Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-05
Stronger;
Fear of Sales Tax Lessons
Business-Committee Asks
for RepIogIe Report.

of the business these days is confined
to steels. motors. oils and equipment
ment is a little less gloomy and some
operators who have been prominent
in bear circles seem to have Topped
over for a turn.
| To a market observer this change
OF sentiment is nothing more than
| datfOn in which many extended ac
counts have been closed out. That this
is fact is evidenced from the thin
ming out of room traders in custom
ers trading rooms. The public is
still interested. but moi to more than
! a fraction of their Investment and
speculative holdings of a few weeks
ago.
Values were higher on the average
again today after an early weakness,
but the trading showed a decided
let-up. Even per cent money was
not stimulus sufficient to cause any
thing approaching the usual activity
| Traders are taking considerable in
terest in the proposed sales tax in its
probable effect on stocks. The fact
! that the officials of the exchange and
of other commercial bodies believe it
will be serious handicap to the
market is probably having some
effect in lessening the demand for
securities.
Call Made for Reports.
| The committee on business conduct
of the New York exchange has re-
quested reports from members as to
purchases. sales and clearance of Re-
! plogle Steel. This is another Ryan
| stock. and. naturally. the exchange
! liz not going to permit developments
on the Stutz order. if the taking Of
| The committee therefore asks for
| date Of transactions. price. for whom
| made-that is. the customers name
name Of firm buying and selling and
name Of firm or individual for which
| they were cleared-and members po-
sition in the stock at the close OF
| business May A.
Yield 8.13 Per Cent.
| The third AZ per cent liberty bonds,
! at a price that will yield the investor
| 613 per cent, which is equivalent to
| a 6h to Z per cent corporation bond.
i While bankers and others hold that it
| would not be wise for the government
! at this time to attempt any stabilizing
! legislation. it is against the interest of
every one of the millions of investors
! in these bonds to further depreciate
| their value by legislation that will Gre
ate further financial unrest.
| Proposed Bonus Plan Discussed.
/
plan today. Hartman & Co. OF this city
! have this to say:
THE truth Of the situation probably
| is that the public and the banking in
terests are genuinely worried over the
proposed tax legislation pending in
! Washington. If this should be adopted
| and enforced. It would bring on Sc
| we're crisis. If not panic, for it will
! mean that, in the future, there will
I, be no real liquidity in the markets.
I'VE are concerned over this situa-
ton, not only because Of the influence
! sure to be exerted upon all business
in the security and commodity mar
kets, but also because of its bearing
| on the general financial interests of the
/ nation. Developments of Importance
are expected in Washington which
should check the declining trend in
liberties, if not actually help along
some recovery"
Rails and Equipments.
Rails and equipments are steadily
coming to the fore, slowly but with
certain degree of assurance, on the
theory thai the railroads of the coun-
try are to be given a chance of more
than making ends meet, through in
creased freight rates.
Car Foundry held ~ advance into
the afternoon trading: American Lo-
connective moved up points; Baldwin
Locomotive was 25s higher. and other
equipments l to points better.
The rails themselves featured gains
in Reading of more than a point: l Is
in Southern Pacific. a point in Union
Pacific and LIZ In New Haven, while
most Of the other stocks in the group
were barely steady to a little firmer.
Action In the Steels.
Bethlehem B shares were in excel
lent demand. and the price moved up
from yesterdays closing at S4A to
967s, with a Is recession at noon.
crucible Steel rose from its close Of
ton to 14oA. vanadium was higher
early, but lost all its advance.
Replogle. following the action of
the exchange committee, already
noted. turned from a point again to a
net loss Of 2A points.
Steel common was active, at one
time points higher. then sold of Is,
but held better than point gain.
Motors Much Ffrmer.
There was decided improvement in
motors. General Motors rising SO
points to 312. with a 6-point reaction:
Studebaker was ex-rights and selling
at 78A to 1914. while Chalmers added
a point to it's price.
Miscellaneous stocks.
Oils were all stronger, averaging
to points advance. Stromberg Car
buretor was soft and slightly lower.
Paper and alcohol were both firmer.
Sugars and tobaccos moved up with
the rest of the list. while American
Express surprised its friends with a
10-point gain.
Closing Steady. Slow.
The market closed just about on an
even keel with the prices current dur
ing the noon hour. Changes from the
average Of the morning were unim-
portant and the undertone was fairly
steady.
DAIRY MARKETS.
BALTIMORE, May 5 (SpeciaD.-
Arrivals by boat: Poultry-Live
chickens. young. large. smooth, around
50a55; do, young, rough and shaggy