Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-07-27
MARKET TOUCHED
NEW Low LEVELS
Countrywide Credit Strain
Caused a Further Extensive
Selling Movement

New York. July 27.--Amplc evidence
Of the liQuidating movement having not
yet its course was given ut different
intervals by today's stock market. While
displaying a little more resistance the
trend during the greater part of the
session continued downward. As re
suit number of the industrial specu
lative specialticS made new bottom
Vprices. and what was more discon-
certing was the expansion of dealings
on the declining movement. which help
ed to swell the volume of transactions
during the morning to the largest di-
mensions In several weeks.
There were no additional disturbing
! developments overnight. but there seem =
| I'd TO have been n widespread appreci =
alton of the unsettling influence of tho
/ enforced curtailment of banking accom- :
modations not only pertaining to Wall
! streets requirements, but applying to
general business as well. Further ten
sion in the money market was fore
/ shadowed by the y per cent opening
rate for call loans, and the acknowledg
/ ed limited supply of funds obtainable at
! the rate.
1t was recognized, of course. the nos
sibilitieS of another furry would deneud
| largely upon the extent of loan calling
! The government Withdrawals, IL was
felt in some quarters, were largely pro
vided for by Yesterdays loan calling. SO
there would be no need for further tight
cning of the purse strings by the banks
today.
Foreign and domestic devclopments
came in for only secondary considera
tion, although more or less uneasiness
was created by the persistent talk of
+ ,pfn,,,rnh1n
industry. All these stories still lack
confirmation, yet it is only reasonable
to suppose that the motor industry being
| classified in the category of luxury. and
! to some extent an unessential industry
would be among the first to feel the
money pinch. lnasmuch as il already
evident that is the determination of the
powers to be to shut down severely in
every direction in order to have a free
! hand to move the much important
crops.
The trend of prices was downward
again at the opening. Sentiment among
traders and commission houses with
out of town connections was increas-
ingly bearish because of the strained
credit conditions. Crucibe Steel, one of
yesterdays weakest features, recorded
an initial loss of ~ points, and other
active industrials were lower by frac-
tions to l point. Oils were moderately
supported. however. Royal Dutch gain
ing l point.
Selling for both accounts became more
urgent soon after the opening. New low
records for the year were made by
United States Steel and several other
leaders. Liquidation continued to CEN
ter in steels, equipments, motors and
oils. and many affiliated spccialties also
gaY" way. Extreme declines ranged
| from ! to almost 3 points. There was
! little pressure against rails, but the list
as whole lacked support, even at pro-
nounced concessions.
Activity sackened perceptibly at mid
day when the shorts evidently found it
advisable to convert their paper profits
into cash. This resulted in rallies of
to 2l2 points. Mexican and Pan
American Petroleums, Baldwin Locomo-
tive. Studcbaker and United States
Steel leading the rebound.