Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-05-10
SENTIMENT BETTER,
BUT MARKET SLOW
Equipments and Minor Indus
trials Make Best Show
inq-SteeI Orders Big.

NEW YORK. May 10.-Generally
speaking. there was further I'M
provement in sentiment, and this may
work for a higher range of prices. as
the technical position of the market
is Internationally greatly improved
by the heavy liquidation of stock In
the hands of traders on margins.
The improved sentiment. manifested
on Saturday in the steels and oils
shifted today to the equipments. with
the steels rather inclined toward
weakness. Some of the rails also
showed an improving trend
The fact that no untoward happen
ings were reported over the week end
was considered rather favorable. the
Mexican situation being approved of
by Americans generally. with some
show for a stable government under
which the sister republic may prosper.
Rails and equipments have not made
full response to the plans for either
an advance in rates or some con-
eressional scheme for providing need,
ed equipment, but they really showed
the best strength of the morning.
Mexican Petroleum was the strong
est stock in the oil group. moving up
al the opening to 1909. gain of y
points, and shading down to 1871 to
lS7a. Other stocks in the group.
while participating to an extent In
the advance, went off for net losses
of !: to y of point. with Royal
Dutch point lower and Pan-Ameri-
can off points from the high.
Market becomes Less Active.
After the first hour the market gen.
orally quieted down. and midway IN
the Ave hour session was decidedly
dull and without much change. Those
who have been bitter bears during
the last few weeks claim that con-
ditions are a little-just itt!e-bet-
ter. Exchange on London and other
centers has improved somewhat;
money seems relatively plentiful for
the time being at per cent.
Aside from the equipments. con-
siderable trading developed In minor
groups like fertilizers. Cotton Oil
Linseed OIL. Virginia Carolina Chemi-
cal Company. Wooden ana iexas
Pacific Company.
steel statement satisfactory.
Announcement by the Steel Corpo-
ration of untitled orders for the
month ended April 80. 10.359,I4T tons.
an increase of 467.612 tons over
March, was received, with satisfaction
by the friends of this company. It
was the best statement since 1871,
when the orders totaled 10,40O.OOO.
Conservation Still Urged.
On every hand the urge of con-
seryation is being carried out, Credit
is being made only after close IN
vestigation. and SO strong is the
pressure that some banks, notapiy
in kans Z. CITY qr 15ie es spae y
on war paper, which the reserve
banks are pressing to eliminate.
dull market is desirable ana,
from all Indications. is likely to pre-
vail with q little better sentiment
Wall street refuses to become excited
over the Mexican crisis:
RAM statements, while little
better. do not indicate any laxfty In
the matter Of loans.
On HigAer Levels.
Car Foundry advanced =. Ameri-
can Locomotive. a point; Baldwin Lo-
comotive, nearly points. Southern
railway, III; Union Pacific. point;
Atchisoif. a point; New Haven,
point. and most of the rails frac-
Cru1Stne steel started OF on q Z
point fally and slurnped little more
than the rise.
Motors were slow and inactive.
Easier closing.
The dullness continued right through
the session The excellent statement
of the Steel Corporations business did
not cause any Improvement ana tne
continued dullness finally induced
some bears to make test OF the
underpinning OF the list. They founo
il easy to bring down prices from
fractions to point and the CLOSING
WAS slow and easier.