Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-05
alRKET IS REAssURED
BY MONEY RATE DROP
Funds Quoted at @ Per Cent
by Wall Street
Ffnancicrs.
sEDs DISTURBING ELEMENT
Icrling Declines Seriously With
Adverse Reports Coming From
8 Warsaw - Steel Stocks Prove
Bhlarkcts Strongest Features.
EDS Disturbing ELEMEN1
ny nOADA WALI..

NAV YORK, August 4.-The Boil
--Saepists disturbed the stock market
'.--lulnuch today that New York bank
compelled to drop the call
iss4pney rate to reassure the public and
SsTeyent another break. The opening
-Gas steady by almost Immediately
SSleEs a n sharp selling movement
30 point in active issues. Support
LAS seen in United States Steel,
s->uthern Pacific. Union Pacific ana
s-srucible. The renewal ate was fixed
~ per cent. and the call money rate
sssstopped TO 6. where II remained until
no close of the day.
The most disturbing feature of the
.--llrly part of the day the further col
of Sterling which went TO 3.5i.
of more than : cents from
TTassterdaS. This weakness OF Sterling
y with a report that Warsaw
~ about to be taken by the Bo!shc-
ISIS alarmed the Street thoroughly.
I'm the afternoon when cheap money
SSiau helped to rc2ssurc the traders.
ssie announcement came that Great
had sent a note "a the Eo!shc-
lists demanding certain immediate
Immediately recovered and
whole matket turned strong. Just
SSefore the close the market turned
T.sSeak and the day ended with about
yEssslhat they were yesterday.
c.. Favorable Reports Submitted.
1.-TWO very favorable reports were
sESSado by largo corporations-Midvalc
ls1fecl n United States Rubber. For
sac second quarter of this year Mid
r-llo reports earnings ut the rate of
1917 a share compared with "a Il
ware In the first quarter and AS 4
:Aaare in the same period last year.
united States Rubber reported an in
tease OF $3,o5s,is0 in net earnings
Tiiter making all provisions for fixed
Nlarges and taxes. The volume of
lie company's business is beyond all
:t.fevious records. Midvale and Rub
SJinced materially on this news.
American Cotton Oil broke to o..
was very dull at that price. This
asscline OF IS points in two days and
ssllng to think about in view OF the
II ANY bullish reports that came from
sss.ie headquarters OF the company 4
NV months ago.
Steel Strongest Features.
sStSteel stocks were the stronCes
s~!aturcs. This is the natura! resul;
the excellent earnings statements
SSit out by the United States Steel
Republic and LacHawAn-
~ All the steel companies arc max
ANnS. as much money as the tranSpcr-
facilities OF the coun;ry per-
sSss.t The demand for steel products
~ such that IL will he impos Sible to
it for several years.
Pacific was one Of the
cast actors among the railroads and
TSsnlly led the market.
SI4The Petroleum stocks came back
Ssrong, but in the late afternoon sold
on p.oft-taking. but dealings in
Item now are almost entirely PROBES
A-onal.
Allan A Ryan nltd his lonE-ex-
s1escted suit against the New York
i lock Exchange Claiming 81, 900. 600
images because of the action OF the
Exchange IN the Stut2 affair. This suit
- far more important 20 the public
Ian IL Is TO Mr.. Ryan because in
Sgie prosecution of z many questions
xii be raised and settled judicially
-cfat have annoyed investors and
SToeculators for many years. II will
"a n good thing for the members of
isle exchange TO havc the questions
- Issue thres!lcd out. The suit can
%Ardiy help but result in several rad.-
al reforms.
- iConccrncd Over Rails Reception.
~ Bankers are much concerned over
lie reception that the new railroad
Will get from the public. They
ave considerable money at once
IHnd while the new rates Civ them
greater credit, the public has not the
1-inds with which 10 buy. II will be
necessary to nurture a buying market
tgefore any considerable financing can
gNe,done for the roads. For that rca-
Most bankers expect all fin
racing OF importance 70 he halted nm
8 the election can be forecast with