Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-08-02
SELLING WAVE
FORCES DECLINE
Heaviest Losses Sustained in
Steel Group.

NEW YORK, Aug. "A wave OF selling
came into the stock market during the
early afternoon today, forcing losses OF
from 1 to over 6 points in the principal
issues.
The continued advance of the bolshe-
vik forces into Poland was considered as
a factor in hsmmering down prices:
The heaviest losses were sustained IN
the steel group.
The railroad shares, after their re-
Spouse to the announcement OF the rate
increases, sold of from 1 to 2 points from
the early high levels.
Steel common declined to new low
record for the year OF S6%, a loss of PA
from the opening.
Yanadium Steel dropped points to as
and Baldwin Locomotive 4 points to 100.
The Industrial list was carried forward
by the advance in the rails at the start
but sold off sharply Immediately after.
Steel common gained 1 point to SO, but
quickly lost this upturn. Baldwin loco
motive, after selling up 211 to 1l3
dropped to 11112 and Republic Steel AFTER
its advance of I point to Sc slumped to
S31h.
United States Rubber was In supply
and after selling up ia to SO, yielded to
S515.
Studebaker advanced 1ss to 66Ts with
a quick decline to 645s.
Mexican Petroleum rose one point 70
ISL. and ihea sold of to 1874.
Pan-American Petroleum rose ia to
BIS. but soon lost this gain.
Advances Of over two points we're made
by International Paper and Barrett
The stock market was full of action
all through the forenoon, but activity
was at the expense Of values:
Vanadium dropped six points to 6S,
but later rallied to 1874.
Steel common after selling at 50, yield
ed to SIX and then advanced to IS.
The railroads moved within moderate
limit.
Studebaker was one Of the weak fes-
lures opening at 667s and dropping to
S3N followed by a rally Of one point
and L. s. Rubber, after opening at 81
dropped to S452. Reading was steadily
bought by strong interests: and although
it reacted from Ola TO S9A, it quickly
rallied TO above 90
New Haven was bought in large blocks
by strong interests.
Mexican Petroleum sold off from ISL
to 1z6 and Pan-American Petroleum re-
acted from 9TA to $3.50.
The bond market showed pronounced
strength. advancing from to over
points.
ne stock market continued TO show
heavy tone in the late afternoon. Steel
common sold down to S61s, passing the
lowest price of 1918, at S615, and other
steel industrials sustained severe losses
on small offerings.
was quickly offered at concessions, and
after ralIying to 50, dropped to SSh, a
new low for the day.
The break IN Eanadium during the
forenoon was followed by a drive al
StrOmberg, which sold at ia. loss of
0 points. American Beet Sugar showed
a loss of over points.
Railroad stocks moved in the same
manner but the decline in those issues
were more moderate
This was Immediately followed by
what was apparently 4 concerted bear at
tack based on fear of international com
phcatiOns following the bolshevik raids
into Poland and the announcement OF
the bolshevik armistice terms which were
considered as menacing to world peace.
These bear raids gathered strength and
were said to have been led by big op-
orators
They hammered stocks right up to the
close and, with one or two exceptions,
stocks showed practically no resistance to
the attack.
al domestic news was favorable to a
bull market. including easy money and
very favorable crop reports with a big
Improvement in the condition Of cotton.
Close: L. 5. Steel S5&. of 2A; Re
public Steel s124, of 3A Vanadiaum 69B
of 6$s; Baldwin 1855. of AS; American
Locomotive, OF l. Studebaker 6S. of pa
7. S. Steel s3l5, of 394; General Mo
tors, 81.
The stock market closed weak today
Government bonds were unchanged and
railroad and other bonds were strong.