Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-07-10
ACTION IN market.
IS D|SAPPO|NT|NG
IndustriaIs Easier on ReaIiz-
ing-Market Overbought.
Southern Railway Firm.
BY STUART p. WEST.

NEW 1Ohh, July III quay
market started OF very tamely and
for the first hour was a disappoint-
ment to the rank and file OF the
speculative community. The profit
taking which had set in toward the
close Yesterday gain made itself
felt. and the speculative leaders were
carried down a half point to point.
another sharp break in American
Wool. the reason for which was to
be found partly in the announcement
of the shutdown of the company's
mills and partly in the failure Of the
underwriting syndicate to dispose OF
some 40 per cent Of the new stock
issue.
The street had looked for the crop
figures which were published after
the close of business last night, 70
have a stimulating effect. especially
upon the railway shares.
The report was all that 1t had neen
looked for. It showed a corn condl-
ton we'll above the average and gave
the assurance of an ample yield OF
both corn and wheat. The improve
ment since the LIST of June quite
as marked as had been expe l.. II
was not, however, until the s>eono
hour that the rails did anything at
all. Most of the group opened lower
because the move in Reading. when
had looked so promising yesterday
petered out.
Rails show Strength.
What started the rails goilg again
was the resumption OF aggres0 We poor
buying in Southern Railway which
carried the stock up nearly two points
fromthe low Of the morning and es-
tablished a new high record for the
movement so far. There was also
sudden rush to buy Canadian Pacific.
which looked to be the running in of a
large and long standing short inter-
est The strength OF Southern Kali
way and Canadian helped the entire
railway group.
section was not at all significant. 1t
was the result fthefe having been
little too general bullishness in con-
sequence of which the market had
become rather overbought. Besides
this there was the usual end OF the
week realizing and it was apparently
selling of this character that was re-
sbonsible for such declines as occur
red.
The Bond Market.
There was very little feature in to-
days bond market. Business was
maintained on fairly large scale for
Saturday, but there were few price
changes OF consequence. Railway
bonds were generally stronger, once
more moving sympathetically with
railway stocks. One of the features
was the unusual activity in all the
St, Louis and San Francisco issues.
The demand for these bonds, includ-
inE both classes of adjustments and
the per cent incomes. were mate
rally increased when st. Louis and
San Francisco common stock was
the previous high figure that had
several times been approached, but
not exceeded.
Liberty bonds were generally I'M
changed. The Anglo-Frenchs con-
tinued in demand around the high
figure of 999-16, and Belgian bonds
of all classes were strong.
Curb Market.
The curb market, today was heavy
and business fell off to a considerable
extent. There was practically no out
side demand. and selling by the pro-
fessionals caused reactions extending
in most issues from small fractions to
more than a point. go.
General Asphalt. on small offerings.
broke nearly 2 points, with later
rally on covering Of shorts. Gardner
Motor was an exception to the gem
eral trend and held firmly at frac-
tional advance over its previous high
record.
Times Square Auto Supply huctuated
over a range of about a point, with
trading fairly active. Indian Packing
held steady. but most of the other in
dustrials showed small losses on mod
crate dealings. United States Steam
ship was quiet. but held about steady.
Fractional reactions were the rule
in the oil department. Skelly sold off
despite the fact that the earnings for
May were announced. showing a SUBJ
stantiaI total with many additional
wells. being drilled.
Tropical Oil was moderately active.
but moved within narrow = limits
Fensland was somewhat irregular.
Merritt Oil held firm on inside buying
orders. A steady tone was displayed
in International Petroleum. Others
were unchanged or fractionally lower