Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-14

New York, Aug. '14,-The financial
outlook as presented In the Sun today
as follows:
The stock market, having already
taken cognizance Of the domestic credit,
business and industrial situation, was
ieft almost wholly in the hands of the
professional traders in the current
week and was rendered susceptible to
factors easily distinguishable from
fundamental influences.
Such may be regarded the develop
ment Of events in Europe with respect
10 the Russian Polish struggle. 1t was
a matter which, In the ordinary course,
would scarcely have caused anxiety on
this side of the Atlantic at this stage,
even though it's ominous significance in
the light Of the iterated purpose or the
Bolsheviki to overrun Europe and i'm
pose their radical tenets on the liberal
governments Of the continent, was not
wholly lost nor ignored.
Il was development, however,
which was seized upon rather than
imposed The bears sought to utilize
Il on Monday morning and consider
able success attended their efforts in
the first half Of the session indeed. too
success1ul were tney, anu Irepoun9 iuI
OF nearly ,equal propor'ions ioilo"eo
on technical GROUNDS.
Not so Easv IN Depress Values
rt.t... !. $50. ,s.. ..,r % 5o
lnereat.er Was Was ,, ,ess .ass " ue
press VALUES irau,ns .ulnsu
remely dull ana prices seemeS hlcty
poised on STEADY ana mrn 1as,s. ma;ss:
Gains from day 70 uay were sumcient
to restore quotations to about where
they we're when the decline set In
fortnight or more ago. still II was
evident that the list was pumping along
at pretty nearly rock bottom. The
conviction that this was so gradually
spread, and from 1t arose an earnest
inquiry as to whether discounting OF
business readjustment had run its
course. and as to the Likelihood or the
market DesiInins, IN .ne near iu'ure'
u uiScoun. ouuoS ,,.., eNti.,, eNt. =. L
, dneIe was n..le OH wniIn " pnse
oennlte. conciuslohs; Since: tne pupiic'
even hau IL peen 9isposeu " s'ep In
again was ueterreu Ironi uo.ns 90 pIS
the inconclusive exchanges between the
aiiles anu nusslu. cpVlouoiy nussia
was sparrlng tor time IN oraer 10 renaer
tne capture Oh WARSAW certaih, having
PROMISED IT, SO io1eign oispa.SIes s'a'eu'
Us loot tor tne bolsnevik solulers'
AS the week advanced IL became clear
enough that the ciisis hau oten W.
worked as market lever aithougn IN
terest was not ailoweu TO nag py the
sudden interp3sltion OF !he issue pe-
tween Hreat britaln anu rraIce re-
sspectlng tne ,ecosnl.lon vi uenera'
Earon Wrangels government, IN oouth
Russia. ,r At.
mat the diHerences on TINS point
must ana would De adJusieu was 1 Hc
cepted as 1oregone c9ncluslon. Inc
whoie questlon oecame iareeiy an ata
demic one, particularly IN view OF tne
stand taken oy tne ashlnstoh noS
eminent IN the statement 1 nanueu oy .ne
secretary OF state 10 the i'aiiah aiioas-
sador.
Turn to Domestic Problems
street should turn to consideration OF
ttunJi'm ,;an h,'; ~ a. Ter tho dooi;no IN
s1ns;t1s Wv nas .;,os y. 10 aovarnn,ont cron
.os .onn.. I;fostot;ons ef Tho transnorp
tot;or s;tmat;on Tho oeneraI credit and
So snao;oi a,ttIno,, oiSc;dotion nf Tho
nr;rniniu 'u.o ;oI,,ad IN The ;nnending
p.nijppt;., p.n'S ~; nou,no;,n onJ Tho Scone ~
Rrsinosn sirns,,''a rooSimatnuert were sub;ects
UJG,'9S D.IinL 80 az tho frn,t Deyelonments
oro mn." ~ AM ne " ,a;n , fonorobIe and con.
strno.;ro ~rrr 'm '"' '''"'N
''I TL ~ o''.. :.o,t +o ,,h;,h most co,r,od;tyI
,rions 49, M doo,;mad ~ uaS evidancad by
r. y.1''s n.d ,.o l,ont hr Prodstrcet s;nce
Ist = re'oru hep' ps aI. -, |
rrornotI r.;oa l, mnei rears anr p" vas p Coached
Tbo Anonst ;ndex number Of thai |
asono, m nusns' S.as sis SS7S which marked a
seua.s; Seuns W Ill i;Ip pIo IN nnr no,,t froy, ,FehH
r."ns rUnrr EHoont En- fpr tho Nav index
,uuoS nun, - - p. proaoctod & tho '.outlawT
roiIwor 49, ~ Anil IN n Showing
,ii1bt1S , b;gbar st,ar than tba nrev;ous month
s.shtS s niEner s .nan .me @ ple,' Iva than ths
nro"od;nn n,ortS,s fouro from February
! thu civ months ~ recession have |
n,s,ad ond annarantiy have been largely |
S%aSu S;sooMntad tn IN H. market for stocks
s.-,, c,,.,- ILL.,, a.
"'apio So""'ioh' i'o" "
Since the market usually discounts
months IN advance, It was natural tnat
sne queSlion shouie arise "nc.ne. wy
present stlnenlnS IN prices might not
forecast the ADVENT OF sta9le conuislnls
Al the mercantile ana lnuuStriai ,.! ne!us
WIN wit lessened strain on credlt iacillties
ana resources; If the theory holds good
mat the market discounts SIX months
or more IN advance, the discounting
process assuming 1t to be in progress,
VIII De shorter than usual or the re-
vlVal OF business VIII be longer de-
Ierred than most people seem to ex-
perl
lhere are few signs of 1t at the mo-
ment' tL There is nothing to indicate
% peen stayed: The. Credit Clearing
du liouse OF THIS city in its summary of