The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-08-02
Stock Market Notes.

NEW YORK. Aug. "A series OF
bear raids marked today's session
OF the stock exchange and stocks
tumbled in many cases to the lowest
range in months.
The public expected bull market
in consequence Of the favorable rate
decision Of the interstate commerce
commission after the close of bust
ness Saturday The market started
off as if to make good this expecta-
ton and rails and steels advanced at
the opening from one to three points,
with industrials showing some
strength.
Substantial advances were record
ed in practically the entire list OF
stock prices at the opening today,
due to the announcement of the in
crease granted railroads in freight
and passenger traffic on Saturday.
United States Steel at the opening
price of SO gained full point over
Saturdays close. Baldwin Locomo'
tive jumped 21h points to lib.
Besides the rails, equipment secur1-
ties were chiefly affected by the
award by the interstate commerce
commission.
st. Louis and Southwestern, which
had shown considerable activity last
week. on reports of the increase sold
at 217s, up Us.
Traders took the view that the in
crease would not only pay the IN
creased wages granted the men, pu1
would permit the roads to purchase
new equipment and place their lines
back on a substantial business basis,
Lackawanna Steel was up 11a at
6S. New York Central showed a
gain OF 3ss, while Pennsylvania ex'
ira dividend was up Is. Other open
ins prices were:
Mexican Petroleum, 1907, up X;
General Motors, 22A, unchanged;
Southern Pacific, 93A. up 2A; South
ern Railway, 29A, up l.: Bethlehem
"B." S31A, up "; Reading, 81, UP
I1a; Northern Pacific, Is. up IA;
PENNSYLVANIA extra dividend, 40, up
III: Lehigh Valley, A, up 11s; Atchi'
son, 50, up 2as; International Paper
s2M, up 2a; Studebaker, UP Is.
Following the bull opening, the
market suffered a bad break in the
first hour. The raid conferred on in
dustrials, but carried rails with It.
vanadium Steel, after opening at
76k, dropped to "a and then broke
six points to 6S on 1900 share sale.
All steel stocks suffered. The steels
were sold heavily and U. S. Steel
common dropped back to the low OF
last weeks drop-S7A. Bethlehem
"B" made a new low on the present
decline at S01a, off rs. and Republic
also went into a new low at S3A of
TX. u. s. Rubber, which made a
new low for the year last week at
S6A, broke through this figure to
s4A.
Sales during the first hour OF
trading totaled 343,S00 shares.
Hammering on stocks continued
into the early afternoon, with prac-
tically the entire steel group making
new lows on the present movement.
Steel common gave way for new
low for the year at S6A, shortly be-
fore o. m. Bethlehem ''B" broke
below 80. Sugar stocks were soft.
The traders took the view that
there would be little buying power
in the market as long as the Polish
situation remained unsettled. The
reported Russian armistice terms
caused considerable uneasiness, and
the impression among traders was
that even il Russia was blufing, it
would take some time to determine
the fact.
! There was practically no change in
the time money market, although
money was still scarce and borrow
ers we're bidding 9 per cent for both
mixed and industrial collateral.
Sales at o. m. were 656,900.
The market closed lower
U, S. Steel S5A, off IN; Republic
Steel Sig, off 3A; Vanadium 6s@,
off SIS; Baldwin 1865, off AS; Amer,
lean Locomotive 1921, off l; Stude-
baker 63, off 2h; General Motors
21h, of rs; Reading S64, Off rs !;
Southern Railway 27s4. off l.; South
ern Pacific 81, unchanged: Corn Pro
ducts S7&. off 2%; international
Paper TIN, off 21s; American Wooden
rs. off 81; Chandler 80, off 61a.