Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-10
Market |SS[0W;;
PRICES AGAIN OFF
Some Early Gains, But Bears,
Working Hard, Uncover
Soft Spots for Losses.
BY STUART p. WEST.
staff Correspondent The star.

stan Correspondent The star.
NEW YORK, August 10.-The finan-
I cial markets were apparently at a
loss this morning just how to in
terpret yesterdays late developments
IN the Polish situation. The decisions
OF the Hythe conference settled moth
ing definitely as to the question of
peace or war. They showed the Brit
ish government fearful Of the labor
party. anxious to avoid an open con-
met and therefore carrying its point
not TO send an expeditionary force
10 roland. But they also showed the
recognition of the necessity OF a COM
promise which would help the Poles
with munitions and supplies and re-
running whatever risk there was by
this less violent course Of declara-
ton Of war by Russia
From the point Of view Of the finan-
cial community these conclusions
were absolutely inconclusive and left
as much up in the air as ever.
The disposition Of the markets was.
therefore. to do little or nothing one
way or the other.
Sterling exchange after its violent
fluctuations Of the past week was
comparatively quiet between 3.s1H
and 1853.
Foreign government bonds were a
shade lower, but again the decline
was unimportant.
The stock market, taking its cue
from the exchange movement, at
tempted to do very little.
Early in the day stocks were a bit
higher for short covering, but as soon
as the demand from the short inter-
est mad been satisfied prices eased off
again.
The bear party was able to uncover
some sensitive points among spe-
cialties. particularly in the sugar and
tobacco groups. But there was no
such weakness as had appeared on
previous days. The market for the
first time became dull whenever
prices sagged of.
Steel and the Rate Increases.
One of the things which seems to
have escaped the public mind in the
discussion Of the rate increase is the
price Of the product of the steel mills
The increase in freight rates is of
decided advantage to the United
States Steel Corporation and exactly
the opposite for the independent COM
use Of Pittsburgh in it's selling point
and all steel is sold by the corpora
ton on the basis Of T. o. b. Pitts
burgh. 1t does not make any differ
ence whether the steel is sold in
Chicago. in Birmingham or at any of
the other points where the steel cor
poration has plants. The man living
! in Pittsburgh who buys from the
steel corporation pays freight as from
Pittsburgh, but the contract may be
filled by the Birmingham mill. The
contract with the steel corporation
also pays freight from Pittsburgh,
but the steel is delivered by the Gary
plant.
In this way the steel corporation
will reap enormous profits.
The numerous efforts to combine
the Independent steel companies have
had as their main reason for merging
simply the plan to meet the steel
corporation on its own ground and to
be able to deliver steel on the ground
rather than to have to add to their
creases.
Ceppefs and the Increases.
The copper companies are affected
just the reverse of the steel corpora
tons. They will be forced to add to
the selling price Of their product the
new tariffs for shipping. This is the
| situation which now confronts the
copper industry and Is being reflected
i
the copper companies
Copper at the present time is SELL
ing at 10 cents a pound, but the de-
mand is practically nil because most
Of the big buyers are working off
their surplus stocks and hoping for a
decrease in the selling price Of the
metal.
The big producers want to add to
the selling price Of the metal. but do
not see their way to doing this with
the demand so slack. Some copper,
Of course, il being sold at below 10
cents, but this is speculative selling
by dealers.
Remington Typewriter.
| After selling at a new low price for
| the year today Remington Typewriter
shares reacted sharply, jumping four
| points between sales. The situation in
Remington Typewriter is the same as
has often been mentioned in this COL
! umn. The company is in excellent
shape financially and is reported to
have added a new department from
| which big things are expected. The
situation in Poland has not hurt the
| company in the least.
Wall street knows that large or
der for machines was placed by the
Polish government. but it did not
know that the funds to pay for these
The Biggest Tire
Chance in Town