New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-04-23
Market Steadies
After Weakness
In Early Trading
General Motors, Crucible,
Replogle Show Big Gains;
Covering by Shorts Helps
Prices; Liberty Bonds Off

Restoration of something like a bal
ance between the opposing speculative
forces resulted in a moderate recovery
in stock prices yesterday. the first
rally Of Importance the market has cx
perienced since the selling movement
began on Monday. Stocks, however,
continued in their highly erratic and
confusing price tendencies to reflect a
great deal of nervousness and uncer-
tainty on the part of traders. 1t was
just the sort of market that was to
be expected afer the drastic decline.
Trading proceeded on large scale
and the business turnover approx
mated 100000 shares. The list was
even broader than the preceding day.
Before the market turned for the
better in the afternoon it passd
through another period of selling
which for time sent prices off again
in striking manner. This occurred in
the forenoon, when continued efforts
on the part of the professional element
to depress prices brought out a con-
siderable amount Of stock which rep
+ resented forced liquidation of weak
ened margin accounts. Much Of this
selling came from out of town. par
ticularly the West.
The improved tone displayed by the
general run Of stocks after the slump
III the early hours was due almost
entirely to repurchases for the short
account. On the decline since the be-
ginning of the week, offerings by spec
ulators who were selling to take ad-
vantage Of an anticipated fall in prices
, constituted large proportion Of total
sales. Accordingly considerable short
interest was built up, covering Of a
part Of which steadied the market.
trial stocks were rather extended, with
General Motors old stock, Crucible
Steel, Replogle Steel, Chandler Motors
and Vanadium Steel most prominent
on the upturn. The general tone of
the market was helped by the strength
displayed by the railway shares, which
had showed weakness on the previous
day. Low-priced rails weresespecially
active.
Continued pressure against the Lib
erty bonds remained disturbing in
fiuence in the market. The different
government issues were in heavy sup
suit that further sharp declines &C.
currred. The first As, for instance,
which closed at 81 on Wednesday after
decline Of nearly 8 points, dropped
Yesterday to IS after opening around
Sc. The fourth 44s fell to $50 during
the. forenoon. which compared with
closing of $50 the day before, but
rallied in the afternoon to Sc. The
Victory AZ developed further tone
after early weakness. Selling Of all
the government issues during the past
ten days have reached extremely large
proportions. Institutions as we'll as
corporations have been active sellers,
and the effect of the steady fall in
prices has been to bring out offer
lngs from small investors. 1t is the
best banking opinion that the bulk of
this selling is over for the time being
at least
With regard to the stock markets, it
seems evident that only some impor-
tant development Of a positively ia.
vorable character will make possible
resumption of active speculation for
the rise. Speculative pools have been
hard hit by the decline The public.
which never did come into the recent
market to any great extent, is not likely
to buy stocks until the air has cleared
a good deal. Call money was in pier
tlful supply yesterday at per cent up
until the close, when a small amount
was loaned at 10 per cent. The for
elgn exchanges were lower