Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-17
BEARS RESPONSIBLE.
FORL0SS LIST.
Foreign News Not Considered
Cause - Some Strong
Points-ScaIe Buying.
By STUART p. WEST.

By STUART p. WEST.
NEW YORK. August 17.-Today's
| decline On the stock exchange could
scarcely be connected with any de-
veiopments in the outside situation.
The overnight news from abroad was
obviously better. Despite the boil
shevik claim to the contrary. Warsaw
had not fallen and Polish resistance
| was stinenine.
The differences between England
and France regarding the treatment
of certain phases Of the Russian prob
against the continuance Of the en-
tente. Lloyd Georges Arm stand
against British labor was very pleas .
ing from a conservative standpoint.
There was nothing new in the trade
or money situations that could have
funds were in free supply at per-
cent and there was no evidence OF any
further calling Of loans of the sort
which had upset things SO badly q
! week ago.
There was a report early in the day
that the Pacific mills in Massachu-
sets would close down for more than
the vacation period. which always
comes at this time of the year. but
this was subsequently denied.
The only thing which bear traders
could find as a pretext for selling.
after q careful search over the whole
meeting to discuss presumably the
attitude of the United States in the
Polish crisis. The possibility did &C.
cur to some minds that if aid were
extended to the Poles 1t might pre-
Dor. But this, after all. was a very
poor and far-fetched excuse for the
days operations on the short side.
Bears Bring Pressure.
1t seemed quite plain that the
downward turn was the result Of
fresh experimenting by the bear
crowd. If the theory is right that
the market is in q period of accu-
mutation, such short selling and Of
fering down of prices so far from be-
ing hindered would be encouraged
the market is always made to look
as discouragingly as possible to out
siders. 30 that the large interests will
have no unpleasant competition
IRON IRON the the. Investing a public while
enough short covering on the previ-
GUS days to lessen the support which
had been received from the bear
party. and in the absence of buying
power. except that incidentally de-
r from the scale orders placed on
that raidink tactics should have
made some headway
American Car and Foundry.
After early strength TO-DAY Amert.
can Car and Foundry shares arain
turned weak and touched a lower Ar.
ure than that Of yesterday. Car and
FOUNDRY has been one Of the really
strong spots on the list and its weak
ness yesterday and again today was
quite 2 surprise to a good many peo-
PIE. However. it was explained that
the stock yesterday drew the atten-
ton OF the bear party. which in its
search for weak spots immediately
jumped into the breach and began to
oner the stock down. This is believed
to have been the case again today and
1t caused uhsettiement in the rest Of
the equipment group.
The Weak spots.
The especially weak spots develop
ing IN the noon hour were Atlantic
Gulf, American international Cor
poration. Mexican and Pan-American
oils. stromberg carbureter. Bosch
Magnetic ana Kelsey Wheel, with ex-
lreme declines of to 1 points. Ship
pinss also yielded to the pressure.
Deiaware, Lackawanna and West
efh moved up sharply.
1WVSVho 0toRte0 Decline.
The hrst weakness made it's ap-
Pearance in the motor group. Then
tne attack was shifted to the ship
hut IT was not a case of the less
favorably situated stocks being ira
oniy ones to develop weakness. Amer
ican Car and Foundry has it's IL ner
cent dividends set aside for several
Years 70 come, yet the stock was one
OF the hrst to break and it went down
very easily: The explanation here
was that q block of Car and Feundrv
was closed cut in the process Of iio,
u u,aaa.ing an account which had been
undermined by the great decline ~
the last few months. VI
naturally. however. a sharp dec,;na
IN the shares OF a company which
mas nothing to fear from business
depression. but. on the contrary. can
look ahead to years of PROSPERITY has
= disturbing effect upon sentfm emf ana
greatly encouraged tho bear faction.
Locomotive Stocks on.
The other equipments were assaulted
ana BALDWIN Locomotive, driven down
three points and American Locom ntiva
Two points. ThePeupen the seliin r
movement became more general. steal
common was offered down mors ti,s n
point and the independent steel
shares, particularly Bethlehem 81
broke rather badly fer a time. -
Railway stocks. which had held un
wen, especially the lower priced Ia
were finally forced to yield' a tn usy.
with them there was no weakness
Sterling exchange was steady inst
under $a.s4 nearly all day and con.
tinental rates were stationary