The Washington herald., 1920-03-26
STOCK MARKET
CLOSES STRONG
Temporary Strength Dis
played as Result Of
Short Covering.
GENERAL MOTORS DIV.
Old Stock Placed on 20
Per Cent Basis and New
Gets 2 Per Cent.
GENERAL MOTORS DIV.

New York, March 25.-The stock
market continued its downward
swing at the opening this morning.
and well into the days proceedings
stocks were offered in large blocks.
However, the late afternoon dis
played a hardening tendency and
the close was strong.
Money was somewhat easier. al
though borrowers were cautious not
to overstep themselves in bidding
for any more than they actually
needed to tide them through for the
day. 1t was estimated at the open
ing this morning that approximately
$20.o0O,O0O was wanted on call.
General Motors.
General Motors continued to at
tract attention and the meeting of
directors was the main topic of dis
cussion. The Street seemed to re-
alize that the old stock would get
20 per cent dividend, and when this
was officially announced after the
close little surprise was occasioned.
The shorts evidently have given up
shooting at old General Motors.
They seem to have come to the real
ization that little or nothing can be
gained selling the issue. Inasmuch
as those in control have already
squeezed them some ten or fifteen
times during the past year. or since
the stock touched $50, their con-
clusion wodld seem reasonable. 1t
might be said that millions upon
millions have been lost by General
Motors short sellers
The Coppers.
There is reason to believe that the
Copper stocks are being whipped
into shape for an active session
shortly. Copper interests will short
ly announce an enormous foreign
credit extension plan whereby Eu-
rope will be enabled to purchase the
metal on a large scale in order to
gradually satisfy her exceptional re-
quirements.
France is already in the market
for 100000 pounds of copper, and
Germany has been without the met
al so long it is impossible to state
the exact amount of her require
ments. They are enormous to say
the least. other European buying
can only add to the large tonnage
required ana II Is question just
how our producers intend taking
care of the huge undertaking. Re
Election of this situation cannot help
but be noted in the Copper issues
in the not distant future, and sub
stantial interests are said to have
already quietly accumulated large
blocks of the leading stocks with
this idea in view. The fact should
not be lost sight OF that the Copper
stocks have been under pressure for
several months, and that public dis
tribution has gone into strong
hands. The public. as a whole, own
few Copper stocks. comparatively
speaking. and naturally the techni-
cal position of market is strong.
Steel.
The annual report of the United
States Steel Corporation was as
good as expected, and would have
been an important factor on the
upward side of the market had
general bullish feeling existed. AS
IL was the stock was one of the best
actors on the list, and excellent buy
ing was noticeable on every dip. 1t
might surprise many to know that
approximately 90 per cent of the
floating supply of Steel common has
been taken out of the market. En-
ployes' requirements on subscrip-
tion and other reimbursement buy
ing has had it's effect. Brokerage
houses report a continued falling off
in loose stock, and consider it an