The Washington herald., 1920-07-10

| ERRATIC CLOSE
Heavy Selling Of Stocks in
Wall Street, Mainly by
Professionals.
NO SHORT INTEREST
European Situation an I'm
! portant Factor for First
Time in Months.
NO SHORT INTEREST

New York, July s.-Under cover
IL a manipulated advance Of S
points in Reading. there was heavy
telling in Wall street today by pro-
tsssionals. Whether they were
kightened by the alarming situa-
|H~on that has developed in POLAND
~ whether they were merely test
ing the fortitude of the public 1t is
too early to determine. Action of
the market in the last hour was
sufficient to warn everybody Of a
possible abandonment of the bun
campaign.
There is no short interest in the
market of importance because the
professionals who usually have
shorts outstanding went heavily
long a couple or weeks ago. They
.are the ones who were selling to-
iday. This absence of a short inter-
lest will make IL hard to check a
downward swing should the selling
continue tomorrow and Monday.
The close was very irregular and
at the bottom prices in many
stocks. Net losses were not large
because there were sharp advances
early in the day. 1t was the sudden
change of sentiment and break of
prices that seemed significant rath-
er than the net losses.
Money which opened and renewed
at per cent went to 10 at the
close. This was due largely. of
course. to the plans under way for
NxTf 1er
. purposes. The action of the Inter-
stare Commerce Commission in de-
laying the advance Of freight rates
and the refusal of the Federal re-
serve board to take cognizance of
the congested credits of the coun-
try due to the neglect of duty by
the. Interstate Commerce Commits
sion account for the money furry.
The European situation has be-
come a stock market factor over
night and must be reckoned with
for the, first time in months. The do
nestle and foreign conditions taken
together are enough to make the
public careful about the stock mar
ket So, :. go
American woolen.
Announcement was made that
Amprican Woolen stockholders took
only $4,000 shares of the 10000
shares(of stock offered for subscrip-
ton. The unsold portion is taken
b. the underwriting syndicate which
will remain in existence until Octo-
ber 20. This announcement sent the
stock down nearly points. Mills
Of the company were also closed to-
day. throwing 10000 employees out
OF work. The outlook is not pleas
ant for stockholders.
To account for the weakness in
Nanadium and Replogle Steel the
Street heard that the traders who
had made those stocks active had
switched into Reading. The Ryan
stocks claimed considerable atten-
ton because of an advance of two
points in Consolidated Textile and
of d point and a half in Continental
Candy. Stromberg, whiRh rose near
ly points in the early part of the
day. broke more than in the after
noon in about as many minutes.
Interest in the rumored chemical
combination was revived again by
an advance of more than points in
National Aniline stock. Important
deals for this stock at private sales
were reported.
Houston Oil, which was admitted
TO trading on the Exchange only a
few days. was marked up IS points
and held 13 OF IL to the close. Kel-
sey Wheel advanced 9, Pneumatic
Tool and Maxwell Motor Certif-
Gates IA. There were numerous ad-
vances Of from 1 to 3 points that
were not wiped out because the SELL
ing movement came so suddenly and
such a short time before the close of
trading.