors. oils. shippings. utilities, and
even some rails attracting more at
tention.
Profit-taking and closing out of
trades over the week end may have
had as much to do with the weakness
at the close as anything else a re
effect here. was discussed by some
traders on the street. but no direct
connection was admitted.
One Brokers' View.
One broker sized up today's market
as follows
This market gives one the impress
sion of confu sed tumble of unrelated
specialties. which has unQuestionably
suggested to conservative traders the
question of its safety, and has caused
considerable profit taking. Traders
are talking of much easier money next
week. with the desire for this condi-
ton as probably influential in creating
the belief. Liberty bond interest pay
Inent does not seem to have had much
effect on money. and Yet il may show
more after the opening on Monday
There is no money market on Sat
urday. / feel it is one of the great
factors of importance and l do not
believe that 1t will be cleared up for
some time. Much interest will be
shown today in the statement of the
federal reserve bank in view of the
large gold movement to South
America"
Declines Were General.
The losses, while not severe. save in
exceptional cases, were the rule, and
Repogle Sloss-Shefield. Bethlehem
and Crucible Steel all showed loss
of point: in the motor group the
declines were fractional. with Strom-
berg Carburetor erratic. advancing to
107. or 2h higher. and barely holding
its own at the close. General Motors
was decidedly soft Announcement Of
a general cut in the prices of motor
cars. trucks. etc. for an American ex-
ploitation for British trade. has been &C
copied with mixed feelings over there.
A refund on Buick and Oldsmobile
cars of SO purchased since February l.
1890, and a cut equal thereto in prices
by the General Motors have been an
nounced. and may have caused some
selling here. More than 10 makes of
cars are now being offered in Great
Britain.
Oils Were Strong.
The oil group managed to give a
better account of itself during the
short session than most of the rest
of the list, the closing being rather
firm. with prices well maintained to
considerably better in the case Of
Pan-American and Standard Oil of
New Jersey.
Porto Rico Sugar was the only stock
in this group to advance. scoring to
116. as compared with Han yester-
days closing. Others were OF frac-
tionally.
In the miscellaneous grouping Co
1umbia Graphophone was leader.
selling freely up to 51A holding the
0lSDL4y SIrenRCn maze lAI0 y6SlSI-
day and gaining sharply on rumors
of some announcement to be made on
Monday. but closed with partial loss
Of gain.
Baltimore and Ohio rose =, South
ern railway. 70: New Haven. and
Rock Island. =, while Union Pacific
was OFF "a and St Paul preferred a
like fraction.
The Stut1 Case.
The official statement of the New
York Stock Exchange shows that not
only does a corner exist in Stutz Mo-
tor shares. but that Mr.. Ryan admit
ted the fact to the exchange.
I'VE are advised" says the official
statement. by counsel that corners
are Illegal and that all contracts and
undertakings in support thereof are
void
The exchange claims that Mr.. Ryan
admitted that he and his associates
had contracts for the delivery of
10000 shares of Stutz stock. or 10000
shares more than the capital. and at
one time offered to settle at $3.50 a
share and later at $500. as compared
with 800 share. the price prior to
the action eliminating in the govern
ors' decision
Shorts claim that the illegal cor
ner" relieves them from the obliga-
ton of a settlement. Stutx was quot
ed on the curb today at $50 bid, $50
asked.