The Washington herald., 1920-08-13
STOCKS STEADY
ATTHECLOSE
Few Material Net Gains Re-
corded at End of
Session.
CALL MONEY IS EASY
British Trade Report Dis
closes Turning in Favor
Of England.
CALL MONEY IS EASY

New York. Aug. 1a-Professional
Wall Street thought this morning
that French recognition of Gen.
wrangel would rrighten investors,
and so they sold in anticipation OF
another break. But it seemed that
the investors are fright proof and
the -gofessionas quickly began
taking their stock back The mar
ket held steady after that up to the
close with some material net gains
recorded at the end of the day.
Money renewed and loaned at Z
per cent most Of the day, but closed
at S. II is significant that call
funds have been comparatively easy
ever since the Treasury Department
began asking awkward questions of
the banks. The heavy liquidation in
the stock market has contributed d
largely to the easier tone OF call
money. but even when money was
higher there was no Legitimate rea-
son for the high rate. Credit for
the lower rate must therefore be
given to the politicians who are
anxious to save il they can what
little Of the country's business they
have not destroyed
British Trade Report.
Publica ton Of the British import
and export figures for the month OF
.'uIy showed that trade is turning in
favor Of England at a tremendous
rate at the same time that it is
turning strongly against the United
states. For instance imports into
only S.11S.0oO pounds in excess of
~Nports. where in July OF last year
the excess was 76,O67,0O pounds.
This is all the more significant be-
rJusc il is not in money alone that
the tide has turned. but in tonnage
f:uth dollars and tonnage have turn
ID agaiust the United States. This
wade shift in both countries is the
direct result of the different finan-
ri1I policies pursued by the govern
ments Of the countries. England
has promoted foreign trade while
Nh" American government has
blocked il.
The recent decline in Bethlehem
Steel has enabled the accumulati ton
of the stock on a large scale by a
new pool The company is. accord
ing to an officer. earning more than
il earned last year.
Although production is far be-
hind demand in the shoe industry
. vas reported that one large com
pany in Che Middle West would
close tits factories in order to find
out whether the partners or the
employees were in charge. An agent
"f the concern is said to be in New
York now try ing to find out whether
Eastern shoe manufacturers will
Join IN a general shutdown.
STANDARD OIL Of New Jersey made
further advance OF p points today
"n talk OF large dividend.
COpperS.
The peculiar weakness of Utah
Copper stock noted several days
ago was explained when its report
was published for the second quar-
ser of this year. The company
tai'Cd TO earn its dividend by S196.-
50. Nevada Consolidated also
sh1wcd deficit for the three
months OF SIl5.s64 This makes its
deficit for the half year S4OO14J.
i;ay Consolidated turned up with
a dedcIt for the quarter of S7.O39.
sugar stocks continued unsettled,
thereby rejecting the weakness Of
...- sugar market. Ihe cuban mil
.lrraires are beginning to get wor-
led and show a tendency to dump
-1-Ir holdings on the market at
any price
When Sterling rose to 3.63IR it
rpr=s-nted handsome profit to
lE0se spectators who bought on
~. break Of last week. They took
TlgftS Freely. With the result that
FaT
-.m top.
Announce ment in this column
.rtf the chemical me rSer has finally
... completed found further con
.-. .rUa0 bu' no official statement