Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-24
Minimum PRICES
/ ON STOCK market
Adverse Labor Conditions
Alarm Holders of Long
Stock.
RALLIES LATE IN WEEK

NEW YORK. August 23.-Further
downward readjustment Of quoted
values. which began in the previous
fortnight on the demands of the rail-
way brotherhoods, occurred In the
stock market this week.. Some impor-
tant shares recorded minimum prices
for 1919, while many others forfeited
the greater part of the gains made in
the protracted rise which had its in
ception in the early months of the
year.
The spread of adverse labor condi-
tions, including the strike vote OF the
steel workers in the middle west,
couraged an extension of bearish ag-
gressions.
Material rallies toward the latter
part of the week resulted mainly from
covering of short contracts, although
substantial absorption of some Of the
leading issues was observed at con-
cessions.
Bond Market Unsatisfactory.
According to board room gossip.
public interest was again negligible
and the bond market reflected unsat-
isfactory investment conditions, with
standard issues at lowest levels for
one or two years.
Trading in stocks today was narrow
and restricted, dealings dwindling to
the smallest total of any weekend
year. What the market lacked in ac-
tivity and breadth, however, was
largely made up in strength, even
though. the strongest features were
speculative issues. which owe their
prominence to pools and allied pro-
fessional interests.
Motors Make Big Gains.
Motors and associated specialties
scored extreme gains of 2 to 10
points; oils, shippings and tobaccos
rose / to S and equipments. metals
and several of the better known
specialties finished at gains of l to
s points.
Rails were listless most of the brief
session, but came forward toward the
end, some of the coalers and second
airy western and southw estern shares
gaining to almost points.
United States Industrial Alcohol was
again the one weak feature, extend
ing yesterdays severe decline by al
most points. but kindred issues
kept pace with the markets upward
IrenO. safes amounted 10 0Zo,VVV
shares. For the second time this year
the weekly bank statement reported
a depletion of actual reserves. the
deficit being slightly more than $780,
900. This exhibit is the more interest
ing because actual loans were con-
tracted by almost $35.000.000.
Foreign Exchanges Rise.
One of the factors contributing to
the stock markets improvement was
the further strength Of sterling ex-
change, rates on Paris and Rome also
rallying partially.
Bonds were steady in the main de-
spite slight irregularities in liberty
and international issues. Total sales
<par value) aggregated $4,750.000. Old
United States bonds were unchanged
on call during the week.
Although the stock market is tech
nical1y stronger for the liquidation of
the past three weeks. doubt is ex-
pressed in foremost trading circles as
to the ACCESSIBILITY of attempting a
resumption Of bullish operations at
this uncertain period.
loans mounting to 8 per cent after
ruling at to per cent under the
higher figure. Need for further eau
rion respe citing loans was emphasized
by the weekly bank statement, which
disclosed the second deficit Of the year
in actual reserves.