The Washington herald., 1920-08-26
MARKET CLOSES
ATLOW PRICES
Session Opens Strong With
All Issues Showing
Material Gains,
so MONEY FOILS BULLS
Action of Bethlehem Motors
Causes Entire List to
Grow Weak.
so MONEY FOILS BULLS

New York, Aug. 25.-CaH money
at s per cent upset the calculations
today Of the bull leaders in Wall
Street In the morning the market
was strong with nearly every issue
showing material gains. 1t seemed,
however, that the short traders had
been eliminated almost completely
Early in the day it became appar-
ent that money was going to be
tight in the afternoon and the pro-
fessiOnals began selling freely.
When the reCeivership Of Bethle-
hem Motors was announced the
whole market became weak and
continued so through to the close.
Final prices were about the lowest
Of the day. Net losses were not
large because the early advance
had been rather sharp. a few
stocks made material net gains,
notably Consolidated Cigar, Iron
Products, General Electric, May
Department Stores and American
Sumatra. The speculative leaders
were the largest losers because pro-
fessiOnals attack them with con-
eentrated selling.
market today there is no change
in the sentiment Of leading bankers
regarding the near future of prices.
They have turned definitely bulHsh
because the market must be made
better in order to complete certain
financial transactions that are well
under way. The French loan of
SIOO. 600. 900 NUT be hoated and it
cannot be fOated in such a market
as Wall Street has had recently.
Many railroad bond issues are to
be put out also. Because the Street
is none too sure about the Presi-
Dental election.
The Comptroller of the Currency
recently did something that Wall
Street considers very astonishing.
He mailed to every New York Stock
Exchange broker statement
printed on official letter head, in
which the banks are accused of eN-
tortiOn The correspondent of this
document has caused many brokers
TO turn buIlish because they believe
il means an Immediate lowering OF
interest rates.
This market letter from the Comp
troIler Of the Currency was cirCu-
lated in Wall Street today at the
same time that Frank A. Vanderlip
was being quoted as an optimist.
Mr.. vanderlip has been the cham
pion gloom Of America for several
years.
Mexican Oil Companies.
The Mexican oil companies. hav-
ing stood together for years in de-
fense Of their properties against the
Mexican government, are now in
the midst Of a furious family quar-
rel. 1t is charged that the Atlantic
Gulf and West Indies, one of the
newcomers, is seeking to take ad-
vantage of the new Mexican de-
crees. which authorize anybody TO
"denoUnce" oil land that is not be-
ing developed, even though claimed
by existing companies. Since the
fight began Atlantic Gulf stock has
broken about $40 a share.
Sugar stocks held as well as any
thing else today, in spite Of the fact
that a large quantity of raw sugar
was being offered at IL cents a
pound, with S cents the best bid.
There has been the best kind CT
buying Of steel stocks in the last
few days. although railroad Duvrrs
Of the metal are holding off for
lower prices The highest banking
interests are urging their people 10
buy L. 5. Steel Union Pacific.
Southern Racifc and Reading. They
are doing this because they believe
such stocks will prove the safest
leaders in the campaign that they
are trying to inauEurate.
The tobacco stocks are put for
ward as being absurdIy under
priced on the ticker