The Washington herald., 1920-07-16
STOCKS HAVE
DULLSESSION.
Market Enjoys Strong
Opening but Interest
Rapidly Disappears.
CALL MONEY ADVANCES
High Money Rate Forces
Selling in All Specula-
tive Issues.
CALL MONEY ADVANCES

New York, July 15.-Wall Street
had another bad day in the. stock
market with call money renewing
at 8 per cent and lending as high
as IL. Many of the most venture
some spectators of the street were
at the yacht race inethe afternoon.
so that business was small. less
than 100000 shares being done all
day.
The opening was fairly strong,
but selling began almost imme-
diately. BY / o'clock s per cent
was bid for $15,000.000 on the ex-
change and no money forthcoming.
When the rate moved to IL per
cent selling was forced in all the
speculative issues. Stromberg and
Crucible Jared worst. but the whole
list suffered rather severely. United
States Steel and other standard is
sues made new low records for the
movement, steel touching s1%. The
closing was at about the worst
prices in all the issues.
Because Germany yielded on the
question of coal and made occupa-
tion of the Ruhr district by the
allies unnecessary, a good many
traders expected a rally in the
market.
announcement lndI ,COIlfillIlcO
of creditors was helping Hege-
meyer and Brunn, the old crude
rubber house, confirmed the report
circulated last Tuesday that the
house was in trouble. 1t did more
than that. 1t made Wall Street
realize that some very big concerns
are near the jumping-off place.
Banks not dare call some of the
concerns that are in difftculty be-
cause profiteering borrowings have
been so large that under the ham
mer they might not realize enough
to save the banks: 1t seems strange
that with the urgent demand for
material any concern should be EN-
barrassed with surplus stocks. The
trouble is that the stocks have
been held in hope of selling them
at current retail prices and busi-
ness is slumping everywhere. 1t is
now a question as to whether the
banks, the wholesalers or the re-
tailers will stand the loss. 1t was
reported today that a large con-
signment of automobiles had been
offered under the market price by
a leading company.
News from Japan was not reas-
suring. 1t contained the statement
that the copper output of the coun-
try would be curtailed 80 per cent
because of a lack of demand.
The false pretense OF a bull mar
ket in the rails faded. Reading sold
down to SO and Wabash A and Mis-
souri, Pacific lost a point each. This
decline in the rails helped to make
the Street realize that prices of
stocks just now do not mean any
thing as applied to particular is
sues. Many stocks are selling at
ridiculously low figures compared
with intrinsic and earning value.
But the freight congestion and the
credit congestion oppress all de-
partments.
The sudden departure of George
J. Whelan for Europe. apparently in
response to a cheerful message re-
garding the French tobacco monop-
ely which he and his associates are
seeking to purchase. surprised the
Street. 1t is understood that all
financial arrangements have been
made to handle this monopoly IL it
can be purchased and the tobacco
companies believe they can induce
the French people to consume three
FORE
Invincible Oil was the one stock
to make a new high record. 1t did
so because of a new well brought
in.
American Telephone held strong
all day because of its remarkable
earnings statement for the first six
months of the year.