Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-07-24
CLOSING IS STEADY;
.GA|NSARE REDUCED
Brief Stock Market Session
Is Dull, But Firm in Most
Essentials.
BY STUART p. WEST.

| WALL STREET. New York. July "a.
l-Russia's acceptance of the Polish
armistice proposal was only partially
known around the street at the open
ing of the market today. 1t was evil
IDENTIFY known in foreign exchange
circles. because the first quotations
for sterling showed an overnight gain
| OF "a cents The stock market start
ed IN with very little change from
yesterdays fnal prices, but with the
arm1stice announcement. which came
within the first few minutes Of trad
Ing. stocks rose half point to a
point all around
1t was fair test of lust how much
of part the new war scare had
played in the market yesterday Some
OF the newspaper accounts playing up
the war talk to the limit and pictur-
ing the possibility of all Europe once
ridiculous. Still they had temporarily
had their effect on the public mind.
and had the fear Of European
political crisis really been the big
factor in the market situation price 8
would have reacted on the armistice
news TO a much greater extent than
they did.
As it was. small as the gains of
the first half hour were, they were
only partially retained A sharp
break in Maxwell Motors and Hupp
Motors unsettled that section of the
market and had it's effect upon the
general list in discouraging efforts to
bring about more of rally. But out
side OF some of these motor issues
and one or two stocks there was no
fresh weakness. The market simply
lapsed into dullness again.
Bond Market.
Bond prices had scarcely been af-
fAn \ -
terday and consequently they were
equally unresponsive to the news of
the armistice this morning. Trading
was dull and there were very few
changes in prices. One of the incl
dents of the morning was the raising
These were quoted at 95ss to s5&
The Belgian TVS were unchanged at
1O0h. The Swiss government So were
dealt in between 1913 and 1881.
Liberty bonds were trifie lower.
with the third AIS once more drop
Union Pacific refundings were taken
at Il, as against 70%. their price of
yesterday: Rock Island As were dealt
! in at IS to 6S1a.
Opinions Of the Street.
Most of the week end letters were
made up before word came of the
Russo Polish armistice. Their ex-
pressions in consequence were largely
colored by the supposed serious crisis
in European politics Notwithstand-
ing this, most of the letter writer's
refused to abandon their bullish stand
for the future. Clark, Childs & Co.
had this to say:
Such corporate reports as that OF
the Corn Products Refining Company
for the June quarter and that of the
Republic Iron and Steel Company for
the same period should give those in
dividuals who can see nothing ahead
of US but depression food for serious
thought.
The statement of the United States
ter due on Tuesday next should be
very gratifying. A better market is
expected before long. but it will not
come about until the banking control
feel that the coast is clear for 1t. In
the meantime those stocks frequently
mentioned in these messages should
look very attractive on any further
unsettlement."
Marlborough Wage Plans.
1t was learned today from a very
good source that the Interborough
Rapid Transit Company is preparing
10 per cent to it's men. The fact that
this action is to be taken by the COM
pany is regarded as an indication that
it's financial condition is showing i'm
provement. AT the present low level
of IS there has been some speculative
buying of the Interborough 5 per cent
bones on the idea that passing of the
January coupon has been pretty we'll
discounted, and that the situation
cannot be much worse and may be
better.
A moderate selling wave at the open
| ing caused a weak tone in the Curb
Market, but before the end of the first
h<,,v tI,>x ,Ix, IaA t,eN rtnol n
steadier tendency developed. resulting
in recoveries from the lowest in the
| leading issues.
! In the oil list there was less interest
| than in several weeks, and quotations
as a rule were about unchanged. The
! recent advance in National Oil appar-
| emily attracted a weak following and
| moderate offerings caused a fractional
{ decline in that stock.
! Mining shares were quiet with slight
| oh In