Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-09
STOCKS WERE FIRM,
\ ALSO IRREGULAR
Traders Are More Nervous
= Over Speciality Spec
2 uIation.

considered. the stock market in the
three hours following the opening
gave a good account OF itself. but
there was more or less suppressed ex
element among traders. accompanied
with q disposition to curtail trans
actions, especially in certain shares
that have enjoyed sensational ad-
Sances.
Nervousness prevailing was more or
less natural, a. there are unm ak
able evidences that the governors of
the New York Stock Exchange are
themselves somewhat excited over the
Stutx development and the possibil
tiles Of having similar cases I'M
covered. This was seen when they
served notice on all members 10 re
short. on Stromberg Carburetor. which
has been acting sensationally for q
few days.
Ssromherg Drops FROM no to 1O1 X
The resultant action in Stromberg
shares was speedy. and the price drop
ped from 10 to 1o1is in less time
than il requires TO tell il. 1t came
70 101 the rebound being little
slower than the early drop Close
market observers saw in this action
a fear Of federal regulation Both
Stromberg and Stutz Motors are con-
1roIled Allan a Ryan interests and
shortage here the action IN III" Stutz
case may be repeated.
Reject Ryan. Overturex.
4 The stock exchange governors re
H.cted Mr.. Rysn's oNertures fer set
flement OF outstanding difficulties
tina: would permit the opening OF IN"
trading list to StutE Motors again.
The committee on business conduct
Of the exchange. OF which Charles =
Morse il president ordered all firms
10 make report OF their StrortsrE
carburetor transactions from Monday'
10 ThursdAy of this week. inclusive.
AIR Morse will also head a committee
Of the exchange to handle the interests
of the shorts in Stutz Motors. about
10000 shares of shorts having been
listed.
General Reaction.
In the early hour there was a gen
eral reaction the kind that usually
follows a strong bull market. but il
did not go far save in Very few
shares.
Four factors that might make for
more disposition 10 sell shares were
recorded after the close YESTERDAY:
the government crop report
Ter wheat, which was the poorest for
years back: the spread of labor tra..-
bles with Chicago as the storm cen
ter. the sharp advance in the discount
rat. Of the Bank CT France AID the
oyerbought condition OF the market
The reaction did not extend itself
to any great extent when fresh buy
ing developed here and there through
on; the list. equipment. oil and motor
shares continuing TO uaoHopolize al
rentier 10 high degree.
Brokers' Views Vary.
Some brokers consider the technical
post ION Of the market as unfavorable
as il was favorable six weeks ago
L.
disturbing factor would be much nfore
effect - in its actor, of the lis: than
or 81 !. Use
John MOODY takes the view that SO
long as consumption il running ahead
nj production petroleum and its prod
ucts ought to hold strong in price
ara that the oil stocks should reflect
this prosperity.
Clark. ChRds & Co. are ad-
rising a return of attention to rails.
which were again neglected. holding
that there is greater CON fidence in a
eair basis bsinesadopted, for railroad
property valuation for rate making
basis.
United Fruit kept up the good pace
of the last few days. advancing to 21o
from a close at 2o1 last evening
Action In Oils.
Mexican Petroleum advanced AZ
points and held the better part Of it's
gain. Pan-American Oh. points bet
ter. Texas Oil opened at 21I. moved
up to ef4h, dropped TO a10a and came
back to 212
A specialist in Studebaker served
notice that he would not be responsi-
Bile for stop loss orders being executed
on the point, which was followed by
like announcement from other traders.
but this stock was active. fiuctuatine
between 1907, the low and l23%. the
high of the morning. to -. at noon.
In the steel shares. Republic was
feature with 4 point gain. United
states Steel rallied after a little cas-
Ter tone TO 1861 and held well.
Nanadium rnaee slight advance
Cther steels were without much
change.
The lie OF equipments and other
indHstrials not mentioned was reason
ably steady, but not disposed to ad-
vance with the ease of the last few
days Railway Springs gained 2
points.
Traders are cautious over the money
situation. fearing developments in
this line Unexpectedly
The closing of the market was firm
on steels. oils. sugar and equipments,
with many of the earlier leaders hold
ing their own, but without much trad
ing.
Baldwin Locomotive was hixh at
14s: Republic Steel touched 11sA
with q partial reaction. Sugar was
At the high mark of the year at 1861
and Steel common was firm at 1851,
There was comparatively little
change in Stromberg OF the motor
shares.